Vol 4, Issue 5 by Women in the Housing & Real Estate Ecosystem

sheCENTER(FOLD)

Patricia Arvielo President and Co-founder of New American Funding

Page 38

Recap of 2nd Annual NAWRB Conference Page 18

OMWI Update: Congresswoman Maxine Waters Page 8

Strengthening the Womenâ&#x20AC;&#x2122;s Culture Page 11

NAWRB Responds to the Final Interagency Policy Statement Page 14

U.S. SBA Oversight of Loan Agents Page 52

VOL. 4 / ISSUE 5

Clinical Trials Take Car-T Therapy to Patients Who Need It Page 70

DIVERSITY & INCLUSION

NAWRB Diversity and Inclusion Leadership Council (NDILC) NAWRB is proud to announce our Diversity and Inclusion Leadership Council (NDILC), bringing women’s Diversity and Inclusion (D&I) to the forefront of the housing economy with accountability and results.

quest For Comments (RFC) on legislation and matters relating to our mission. NDILC will provide updates in NAWRB Magazine and publish a yearly paper on industry developments and best practices for D&I.

Historically, the housing economy, as most other industries, has been lacking women in executive roles and the equal utilization of women-owned suppliers across their platforms. In an effort to promote the involvement of minorities and women in the American workplace, Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act created the Office(s) of Minority and Women Inclusion (OMWI) for regulated entities, decreeing, “each agency shall establish an Office of Minority and Women Inclusion that shall be responsible for all matters of the agency relating to diversity in management, employment, and business activities.”

It is time to truly make a seat at the table for women. NAWRB is celebrating five years of championing the OMWIs, with our expertise and resources NDILC is uniquely positioned to lead the way.

Although a remarkable development, the Dodd-Frank Act remains devoid of defined regulations ensuring the accountability of these regulated entities; meaning that although the OMWIs encourage the inclusion of minorities and women, there are limited resources in requiring companies to practice diversity. This places the OMWIs and Section 342 at risk of being disregarded by these agencies and the entities they regulate. In order to promote the equal treatment and consideration of women, NDILC is urging all financial institutions, servicing companies, secondary mortgage markets and associated real estate services to increase their diversity efforts. NDILC is comprised of members from several sectors of the housing continuum dedicated to advancing the council’s mission. As a united voice, NDILC responds to government Request For Information (RFI) and Re-

Contents:

Features

3 NAWRB Diversity & Inclusion Leadership Council 8 OMWI Update from Congresswoman Maxine Waters 11 Strengthening the Women’s Culture 14 NAWRB Responds to Final Interagency Policy Statement 18 Recap of 2015 NAWRB Conference 26 Whither Housing? by Christopher Thornberg 28 NAWRB Responds to Proposed Rule on Overtime Eligibility 30 What Lenders Don’t Know Could be Hurting the Consumer by Irma Delgado-Trikas

32 Active Military & Veterans Resources in San Diego County 38 sheCENTER(FOLD) Patricia Arvielo 45 2012 Survey of Business Owners 50 Action Amid the Noise by Ann Sullivan 52 U.S. SBA Oversight of Loan Agents 56 A Win for Women-Owned Small Businesses: Sole Source Authority 59 Cyber Security: Informing, Educating and Connecting Small Businesses by U.S. SBA Santa Ana District, CA

70 Clinical Trials Take Car-T Therapy to Patients Who Need It by City of Hope

Departments 36 Showcasing Women ‘On the Move’ in the

62 SWAN

46 Women-Owned Businesses (Infographic)

Housing Economy

-Attend -Speak -Network -Write What Women Want: -Reviews -Health -Fashion -Cooking

sheCENTER(FOLD) Patricia Arvielo

38 32 26

18 Vol 4. Issue 5: Economic Growth

NAWRB STAFF & CONTRIBUTORS PROUD WINNER OF THE 2015 APEX AWARD!

PUBLISHER/ EDITOR-IN-CHIEF Desirée Patno CONTENT WRITER Belester Benitez SENIOR GRAPHIC DESIGNER Kendall Roderick

ORDER YOUR DIGITAL OR PRINT SUBSCRIPTION TODAY!

NAWRB MEMBER RELATIONS Laurie Keys PRODUCTION ASSISTANT Lauren Iglehart CONTRIBUTORS Congresswoman Maxine Waters Christopher Thornberg Irma Delgado-Trikas Patricia Arvielo U.S. Census Bureau National Women’s Business Council Ann Sullivan U.S. SBA Ofﬁce of the Inspector General U.S. SBA Santa Ana District, CA City of Hope NAWRB Magazine is a bi-monthly magazine featuring unique content, articles on diversity and inclusion for women in the housing economy, exclusive interviews with industry professionals, business development tools, book reviews, feature stories and more. NAWRB Magazine welcomes comments from all readers. All materials submitted to NAWRB Magazine are subject to editing. The articles, content, and other information in this publication are for information purposes only. Articles, content, and other information in this publication without named authors are contributed by the publication’s staff, but do not necessarily reﬂect the views or opinions of NAWRB. NAWRB assumes no liability or responsibility for any inaccurate, delayed or incomplete information, nor for any actions taken in reliance thereon.

NAWRB.com (949) 559-9800 | Media@NAWRB.com 2601 Main Street, Suite 560, Irvine, CA 92614

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NAWRB.COM NAWRB Magazine is your gateway to the hottest topics for women in the housing economy. Bringing women’s diversity and inclusion to the forefront with accountability and results. /NAWRB

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Slowly but surely, Diversity and Inclusion (D&I) has reached the forefront of the housing industry. The only thing as important as contributing to the movement for true equality is being aware of these developments as they occur. In this issue, NAWRB Magazine provides updates on some of the housing continuum’s most prevalent issues and delineates significant changes that need to occur to eliminate these setbacks. With the formation of NAWRB’s Diversity and Inclusion Leadership Council (NDILC), it is a natural extension of NAWRB to bring women’s D&I to the forefront with accountability and results. To really accomplish this, we must first look at the core component: women. Madeleine Albright once said, “There is a special place in hell for women who don’t help other women.” NAWRB feels the same way. Our signature piece, Strengthening the Women’s Culture, looks at data on the performance of women-owned businesses and the potential of female entrepreneurs; we are here to advance the conversation. We delve into this issue’s theme, Economic Growth, by addressing the ways in which women are on the rise. These include the inspiring figures provided by the 2012 Survey of Business Owners (SBO) depicting the growth of women-owned businesses and the empowerment provided to the Women-Owned Small Business (WOSB) Program by Sole Source Authority.

industry and is a true testament to the potential women possess when we come together. We highlight some powerful information within our conference recap and provide an Office of Minority and Women Inclusion (OMWI) update from Congresswoman Maxine Waters. NAWRB Magazine’s sheCENTER (FOLD), Patricia Arvielo, is the president and co-founder of New American Funding. She takes us through her childhood and early career, and describes her upward trajectory that led to the creation of one of the fastest growing mortgage lenders in the country. We are honored to feature her story and inspire in our readers the confidence to follow their own dreams and fulfill their potential.

With the housing continuum’s recent standards, rulings and developments, it is important now more than ever to participate in the historic D&I movement. Join NAWRB in shaping the future of the housing continuum – SHE is Changing Real Estate.

Desirée Patno Publisher/CEO

Desirée.Patno@NAWRB.com

A special feature is our Veterans Spread, highlighting valuable resources for veterans and active duty service members in Southern California. Just down the road from the NAWRB headquarters, San Diego County is home to one of the largest veteran and active duty military member populations in the country. Our spread features diverse organizations conducting the admirable work of providing these heroes with the resources and services they deserve.

Our 2nd Annual Conference equipped attendees for the future of the housing

NAWRB MAGAZINE |

OMWI UPDATE

OFFICE OF MINORITY AND WOMEN INCLUSION (OMWI) UPDATE FROM CONGRESSWOMAN MAXINE WATERS

Ranking Member of the House Financial Services Committee

As part of NAWRB’s commitment to bring women’s di- The Dodd-Frank Act also established the Consumer Fiversity and inclusion to the forefront, Congresswoman nancial Protection Bureau – the first agency of its kind Maxine Waters provides an OMWI update: specifically designed to monitor and provide critical consumer protections that were absent in the run-up to NAWRB: Throughout your career protecting the con- the crisis. To date, the CFPB has delivered more than sumer has been a very important priority for you. Can you $11 billion in relief to 25 million American consumers, provide an update on the Dodd-Frank Wall Street Reform empowering consumers within our financial system like and Consumer Protection Act since our last conference never before. October 2014? What is the most important benefit this act is affording the typical American consumer? In spite of this progress, there has been a sustained effort to dismantle and delay key portions of the measure Congresswoman Waters: Consumer protection has by opponents of these reforms. And Democrats on the been, and continues to be, a top priority for me here in Financial Services Committee have come together to Congress. During my time as Member and now Rank- successfully defend against such changes, thus ensuring Member of the Committee on Financial Services, ing that critical protections included in the reform law I’ve come to understand how critical consumer issues are remain intact. for the average American. In the run-up to the 2008 financial crash, our financial system was riddled with NAWRB: Recently, federal agencies issued the final inloopholes and opaque shadow markets, which allowed teragency policy statement establishing OMWI standards the worst actors to reap financial gains on the backs of for the entities they govern. This is a great development America’s middle class. In the end, we saw the financial for minority and women inclusion. Now that the stancrisis decimate our economy, destroy nine million jobs, dards have been established, what would you like to see and displace 11 million American families. In response, happen next for the OMWIs? Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (The Dodd-Frank Act), Congresswoman Waters: Section 342 of the Doddto end this sort of behavior in the financial services sec- Frank Act directs the Agencies’ OMWIs to develop tor, and provide rules-of-the-road to prevent another standards for assessing the diversity policies and practiccrisis from happening again. es at regulated entities. Congress included Section 342 in The Dodd-Frank Act, in part, as a means of promoting This past July was the fifth anniversary of the passage of workforce and supplier diversity within the financial serthe Dodd-Frank Act. As one of the most comprehensive vices sector, and monitoring financial institutions’ efforts reform measures enacted in modern history, it has em- to achieving more equitable representation in the industry. powered Wall Street “cops-on-the-beat” by equipping them with critical enforcement tools, brought greater In order to ensure that Congressional intent on this transparency to the once-opaque banking activities that matter was clear, I, along with Congresswoman Beatty, a helped cause the crisis, and given regulators direct man- Member on the Financial Services Committee and leaddates to ensure the future stability of our financial system. er in the implementation of Section 342, and most of the

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OMWI UPDATE Democratic Committee Members who helped to draft the provision, wrote to the Agencies’ expressing support for and opposition to views that stakeholders had submitted to the regulators in response to the draft proposed statement. In this letter, we described in great detail the need for consistent metrics, mandatory collection and public disclosure of diversity data from regulated entities to satisfy both the spirit and letter of Section 342.

them in Congress to continue to press the Agencies and the entities they regulate to improve and increase inclusion and supplier diversity within the industry. Congress has the ability to exert oversight authority over both the public and private sectors to ensure that addressing diversity in the financial services industry remains a top priority. And Democrats on our Committee are committed to doing everything possible to make diversity an integral part of any oversight work we conduct.

I understand that NAWRB submitted comments to the Agencies, recommending that the OMWIs develop It is also imperative that we continue to encourage and more prescriptive standards with “teeth” to ensure that challenge the industry to work with Federal regulators, they actually serve as an advocate and a resource for mi- state and local governments, diversity experts and acanority- and women-owned demia to develop deep pools “To me, there is nothing more of diverse employees and businesses seeking to work with federal agencies and contractors to help enrich powerful than seeing two the regulated entities. current financial dialogue. minority- or women-owned This will ensure that there I was disappointed with companies collaborate and work are not only diverse pertoward empowering the other spectives to help shape the the approach taken by the direction of the industry, Agencies in their final into help advance opportunities teragency statement. As we but also ensure that these for these businesses” all know, the financial serhistorically disadvantaged vices industry has long fallen short when it comes to businesses have the opportunity to grow and be successful. workforce inclusion and supplier diversity, and Agencies’ standards are a missed opportunity for the Federal Now, more than ever, it will be up to us to form coaligovernment to address this persistent shortcoming. The tions to advance the conversation around diversity, both final standards are fraught with ambiguity, by making by highlighting those entities that are making good faith participation in diversity assessments voluntary, directly efforts to address diversity and inclusion, and by also ignore the unequivocal Congressional intent of Section shining a light on those firms that need to do more to 342, and ultimately further inhibit public access to the achieve the sort of diversity that truly reflects the changinformation contained in the assessments regulators do ing demographics of American society. receive. When it comes to providing the sort of transparency and clarity the industry needs to help solve diversity challenges, these standards fail to establish uniform criteria for assessing workforce and supplier diversity, and make meaningful oversight and cross-industry comparison virtually impossible. NAWRB: How would you suggest that inattention or disregard of the interagency OMWI standards be dealt with? What are the best ways to encourage entities to employ these minority and women inclusion policies and practices? Congresswoman Waters: I believe it is critical for advocates, minority- and women-owned suppliers, and those who support NAWRB MAGAZINE |

OMWI UPDATE NAWRB: The OMWIs are forging crucial progress within federal agencies, progress that unquestionably trickles down to the general public. In your opinion, how does Section 342 of Dodd-Frank affect and help the average American?

conversations around legislative, regulatory and public spaces. Too often, we allow others to dictate business needs and priorities and we miss out on opportunities to influence change because we are unaware or absent when our perspectives are needed most.

Congresswoman Waters: One of the issues that became apparent at Congress during the Great Recession and NAWRB: How do you envision American workplaces as Congress worked to craft the Dodd-Frank Act was in 20 years? Specifically, what would you like to see the that the importance of diversity was not a priority, but an current diversity and inclusion efforts achieve? What afterthought, to many in the financial services industry. is the best way to ensure that diversity and inclusion With our nation’s changing continues to thrive in the “i T is also criTical for minoriTydemographics, diversity needs future, and not fall by the and women-owned businesses To to be an integral part of their wayside in the next 20 or inTeracT wiTh The omwi s .” operational and strategic 30 years? What more needs goals of financial services institutions if these companies to be done, what other offices and initiatives must be hope to compete and thrive in the future. Similarly, fi- instituted to ensure this? nancial services agencies will need to attract and retain diverse personnel and suppliers to ensure that they are Congresswoman Waters: The financial services indusprepared to compete in diverse and emerging markets. try has historically struggled to create opportunities And so, private and public sector efforts to increase diver- for upward mobility and representation for minorities sity, through approaches like Section 342, are absolutely in the workplace, and with respect to supplier diversity. critical to sustaining and growing our economy. According to a 2013 Catalyst Census, women account for less than one in five of all executive officers in the NAWRB: NAWRB’s annual conference is focused on finance and insurance industries. In the securities and providing women with useful tools for the success and investment banking industries, in particular, men hold growth of their businesses. What are other important more than 80 percent of the executive positions. These resources women may not be aware of, but should take statistics underscore the very basis for, and importance advantage of in their careers? of, the establishment of Section 342. Congresswoman Waters: One of the greatest tools we all fail to truly leverage is our networks. To me, there is nothing more powerful than seeing two minority- or women-owned companies collaborate and work toward empowering the other to help advance opportunities for these businesses. Conferences, like NAWRB’s annual one, present an excellent opportunity to spur ideas and collaboration that can ultimately transform the trajectory of a business. It is also critical for minority- and women-owned businesses to interact with the OMWIs. They need to make sure the OMWI Directors understand the difficulties or challenges these businesses face to ensure the OWMIs are effectively focusing their resources to expand opportunities for disadvantaged populations. Women business owners should take advantage of any training opportunities, webinars, and outreach efforts from trade organizations and business-oriented organizations in their communities to continue to lend their voice to

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Twenty years from now, my hope is that this industry reflects what America truly looks like; where diverse perspectives are valued and encouraged as a core component for a given company’s success. In such a world, considerations for the effects on the plurality of the public will influence decisions in boardrooms, and in initial public offerings for minority and women-owned companies. Ideally, in the financial services sector, women-owned investment firms will mentor other smaller women-owned firms to expand opportunities for firms to grow and support each other, while also showcasing what a fair and inclusive work environment looks like – they may even receive media attention for it. And so, yes, we’ve made strides, but it is our responsibility to keep working until all communities have the access and opportunity they need to build and sustain wealth. Section 342 helps that effort, and I am confident that if all parties, public and private, work together we can get there.

WOMEN’S CULTURE

“There is a special place in hell for women who don’t help other women.” –Madeleine Albright What a profound statement! It is with the same fervor as Madeleine Albright that NAWRB supports other women. Like the first female U.S. Secretary of State, we believe that other women, organizations, companies in the public and private sectors and the government must follow suit. As the Diversity and Inclusion (D&I) movement continues working for equal access to resources, equal representation, equal pay—the list goes on—it is crucial to create unwavering unity among women to advance women’s culture. If this culture is not strengthened, with the many problems burdening women, women will remain too scattered to be truly heard in unison and inspire more commitment from the rest of the country. As we continue working to get this right, there must be adjustments within women’s culture and leadership mindsets to achieve greater growth. Here’s an undeniable truth: women are on the rise despite several forms of suppression. As there is limited data on the startups of women’s groups and how they work together, we are here to advance the conversation.

In Force Multipliers: How three fundamental adaptations can help women entrepreneurs scale big, Ernst & Young (EY) and Babson College report that women in the U.S. are starting businesses at 1.5 times the rate of men, and according to the

World Bank, the amount of American businesses owned fully or partially by women is expected to grow by seven percent by the end of this year. Equally inspiring, the U.S. Census Bureau confirms that women-owned firms have grown by 27.5 percent from 2007 to 2012. These statistics affirm that regardless of prevalent disadvantages, female entrepreneurs are forging progress and driving real change in the business world. Even with these successes, however, women still struggle to reach the next level in business. The Census Bureau estimates that 88 percent of women-owned businesses don’t surpass the $100,000 revenue threshold. Furthermore, a 2014 Senate Committee report discloses that women receive only 16 percent of conventional small business loans, amounting to 4.4 percent of the total dollar value of all small business loans. In their study, EY and Babson College also reveal that only two percent of women-owned businesses in the U.S. make $1 million in revenue, while businesses owned by men are 3.5 times more likely to break the $1 million ceiling. This financial

“Here’s an undeniable truth: women are on the rise despite several forms of suppression.” disparity can be attributed to talent, ability, natural entrepreneurial spirit and fear, but not in every case. Everything from unequal access to capital, lack of consideration and an imbal-

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WOMEN’S CULTURE

“American companies without female executives missed out on $567 billion in revenue in 2014.” anced federal contracting field is preventing women-owned enterprises from achieving their full potential.

rate, and create valuable business partnerships.” The report describes this confidence in your ability to achieve as the most important benefit of being a member of a community, a culture. The study also delineates pragmatic benefits to communities, such as learning more efficiently and creating connections that will help your business in the future.

Some of these obstacles have slowly faded, creating a stronger momentum in the women’s movement. In 2010, Section 342 of the Dodd-Frank Act created the Office(s) of Minority and Women Inclusion (OMWI) tasked with implementing diversity within regulated entities. More recently, the Women-Owned Small Business (WOSB) program gained the power of sole source authority, permitting contracting officers to directly award contracts to women-owned small businesses. The unprecedented equity crowd-funding movement has also given women a new source of capital, and according to the National Women’s Business Council (NWBC), more than 1,000 women-owned businesses are created daily. Women in executive positions have also made an impact. Women in Business: the Value of Diversity, a recent study from global advisory firm Grant Thornton reports that American companies without female executives missed out on $567 billion in revenue in 2014. As the NWBC articulates in their Reasons to Invest in Women Entrepreneurs fact sheet, investing in women-owned businesses goes beyond social responsibility; it has an immense effect on the U.S. economy.

Cultures have the ability to play important roles in the lives of their inhabitants. Whether it be through amenities, events or people, a person’s surroundings can be crucial to their growth and quality of life. It is time to strengthen women’s culture and allow the female voice to be heard as one. When addressing the topic of community, the EY and Babson College report explains, “What’s the advantage of finding community? The first benefit is the removal of self-imposed limits on what you can accomplish,” and, “We’ve also seen how this community enables participants to shorten learning curves, gain insight into tough business problems, collabo-

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Desirée Patno, CEO of NAWRB, states, “Unlike their minority counterparts, women do not have geographical roots. As a result, women lack strong cultural support from one another.” The absence of a strong women’s culture has rendered very slow sustainable growth for women on several fronts. Because women are spread thin, they must work hard to identify as a cohesive group and address their collective issues. In several cultures, women are not afforded the same opportunities as their male counterparts and once they break through the emblematic glass ceiling, they generally lack conviction and self-confidence to help other women. Geri Stengel provides further support for surrounding yourself with like-minded individuals with Forget the Glass Ceiling: Build Your Business Without One, in which she profiles 10 successful female entrepreneurs and deflates the idea that women cannot start or lead “high-potential companies.” Stengel outlines, “Knowing other entrepreneurs plays an important role in directly enhancing aspirations of women to start their own businesses, and supporting their growth by providing access to ideas, opportunities, and resources.” In relation to the businesswomen she profiles, Stengel describes, “Research finds that family dynamics impact entrepreneurial aspirations. We see it in the women profiled. Sixty percent came from homes in which one or both parents were longtime or serial small business owners.”

“What’s the advantage of finding community? The first benefit is the removal of self-imposed limits on what you can accomplish.” Stengel explains that being around other entrepreneurs not only motivates people to launch their own businesses, it also

WOMEN’S CULTURE helps them succeed as they become part of an entrepreneurial environment. It is this unity of entrepreneurs that drives businesses towards success. A community is decisive for the success of its members, a truth compounded by the fact that six of the 10 women profiled came from homes with entrepreneurial parents, and what better group to support female entrepreneurs than a community of women? Stengel also addresses women’s organizations, affirming, “Research finds that similarity breeds connection. Gender is certainly one of the ways people relate to each other. The greater challenges women face in the business world bond them to each other and make them want to help each other. Most of the women profiled are involved with women’s groups.” As Stengel argues, the problems faced by women should create unity not separation. These problems can be overcome

“ Stengel explains that being around other entrepreneurs not only motivates people to launch their own businesses, but also helps them succeed as they become part of an entrepreneurial environment.” together, with a culture, community and a common voice. Unity among women is a necessity, not an option; coming together provides exponential resources and growth to depose obstacles on the path to success. Organizations where women unite to help one another have been crucial for creating a

level business playing field. The fact that united women create advancement for other women is something we cannot ignore or underestimate; it must be recognized and endorsed. Stengel encapsulates the importance of women’s unity in Stand Out In the Crowd: How Women (and Men) Benefit From Equity Crowdfunding, emphasizing, “Lots of people talk about how lonely it is being an entrepreneur. If I learned one thing from the 10 women I interviewed in Forget the Glass Ceiling, it is that highly successful women don’t do it alone. These women reach out and ask for help when they need it. They turn to cofounders, professional advisors, and their employees. They also turn to their peers, other entrepreneurs who have been there and done that. Many of the entrepreneurs they turn to are women.” As Stengel establishes, it is ideal to have a support base as an entrepreneur. Not even the most successful women build their enterprises alone. Just as a group of women can help one entrepreneur surpass her problems, united women will strengthen the women’s culture to help eliminate the roadblocks impeding women from fully participating in and equally contributing to the professional world. NAWRB wants to hear how you are contributing to advance the women’s culture while bringing women’s diversity and inclusion to the forefront. Email media@nawrb.com for a chance to have your contributions discussed and featured in the next issue of NAWRB Magazine.

“Unlike their minority counterparts, women do not have geographical roots. As a result, women lack strong cultural support from one another.” Desirée Patno

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NAWRB Responds

to Final Interagency Policy Statement Request for Comment

Section 342 of the Dodd-Frank Wall Street Reform

and Consumer Protection Act of 2010 mandated that federal agencies institute an Office of Minority and Women Inclusion (OMWI). The act distinguishes each OMWI as, “responsible for all matters of the agency relating to diversity in management, employment, and business activities.”

To view the final statement in full please visit: https:// www.fdic.gov/news/news/press/2015/pr15047a.pdf.

The agencies requested comments on the following topics concerning the proposed collection of information outlined in the final statement. The agencies will summarize the comments received and/or include them in their Office of Management and Budget (OMB) approval request. Furthermore, to determine the efficacy of each office, All comments will be a matter of public record. Dodd-Frank tasked OMWI directors with establishing diversity standards for agencies to assess the diversity pol- 1) Whether the collections of information are necessary icies and practices within the institutions they govern. for the proper performance of the agencies’ functions, including whether the information will have Of these agencies, six—the Federal Reserve Board practical utility (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration 2) The accuracy of the agencies’ estimate of the informa(NCUA), the Consumer Financial Protection Bureau tion collection burden, including the validity of the (CFPB), the Office of the Comptroller of the Currency methods and the assumptions used (OCC) and the Securities and Exchange Commission (SEC)—worked together to develop joint standards. 3) Ways to enhance the quality, utility, and clarity of the information proposed to be collected The six agencies also collaborated with the public, following the publication of a request for comments on the 4) Ways to minimize the information collection bur“Proposed Interagency Policy Statement Establishing den on respondents, including through the use of Joint Standards for Assessing the Diversity Policies and automated collection techniques or other forms of Practices of Entities Regulated by the Agencies” in the information technology Federal Register in October 2013. 5) Estimates of capital or start-up costs and costs of The agencies issued a final statement establishing these operation, maintenance, and purchase of services to standards in June 2015. Subdivided into five sections, provide information this interagency policy statement addresses the barriers and difficulties burdening minorities and women today. As an advocate for women and women-owned business-

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OMWI INTERAGENCY POLICY STATEMENT es, and a supporter of diversity and inclusion, NAWRB submitted a response to this request affirming the necessity of the collection of information and providing recommendations for the promotion of diversity. Our response and comment to the specific questions asked are summarized below. Re: National Association of Women in Real

and inclusion to our industry with their awareness, opportunities and access. In regards to the standards and their enforcement, it is our belief that accountability is the most pertinent matter. With this in mind, NAWRB provides the following comments and recommendations:

Estate Businesses (NAWRB) Comments:

Final Interagency Policy Statement Establishing Joint Standards for Assessing the Diversity Policies and Practices of Entities Regulated By the Agencies and Request for Comment Dear Ms. Cofield, Ms. Clark, Ms. Brooks, Ms. James, Mr. Ishimaru, and Ms. Gibbs, Thank you for the opportunity to provide comments on the proposed collection of information outlined in the final interagency policy statement establishing the joint standards to meet the assessment requirements of Section 342(b)(2)(C) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“DoddFrank Act”). The National Association of Women in Real Estate Businesses (NAWRB) is the most visible women’s trade association specializing in the housing economy. NAWRB is dedicated to providing women the tools and opportunities for economic growth and expansion, while advocating and promoting women-owned businesses in housing. We are the only third-party industry-specific certifier of Women-Owned Businesses (WOB) and Minority Women-Owned Businesses (MWOB) in the housing economy. NAWRB provides a unique platform for uniting Women in Housing and Women in Government including educational training on contracting opportunities, both government and private, to expand our members’ business growth. NAWRB empowers women in our advocacy relationships with the Office(s) of Minority and Women Inclusion (OMWI), Government Sponsored Enterprises (GSE), the Small Business Administration (SBA), the National Women’s Business Council (NWBC) and other organizations. Since August of 2010, NAWRB has been championing the OMWIs, to bring more diversity

1) Whether the collections of information are necessary for the proper performance of the Agencies’ functions, including whether the information will have practical utility

Yes, the collection of information is necessary for the following reasons: Accountability is paramount for the process of minority and women inclusion. If agencies do not have to disclose their diversity progress, how would failure or disregard be addressed and improved? The released information will definitely have practical utility to the agencies, industry professionals and public, as it will show the baseline and progress of minority and women inclusion. Each agency will discover how their diversity initiatives are being regarded, their successes and their shortcomings, thereby enabling them to chart their growth. The publication of information will also help agencies compare progress and identify what methods have and have not worked, thereby allowing entities to adopt initiatives that have proven to be successful within other agencies. Furthermore, accountability will be regarded with earnestness due to the exposure that the information will provide. Agencies that fail to genuinely promote diversity will be NAWRB MAGAZINE |

OMWI INTERAGENCY POLICY STATEMENT depicted as such, which will encourage them to improve their methods.

3) Ways to enhance the qualit y, utilit y, and clarit y of the information proposed to 2) The accuracy of the Agencies’ estimate of the information collection burden, including the validity of the methods and the assumptions used

If entirely efficient, the estimated collection burden of 12 hours per regulated entity seems accurate. However, few processes are entirely efficient, and even simple procedures, such as uniting the entity members in charge of collecting and releasing this information may prove a tedious and lengthy task. OMWI is a new office and the standards are very recent; even though the information would pertain to diversity policies and practices that are conducted during the normal course of business, the information and its collection will be new. Additionally, compiling the information together, in a clear and concise manner, and written explanations of what is being reported and published, may prove to take longer than 12 hours.

be collected

Detail is very important; when releasing information, agencies must articulate how they are promoting and engaging diversity actions with the success and shortcomings of their efforts. The difficulty will be determining what will deliver the best results, ascertaining the proper training of personnel and keeping costs within each of the agencies’ respective budgets. There will be outside influences and adjustment periods as it isn’t only about hiring or contracting a diverse segment, it is also about finding the right fit for the entity. A matrix or scale, simply for determining progress and not for enforcement, would be ideal. Finally, the information provided needs to be analyzed by multiple eyes to embrace the best practices and limit possible oversight. The success of diversity is often subject to interpretation, but the process of gathering various opinions will reveal finite data.

The collected information should also be published in mainstream publications and media outlets. It would be a great disservice to release the information through a publication that the majority of the pubic is not familiar with and would not see. It is crucial that the public be aware of the diversity movement and of its state. Minority and women inclusion must not be a matter that is simply conducted internally, agencies and entities must Rather than estimate the burden hours for each agency be held accountable and the public is key. and their entities, it would make sense to adopt a different process, such as a submittal window or deadline for A grading system could also prove beneficial to minority the collection of this information. This way entities can and women inclusion. It can be used to grade agencies address their collection of information process individu- on diversity, much like restaurants are judged on cleanally, according to their own circumstances and priorities. liness. This, as with the publication of information, will The task of deciding how to present the information, in what order or sections, discerning between what is relevant and what isn’t, will be a time consuming endeavor. The entities must be detailed in their information collection, making sure to thoroughly address their actions, initiatives and practices to produce quantitative results. Twelve hours would not be enough time for this undertaking.

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OMWI INTERAGENCY POLICY STATEMENT better hold agencies accountable and encourage minority and women inclusion processes. Additionally, a plus or minus sign next to the letter grade assigned to each matrix within each agency to indicate an improvement or regression from the previous quarter.

5) Estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information

4)Ways to minimize the information collection burden on respondents, including through the use of automated collection techniques or other forms of information technology

A team of four people, two part-time and two full-time, per OMWI would be needed to plan, track, schedule and monitor the events and collection of data. Prior to the collection of data, the two part-time personnel would initially be full-time to help set up and analyze the data to provide added value, logistics and oversight. This is not a straightforward, defined algorithm yielding the same results. Timing and complexity of outside influences including travel, budget restraints and bringing the awareness in itself has issues.

Utilizing technology via email, social media, news outlets, and publishing the information on the internet without printing or mailing the documents would save significant amounts of time and associated hard costs. Creating a baseline platform or survey to be customized by the agencies could save initial costs and shed If outside services were contracted, the estimated cost light on multiple diverse background experiences and would greatly differ depending on the level of engagement and requirements. techniques to be shared. A system of collection other than an annual one could be put into practice, giving entities the freedom to collect and disclose information on their own time. This would make the process of collecting information more appealing and perhaps increase entity participation. However, this could also lead to entities disregarding the already voluntary process of collecting and publishing information, leading to the lack of information about OMWI success and the disregard of the office, its mission and its standards.

NAWRB has been a strong supporter of OMWI since its inception in 2010. It is our belief that the progress being forged by the OMWIs is immense and beneficial for the American workplace. If a system ensuring the accountability of the agencies and the entities they govern is established, diversity and inclusion will continue to thrive in housing. It is up to you, the agencies, to ensure that this is done, for the good of the industry and our country.

OMWI Panel photo-left to right: Stuart Ishimaru, Monica Hughes Davy, Melodee Brooks, Sheila Clark, Joyce Cofield, Eric Howard, Segundo Pereira, Dr. Lorraine Cole, Pamela Gibbs

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NAWRB CONFERENCE

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Recap of 2015 NAWRB Conference

The National Association of Women in Real Estate

Businesses (NAWRB) held its 2nd Annual Conference, “Historic Diversity and Inclusion Movement,” August 17th-19th in Long Beach, CA. As a testament to our dedication to bring women to the forefront, 84 percent of our speakers were women in executive positions, who shared their best practices, personal stories and business opportunities with the attendees. Conference workshops were highly engaging, starting with certification training speakers Sylvia Gutierrez of the U.S. Small Business Administration (SBA) and Karla Gonzalez of the Inland Empire Small Business Development Center (SBDC). Attendees were encouraged to bring their certification packages and follow step-by-step instructions on the process of applying for a women-owned business certification. Prepaying applicants had the opportunity of submitting their completed certification packages to an onsite NAWRB certification reviewer. As part of the workshop, we also addressed the benefits of certifying as a women-owned business and the ways certification can maximize business growth. LinkedIn expert Melissa Washington, a Navy veteran,

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began her workshop by describing her background and career struggles. Having been laid off from her corporate job in 2009, Washington turned to LinkedIn for her employment search and eventually began holding workshops at her home. These workshops sparked a remarkable change and Washington now enjoys a successful career as a renowned speaker, author and corporate event professional. Washington spoke to attendees about the best ways of utilizing LinkedIn to expand their outreach and connect themselves and their businesses with decisive opportunities. Our “Use Your REO and Corporate Training to Secure Government Contracts” workshop featured NAWRB’s Desirée Patno and Fred*Photo 3 die Mac’s Jay Inouye. Attendees were all ears to learn ways of using their existing skill set to capitalize on new business prospects. As the overall volume of REO properties diminishes, so do the business opportunities for the vendors who service them. In an effort to drive vendor business growth, this session demonstrated the process of utilizing their REO and corporate skill set to obtain facility maintenance government contracts. NAWRB provides unique consulting and marketing services to help companies grow their businesses.

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Our welcome reception kicked off on Monday evening with guests reconnecting with old friends and building new relationships. With representatives from the U.S. Treasury, the Office(s) of Minority and Women Inclusion (OMWI), Government Sponsored Enterprises (GSEs), the Small Business Administration (SBA) and other great organizations, our kick-off party provided the perfect balance between lighthearted conversation and pivotal interactions.

rector Stuart Ishimaru of the Consumer Financial Protection Bureau (CFPB) and OMWI Deputy Director Eric Howard of the Federal Housing Finance Agency (FHFA), addressed the current state of the OMWIs and explained to our attendees how this ground-breaking work affects and helps their businesses (photo 3). The directors expressed their excitement about Dodd-Frank and emphasized the need for engagement and promotion of diversity and inclusion to secure progress.

Tuesday’s opening keynote address was delivered by Yvonne Lee of the SBA’s Office of Advocacy Region IX and provided an update on the most prevalent issues hindering small businesses (photo 2). Lee spoke of the Office of Advocacy’s efforts to eradicate these difficulties through their outreach projects and research. She emphasized the potential of women- and minority-owned businesses as the housing sector and economy improve, and stressed the importance of uniting as a community to promote the success of our nation’s small businesses.

Concerning the interagency policy statement, Brooks stressed the importance of leadership in ensuring accountability due to the fact that the standards lack enforcement. She went on to state that having to report her progress keeps her accountable and articulated her hope that the statement encourages entities to proactively improve their D&I efforts. Ishimaru also addressed the importance of accountability, and explicated the support that these standards will provide the CFPB in the pursuit of their diversity and inclusion goals. Furthermore, he affirmed that diversity work is often overlooked and that the standards are a success and an opportunity for people to witness the thriving minority and women’s movement.

Lee elaborated on the significance of capital for the survival of small businesses and delineated the connection between the housing crisis and the U.S. economy, when countless small businesses began going under as business owners lost their homes. She also emphasized the importance of being proactive and addressing business problems as soon as they become apparent, explaining that if a business lasts more than two years its longevity past five years is usually very good. Our “Annual OMWI Update,” featuring OMWI Senior Deputy Director Melodee Brooks of the Federal Deposit Insurance Corporation (FDIC), OMWI Di-

Recounting the work being done at the FHFA, Howard detailed their recently-released OMWI strategic plan and explained the outlines it provides for the assessment of the agency’s D&I progress. Howard also spoke of the innovative scorecard the FHFA developed for Fannie Mae and Freddie Mac, which for the first time ever includes a diversity and inclusion section. The plan and scorecard are just a few of the initiatives the FHFA has commenced to increase their diversity and inclusion. NAWRB MAGAZINE |

NAWRB CONFERENCE When asked about contracting opportunities, Howard mentioned the FHFA’s much anticipated database and forecast scheduled for release in November and the “Do Business With Us” section on their website; Brooks urged attendees to visit the small business page on the FDIC website and said they are currently looking for everything from IT to janitorial services; Ishimaru instructed attendees to visit the CFPB’s website for forecasts and to find out if there are currently any opportunities for which they qualify.

D&I movement and learned the potential for maximizing their products and services with the current diversity opportunities within the regulated entities. Chacon, providing one of the session’s most pertinent remarks, stated, “One way of measuring success is money, but another is by the number of women-and minority-owned suppliers with which you conduct business.” This is the very nature of the success NAWRB strives to accomplish throughout our industry.

Our attendees gained awareness about the effects of the

3) Make sure your clients indicate their intent to pro-

The day’s luncheon keynote address provided an update on TRID from Laurie We continued our mission of preparing atMaggiano, Servicing and Secondary Martendees for the future with our “Supplier kets Program Manager, Office of Research, Diversity within Regulated Entities” session Markets & Regulations at the CFPB (photo 5). with panelists Richard Chacon of Union Bank, *Photo 5 Maggiano’s speech encapsulated the importance of Jay Inouye of Freddie Mac, Cheryl Travis-Johnson of VRM Mortgage Services and Michael Ruiz of Fannie protecting the consumer and expressed the CFPB’s deMae (photo 4). The session’s hottest topic was the FH- sire that homebuyers purchase the right home and loan FA’s corporate scorecard; the speakers communicated the for them. card’s importance in illuminating the impediments to women and minorities, and emphasized its significance Maggiano provided our guests with five guiding princiin creating diversity and inclusion. Ruiz affirmed that the ples to follow when working with clients: scorecard generates a shift from simple compliance to true 1) Encourage your clients to think through their mortinclusion, provides visibility and drives accountability. gage sources. Careful consideration is crucial to making sound, informed decisions during life-changing purThe panel’s advice to vendors and companies can be exchases like buying a home. pressed in six words: be good at what you do. Our panelists delineated the importance of a succinct 30-second elevator pitch when describing your company’s services, and reit- 2) Encourage your clients to apply for more than one loan estimate. This helps them see all of their options erated that—as Ruiz articulated—they have the power to and facilitates the process of choosing the best estibring you to the door, but you have the responsibility of mate for them. getting through it.

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NAWRB CONFERENCE ceed after receiving their loan estimate. This is to make sure your client clearly expresses their interest and does not miss out on a good rate. 4) Be the source of information at the transaction. Good communication can prevent so many setbacks. You have the responsibility of being the conduit between your client and all other parties, as they might be starry-eyed at the prospect of their new home and not be appropriately attentive. You need to remain prepared at all times during the home buying process. 5) Find out who will provide the closing disclosure and follow up to ensure your client receives it in a timely manner, at least three days before closing. This ensures the process is as fair and straightforward as possible, preventing any blunders due to hasty decision-making or processes. When asked for the reasoning behind TRID by an attendee, Maggiano responded that homebuyers don’t really know what they’re signing and as a result do not understand their problems when they encounter them. She added that this leads to consumers being taken advantage of, and even provided a personal account of a time a lender attempted to swindle her. Our “Contracting Opportunities” session educated attendees on navigating business opportunities for the good of their businesses, even if it doesn’t necessarily mean dollar signs. Our panelists were Virginia Gomez of the Southern California Minority Supplier Development Council (SCMSDC), Nesa Grider of First Preston HT and Mashell Stith of Field Property Management (photo 6).

Our speakers restated the power and ability of certification to open doors for businesses. Gomez took the time to remind guests that as useful as it is, certification can never replace the ability to actually perform the service your business advertises. One of our conference’s highlights featured an inspiring panel of powerhouse women: Rebecca Steele, President and CEO at Steele Advisory and Services, LLC.; Amy Schumacher, COO of Prospect Mortgage; Irma Delgado-Trikas, President and CEO of Arista National Title; Linda Craft, CEO of Linda Craft & Team, Realtors, who shared their stories of success and confirmed the truth that success, when it comes, does so as a result of dedicated hard work (photo 7). Trikas began her career in the sale of industrial adhesives and now runs a successful title and escrow company. Steele began in chemical engineering with the dream of creating something really important; she eventually *Photo 7 went into mortgage working for Countrywide, JPMorgan Chase and Bank of America, and started three consulting companies. Craft’s first job was as an ice cream truck driver when she was 16, eventually going into pharmaceuticals and opening a health store. In 1985, after her father died and her marriage ended, Craft entered real estate with an incredible drive and made a success of herself. Schumacher started her career as a lawyer before entering the mortgage industry. She has operated and owned several companies including a record label, a software company and an aerospace company.

Steele endowed our attendees with one of the session’s most trenchant pieces of advice, “Every time there’s a tough problem women are tapped on the shoulder to run When asked about the best way for a new company to build to the fire. They are the most dangerous [problems], they business, our panelists recognized the importance of being are the most difficult, and you, like me, are courageous good at what you do, establishing a focus and building strong and you’re going to run there. Run there smarter, betrelationships. Grider reiterated the power of modesty and ter, and bring people with you instead of trying to do it emphasized that even if you do not like someone personally, alone.” Our panel of powerhouse women communicated you must be able to conduct business with him or her for the the truth that career, like life, is a journey, and you can success of your company. enter and succeed within any industry if you are passionate and hard-working.

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NAWRB CONFERENCE All work and no play is no way to live, and our Roaring Twenty Awards Gala capped off Tuesday night as we celebrated 20 of housing’s leading women with a live band and a silent auction. The conference guests mingled and danced the night away after unwinding from a full day of enlightening sessions. Wednesday’s opening keynote address featured Rebecca Steele unveiling her career and the initiatives she has originated to help women (photo 1). Steele told the story about her arrival at Countrywide, soon after which she realized there was essentially no human resources department within the company. She decided to pull together women in management positions to hear their stories and see how she could help them, but only 10 of the 100 women invited attended the meeting. She was astonished by the number of women who did not take her or the unity she was striving to create seriously. Nevertheless, Steele remained strong and dedicated; she told our attendees, “As important as it is to me to be successful in business, I don’t think I will be as successful unless I have a great following of great leaders, great women, and have diversity and inclusion as a part of my mission.” It was the reiteration of this commitment to the D&I movement with which Steele ended her speech, “I never cared about how much money I made, and I still don’t today. I want to make a difference, and I want to do good work, and I want to do important work.” To highlight collaborative women’s organizations and the ways they are expanding their opportunities to achieve a greater platform for women, our “Women Organizations—Synergized” session featured panelists Sherri Souza from the Women’s Council of Realtors (WCR), Hillary Gadsby of Ellevate, NAWRB’s own Desirée Patno and Lynn Bunim from Women Impact-

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ing Public Policy (WIPP) (photo 8). The point of this panel was to illustrate how women can help each other and pool resources. Our panelists described the initiatives and work their organizations are conducting, and NAWRB showcased how working together strengthens the women’s culture; this is our mission and purpose of everything we do. We enlisted the help of Telebah Woods from Bank of America and Sean McDowell from Prospect Mortgage with the goal of educating attendees on the specialties of financial institutions (photo 9). Our panelists spoke about their products and services, how different they are *Photo 8 and how each can best serve industry needs. Speaking of their respective companies, Woods and McDowell had a sense of friendly competition but were clear about their commitment to developing programs that best serve the consumer. The dynamics have changed; it is no longer a matter of companies demanding consumers’ money. The consumer now has the power to ask what can be done to make things better for them and win their business. Our speakers elucidated that the whole mystery behind signing loans is gone, now that people have come to understand the process better. Consumers know what they are getting and giving. Our keynote luncheon featured the work and developments of the City of Hope. Amy M. Cook spoke of the *Photo 9 revolutionary work being conducted with Type 1 diabetes (photo 10). City of Hope began work in 2001 to help Type 1 diabetes patients create insulin through new islets, either by taking islets from one person or growing generated islets, and injecting them into a patient. In 2004, they conducted the first islet transplantation into a person, and discovered that islets can be placed into other organs, not just the pancreas. City of Hope has patients that have been off any external insulin treatments for 10 years, and they are

NAWRB CONFERENCE helping change the way that Type 1 diabetics deal with their disease. Cook also spoke of positivity and the benefits to having an optimistic outlook. She explained to our audience that individuals who demonstrate happiness as a predominant mood have: a lower risk of heart disease, lower blood pressure, more normal weight, healthier blood fat profiles and a stronger ability to deflect stress.

that as the expert, your time is the most valuable. Paying somebody to do your work would allow you to focus on other avenues of revenue, which only you are equipped to maneuver. Maslan also gave interview advice: she advised interviewing three people and utilizing a 90-day trial upon hiring a candidate. She advocated against giving employees a small work load at the start of their employment, asserting that loading them up with work from the beginning will show if they can handle the environment and whether or not they are suited for the needs of your company. Maslan divulged that this is how she runs her business and that good workers pay for themselves.

Cook affirmed that among individuals of age 60 and over, feelings of happiness and enjoyment are associated with improved mobility and a lower risk of developing a disability, and that when exposed to cold and flu viruses, happier people are at lower risks of getting sick. She *Photo 10 also emphasized the importance of gratitude—stating With this advice, the 2015 NAWRB Conference came to a that grateful people report having more positive emo- close. Our intimate conference provided all attendees the tions and are happier with their lives—and its expression, access and opportunity to speak with important decision “Having gratitude and not expressing it is like wrapping a makers, people who make the policies that ultimately afpresent and not giving it.” fect housing in the long run. This is what is special about NAWRB; we connect our guests with the leaders affecting Our guests learned about prominent health issues the future of the industry, and provide them a platand became equipped with the knowledge necform to make their voices heard. We not only essary to react appropriately and in a timely provide an avenue for business growth, we are manner should they encounter one of also the voice for the issues, accomplishments these conditions. and needs of our community. Renowned lifestyle coach Allison Maslan As with all our efforts, our conference was was our conference’s final guest speaker focused on bringing women to the forefront of the housing industry and helping (photo 11). Maslan stressed the importance of confidence and dedication to the them succeed, a mission we will continue to success of your business and enjoyment of life. carry out throughout this exciting and historic *Photo 11 She addressed efficiency and told our attendees that period in our industry. if they can pay somebody to do the work they are doing then they are losing money. The reasoning behind this is

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NAWRB CONFERENCE GALA

“The 2nd Annual Conference did not disappoint. All of the speakers were dynamic and the messages they conveyed will deﬁnitely help to increase our businesses. Women have always been a force, and now more and more people will see it. Jay Inouye from Freddie Mac said something that I will never forget, “Sell to everyone, but buy from each other.” -Gloria Baker, Founder/Program Director at Veterans Preference, Inc.

“I just want to thank you for a job well done during this conference. You may not know this but, you are helping me come out of my comfort zone.” -Christina Benjamin, Realtor, ABC News KMET 1490AM Media Specialist

“I have attended a lot of conferences over my 30 year career and just want to tell you how impressed I was with every detail of your effort. It was totally ﬁrst class from beginning to end and your line up of speakers were amazing. You are destined for greatness!” -Linda Craft, CEO, Linda Craft & Team, Realtors

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“It was such a pleasure attending this year’s NAWRB Conference. What great content and speakers. Thank you for making this event possible for all of us to access such valuable information.” -Jennifer Chavez, Area Manager, Arista National Title

NAWRB CONFERENCE GALA

Diedra Sorohan,

“Thank you so so much! Like I said at the conference, you have done amazing work! You’ve rallied some amazing people to come speak and it was a very empowering group of men and women that you were able to bring together on panels and for keynote speeches. You’re deﬁnitely going somewhere great with this and I can’t wait to see what’s next!” -Sherry Lazar, Senior Account Manager, Arista National Title

Brigitte Ataya,

Co-founder and Principal of O’Kelley & Sorohan, LLC

SVP, Regional Manager at New American Funding

Jay Inouye,

Director of Vendor & Diversity Michael Ruiz, Management, Strategic Sourcing Director, Corporate Procurement & Procurement at Freddie Mac Rebecca Steele, President and CEO at Steele Advisory and Services, LLC.; at Fannie Mae Eric Howard, EEO and Diversity Director at FHFA; Melodee Brooks, OMWI Senior Deputy Director at FDIC; Desirée Patno, Founder and CEO of NAWRB

Rayman Mathoda,

Karla Gonzalez,

President at Genesis Capital and Hudson & Marshall

Business (Bilingual) Consultant Procurement/Contracting Specialist at Inland Empire Small Business Development Center

Rebecca Steele, President and CEO at Steele Advisory and Services, LLC. & Eric Howard, EEO and Diversity Director at FHFA

Nesa Grider,

Executive Vice President of First Preston HT

Teriann McGowan,

Broker at Admiral Real Estate

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HOUSING MARKET

Whither

Housing?

By Christopher Thornberg

U.S. housing market data has been sending mixed

benchmarks to create population estimates, problems that messages over the past year. On the negative side, ex- have led to large-scale historical revisions in the past. isting home sales had been growing steadily since the start of 2015, but slumped sharply in August. Data from The Census again modified their statistical techniques the Flow of Funds (FOF) shows outstanding mortgage at the start of 2015, but this time they didn’t bother to debt has yet to rise in any meaningful way and, worse, reassess past estimates. As such, the numbers for 2014 median prices as reported by the National Association and 2015 are not actually comparable. Recent numbers of Realtors appear to have fallen “...the recovery is moving out from another data source, the slightly in the last four months. American Community Survey, of the high end of the market, suggest that the actual ownership Single-family building permits a welcome broadening that rate in the U.S. last year was 63.1 have been rising slowly but resignifies things are getting percent, considerably lower than main far below normal levels, even as home ownership rates—as the initial HVS estimate. Imbetter rather than worse.” measured by the U.S. Census— portantly, this suggests that the unexpectedly fell at the start of the year. Concerns correctly-calculated 2015 HVS numbers indicate homesurrounding Federal Reserve policy and its impact on ownership is again on the rise—albeit at a slow pace and interest rates is also worrying investors. from a historically low level. But a rise is a rise. With context, however, most of these issues become far more benign than they appear. In fact, it looks like the nation’s housing market will continue on its modest recovery path for at least the next couple of years. Let’s start with the drop in ownership rates at the beginning of 2015, from 64.5 percent last year to 63.5 percent this year—the sharpest decrease since the peak of the housing crisis, according to the Census Bureau’s Housing Vacancy Survey (HVS). This appears to be an artifact rather than reality. This survey has been long criticized for its small sample and difficulty in finding appropriate

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According to the National Association of Realtors (NAR), the median price of an existing single-family home rose to $217,000 in 2015, up 4.7 percent from last year, but seemingly peaked a few months ago, and has since dropped to levels below where they were in January. This is out of sync with other price measures like the Case-Shiller and CoreLogic Home Price Indexes (HPI), which have shown home price growth accelerating in recent months. The explanation is that the median price does not control for sales. When the median price is flat compared to a quality-controlled HPI, it implies a shift to sales among lower end units. This suggests that

HOUSING MARKET the recovery is moving out of the high end of the market, Reserve to begin the tightening process for a welcome broadening that signifies things are getting the last few months, and it was a surprise to better rather than worse. many when their September meeting came and went without an increase. An increase is This conclusion is also supported by other sources. still expected by the end of the year, a view echoed While it is clear that obtaining a mortgage is still rela- by some on the Fed’s voting committee. tively difficult, there are plenty of signs of a slow thaw in the market. The New York Federal Reserve has been Nevertheless, it’s a mistake to think that Federal Rereleasing data on new mortgage serve policy will have much of “With mortgage rates originations in recent years. an impact on mortgage rates. remaining in the four to They report that in the second Mortgage rates are typically tied quarter of 2015 originations hit to the 10-year treasury. Beacon four-and-a-half % range, $465 billion, the best since the Economics’ analysis of the rethe market would have to refinance boom of 2013. As for lationship between the Federal experience a to % increase Funds Rate (FFR) and the 10the aforementioned stagnant levin prices just to get back el of outstanding mortgage debt, year note is quite weak—about this is largely an accounting issue to historically normal levels a one in 10 relationship. In othas banks continue to slowly write er words, if the Fed pushes up of home affordability.” off mortgage debt on homes that the FFR by a full percentage may have gone into foreclosure years ago. point, then the 10-year would only go up by one-tenth of a point. As for who is lending, this too is beginning to expand. Fannie Mae and Freddie Mac are doing brisk work as Remember that the Federal Reserve does not have a can be seen in their profits. But banks are also starting lot of room to maneuver. If they raise the FFR by 200 to get back into the lending game. Small banks have in- basis points (BPS) they would likely end up inverting creased their holding of home mortgages by seven percent the yield curve and causing massive market disruptions. over the last year, and credit unions have expanded theirs Even if they begin this fall the increases will be small by almost 10 percent. Only the large banks are holding and far apart. Beacon Economics expects mortgage rates back. It remains difficult for those with low credit scores to to remain under five percent for the foreseeable future. get new mortgages, but better employment numbers and rising incomes have allowed many people who weren’t Consider it all and it is clear that the U.S. housing marthere just a few years ago to begin accessing mortgage ket expansion still has legs. Expect single-family permits lending markets. to continue their slow climb, up to 800,000 new units next year after a total this year of slightly over 700,000. Prices should also continue to rise, and although they Sales activity will also steadily increase as more househave just climbed back to their peak prior to the melt- holds get back into the buying game. down, once we control for prices and interest rates it Christopher Thornberg, PhD is Foundbecomes clear that affordability remains better now than ing Partner of Beacon Economics it has been at any time since 1996. With mortgage rates LLC, www.BeaconEcon.com remaining in the four to four-and-a-half percent range, the market would have to experience a 15 to 20 percent increase in prices just to get back to historically normal levels of home affordability. There is no bubble in the market, at least not yet.

This could change, however, if interest rates start to rise sharply. The markets have been expecting the Federal

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DOL OVERTIME ELIGIBILITY

The Honorable Thomas E. Perez Secretary, Department of Labor Frances Perkins Building 200 Constitution Avenue, NW Washington, DC 20210

NAWRB Responds to Proposed Rule on Overtime Eligibility

The Honorable Dr. David Weil Administrator, Wage and Hour Division Department of Labor Frances Perkins Building 200 Constitution Avenue, NW Washington, DC 20210

Re: National Association of Women in Real Estate Businesses (NAWRB) Comments: “Defining and Delimiting the Exemptions for Executive, Administrative, Professional, Outside Sales and Computer Employees; Proposed Rule and Request for Comment”

Dear Secretary Perez and Administrator Weil, ships with the Office(s) of Minority and Women Inclusion (OMWI), Government Sponsored Enterprises (GSEs), the Small Business Administration (SBA), the National Women’s Business Council (NWBC) and other organizations. Since August of 2010, NAWRB The National Association of Women in Real Estate has been championing OMWI to bring more diversity Businesses (NAWRB) is the most visible women’s and inclusion to our industry with the awareness, optrade association specializing in the housing economy. portunities and access they afford. NAWRB is dedicated to providing women the tools and opportunities for economic growth and expan- In regards to the NPRM, it is our contention that the sion, while advocating and promoting women-owned changes it will effect in overtime eligibility will have an businesses in housing. We are the only third-party immensely debilitating effect on small businesses. In supindustry-specific certifier of Women-Owned Business- port of this stance, we offer the following comments: es (WOB) and Minority Women-Owned Businesses With the proposed rule, the salary threshold for employ(MWOB) in the housing economy. ees eligible for overtime pay would change from $23,660 NAWRB provides a unique platform for uniting Wom- to $50,440 in 2016 and be updated every year. en in Housing and Women in Government including educational training on contracting opportunities, both Small companies, like most of our members, will not be government and private, to expand our members’ busi- able to function successfully under the proposed provisions. They would be forced to change their operations ness growth. in ways that would effectively prevent their company’s NAWRB empowers women in our advocacy relation- progress. Several of our members employ workers who Thank you for the opportunity to provide comments on the Notice of Proposed Rulemaking (NPRM) focusing on increasing the overtime eligibility for millions of Americans who are currently classified as exempt workers.

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DOL OVERTIME ELIGIBILITY are salaried and often dedicate time outside regular work hours to perform their job duties. These companies do not have the means to raise salaries to the new threshold, and would be significantly affected if they had to pay their employees overtime for the time they choose to dedicate to their work outside of the workday. It is our belief that countless small businesses will be negatively affected in similar ways to our members. Unable to promote their employees to the proposed salary, small businesses will have to pay significant amounts in overtime, or eliminate overtime altogether and not be able to perform necessary work outside of regular work hours. Some businesses may even find that they are unable to support full-time workers, and have to hire part-time workers instead. This would hurt not only the business, but also the workers who rely on full-time wages. The real estate industry in particular will be damaged by the proposed rule. Most real estate professionals are self-employed or work with independent contractors, a fact that sheds light on two truths: The first being that self-employed professionals are working diligently to make a living for themselves and cannot withstand the financial changes brought about by the overtime rule; the second, that a real estate professional’s schedule rarely abides by regular workday hours and our true business hours often don’t begin until after five o’clock. This means that if not salaried, real estate professionals will be forced to compensate their workers with an incredible amount of overtime pay. Considering how harmful this would be

to a large, established company, I urge you to reflect on its potential effects on small businesses. Whichever way you choose to view it, small businesses come out losing. This would truly be a shame because these companies often struggle the most and could best benefit from aid not detriment. Small businesses have been contributing incredible growth to our country’s economy, even hitting the SBA’s annual lending authority threshold of $18.75 billion in July, two whole months before the end of the fiscal year in September. The potential success of these enterprises is immense and they would certainly provide much needed revitalization to our economy. This possibility would undoubtedly be squandered by the new proposed overtime rule and it is our responsibility to plead with you to prevent this. While protecting hardworking Americans and ensuring that they receive competitive compensation for their honest work, it seems that the Department of Labor (DOL) is losing sight of the wellbeing of small businesses. We at NAWRB urge you to reconsider this proposed rule; if not, you will be benefiting one group of disadvantaged Americans while hurting another.

Desirée Patno CEO & Founder of NAWR B

CFPB REGULATIONS

When it comes to title insurance and settlement services,

Surely, it was not the intention of the CFPB to reduce the vendor list for consumers; however, this has been one the outcomes of the vetting rule. Lenders have reduced the amount of vendors they are willing to work with so that they can control their cost by vetting only deep pockets. Small companies are being forced out even though they have continually been able to demonstrate they can comply with all the new rules, best practices, email encryption requirements and even maintain high scorecards.

lenders believe that working directly with underwriters will limit their potential liability. The assumption is that if an insurer is settling one of the lenders’ files as an alternative to an underwriter title company, they run the risk of having potential claim issues because the insurer will not be able to absorb such a claim. This assumption could not be more wrong. The CFPB has imposed all these mandates in the name of protecting the consumer. Lenders say the consumer can If there is an issue with a claim it is not just the insurer that pick their title company from their approved list, but this is looked upon, the underwriter title company will also get list is solely comprised of large title companies. involved because all files handled by an insurer title company are underwritten by an underwriter title company; there The question we must ask ourselves is, are less vendor choices are no exceptions. In the state of California, underwritten beneficial for the consumer? The CFPB doesn’t understand title companies are required to submit annual financial au- the impact of the vetting rule, and in the long run the condits and quarterly reports to the Department of Insurance; sumer is not being benefitted and small companies are being this reiterates that underwritten title companies are held squeezed out of business. Fewer jobs and fewer options for accountable for maintaining compliance with State and the consumer is the outcome of the lack of understanding Federal regulations. how title liability is actually distributed. Pricing must be consistent between underwriters and underwritten title companies, as several states require underwriters to file rates with their respective insurance or financial agencies. This is especially relevant in California, where the State requires title companies to file rates. As a small underwritten title company, it is important to observe underwriter title company rates. Other states have promulgated rates, where the state dictates a rate with which underwriters and insurers must comply. An insurer or underwritten title company is nothing but an extension of an underwriter title company, so why wouldn’t a lender want to work with a small title company? Where they are getting more dedication and hands-on service, you ask? The CFPB has asked lenders to vet and be accountable for their vendors so they know who they are working with and ensure there is accountability in all aspects. Lenders have taken the approach that if they are going to be responsible for their vendors, the only way they can vet the companies they use is by reducing the amount of title companies they work with to only large public companies, since they don’t feel they need to be vetted.

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Irma Delgado-Trikas, Founder, President and Chief Executive Officer of Arista National Title Company, www.aristant.com

“Lenders have reduced the amount of vendors they are willing to work with so that they can control their cost by vetting only deep pockets.”

VRM thanks the women and men whose daily sacrifices protect our freedoms.

VRM Mortgage Services is proud to offer programs, provide opportunities and maintain processes designed to assist and protect soldiers and their families. As an advocate for veterans, VRM continually invests in training, technology and processes that help protect and serve our soldiers and their families. From education and transitional programs to loan-related services and training, VRM is committed to serving those who have served our country.

To learn more about VRMâ&#x20AC;&#x2122;s commitment to veterans and their families visit vrmco.com/veterans TM

Mortgage Services ÂŠ 2015 Vendor Resource Management, Inc.

vrmco.com

VETERANS SPREAD “As San Diegans, we know that veterans are intertwined in our social fabric and we recognize that reintegrating back into society isn’t always easy. It is essential that we continue to work to ease the transition of our veterans who have dedicated their lives to protecting our country. We know that we can never repay the debt that these men and women have contributed to our country, but we can welcome them into our community by creating an environment where they can thrive.”

- Mayor Kevin L. Faulconer

Active Military & Veterans Resources in San Diego County Known for its sandy beaches, budding restaurant scene and cultural hubs, San Diego County can also boast of a lesser-known achievement: the third-highest veteran population in the United States. In fact, veterans, active duty military personnel, and their families make up more than a third of the county’s inhabitants. With thousands of service members stationed in San Diego, and thousands more settling in the city after leaving the service, there is an incredible need for programs and resources to support them and their families. Whether the topic is children’s services, rent assistance, or even homelessness, the necessities of the military population are paramount. Fortunately for veterans and active duty service members living in San Diego County, the military is a top priority of the city, and the local government and community members provide excellent resources. NAWRB’s Veterans Spread highlights various programs and organizations in San Diego County dedicated to helping our active and retired servicemen and women. From the work that Operation Bigs does for the children of military members to the mixers hosted by Taylor Realty Group for service members and their spouses, our featured organizations offer a variety of services tailored to our veterans and their families. We hope that our Veterans Spread helps readers better understand our veteran population, and raises awareness of the resources available to them. NAWRB would like to extend our sincere gratitude to the veterans and congratulate the organizations dedicated to serving them. Desiree Sabrina McGuire, MA, CDAC is a retired drug and alcohol therapist who started working with the military as an active duty member in the United States Navy. After completing 11 years and eight months, Mrs. McGuire was honorably discharged and continued working for over 20 years as a civilian in the largest comprehensive drug and alcohol facility in the military. She has worked as a senior counselor and family counselor for patients with co-occurring disorders. Mrs. McGuire has not only treated patients with post trau-

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matic stress disorder (PTSD), but she is also married to a former member of the United States Navy suffering from PTSD, thus making Mrs. McGuire’s experiences with the disorder much more personal than most. McGuire is the author of, “Living in Secret with PTSD: A Spouse Perspective,” in which she shares her personal story and advice on dealing with PTSD and keeping your happiness throughout this journey. After publishing the book, Mrs. McGuire developed the H.A.P.P.Y. SYSTEM to share as a motivational speaker with anyone who either

VETERANS SPREAD experiences PTSD, lives with someone who does, or has a close friend dealing with this disorder. Hundreds of military families across the country are dealing with PTSD and don’t even know it. Often-times, spouses suffer while trying to cope, which usually results in them sacrificing their happiness. Mrs. McGuire’s passion is helping the spouses of active and retired military members. Read how she stayed fabulous and happy while living with PTSD, and how you can too. For more information, contact Desiree S. McGuire at LivingInSecretPTSD.com

Operation Bigs, a program of Big Brothers Big Sisters, is a one-on-one mentoring program serving the children of active-duty, veteran, and fallen service members by offering them mentors who can provide an added layer of support during deployment, transition, or loss. Operation Bigs is currently recruiting volunteers for this coming school year! We are looking for men and women, both civilian and military, from ages 18 to 85, who have a heart for military children and a desire to give back to those who serve our country. Melissa, a parent of two children in the program has stated, “Operation Bigs has helped me as a mother deal with the emotional impact a deployment has on my children. To know they have another adult to go to for some undivided attention has helped me and my children. I do not think the deployment would have gone as smoothly had it not been for Operation Bigs. My son and daughter feel a special connection with their Bigs and they feel appreciated. They love Operation Bigs and really look forward to and rely on it each week.” Volunteers meet with their Little Brothers and Sisters for one hour, once a week at a school site or community center during the school year. During that hour they play games, sports, and do other fun activities together, while building a friendship. Volunteering as a Big Brother or Big Sister is a great way to make a difference in a child’s life while having fun at the same time!

dren. The program operates at eight schools in four communities around San Diego County, including Camp Pendleton, Point Loma, Coronado, and Tierrasanta. The need for caring, committed mentors remains urgent for all locations. For more information on Operation Bigs, please visit SdBigs.org Veterans Preference, Inc. is a non-profit organization founded in 2011. Its Founder and Program Director, Gloria Baker, has been in the housing and finance industries for over 20 years. “Our organization works to prevent homelessness for female veterans,” Baker states. “Homelessness encompasses a variety of situations. Someone can be homeless on the streets, sleeping on the couch or in the garage of someone else’s home, in transitional housing and other situations. I talked with a mother about two months ago who has three children and everyone was sleeping in her car until they could get housing. Stories like that are what send me through the roof. That’s absolutely crazy.” Veterans Preference, Inc. offers one-on-one assistance in financial capability, career and entrepreneurial services, and homeownership education. One of the organization’s flagship programs is a 2013 initiative in collaboration with Freddie Mac called, “Moving Forward and Building Success.” The purpose of the program is to increase the homeownership rate of veterans and active duty service members, and provide them information and resources to help address the distinct challenges that they and their families face. Veterans Preference Inc. also recently collaborated with NAWRB, in a Military Women in Business educational and training event that featured NAWRB’s Women in Housing Financial Fitness Program.

“Next year we will be doing what we have been working toward for a long time,” Baker affirms. “We will be offering homes to veterans on a First Look Program. They get to purchase the home before anyone else sees it. The homes are going to have state of the art, top of the line Since the program began in 2004, Operation Bigs has amenities. I am really looking forward to finally being served more than 1,400 Navy and Marine Corps chil- able to do this for veterans.” NAWRB MAGAZINE |

VETERANS SPREAD Although Veterans Preferences focus is on military fe- For more information, contact Tony Teravainen at StepSocal.org males, their services are open to everyone. For more information, contact Gloria M. Baker at VeteransPreference.org

How can a hero buy a home today and get the debt paid off at the same time? All Support The Enlisted Project (STEP) has a mission buyers need to be aware of this exciting program available to assist junior enlisted and for everyday heroes! recently discharged veteran families facing financial crisis. We accomplish this through grants and hands-on finan- Heroes Home Credit is a unique program that offers up cial counseling and budgeting provided by social workers, to $7,000 towards the purchase of a new home. social work interns, and volunteers. Available to active and retired military personnel, police All of STEP’s services are complementary family sup- officers, firefighters, teachers and healthcare professionport programs designed to educate, uplift and inspire als, our program is offered to the heroes of this country during times of financial crisis and emotional distress, because they deserve it for the service they have providand more importantly, to offset costs and help families ed to all of us. maintain their budgets. All the heroes in San Diego communities may qualiTo this end, last year, we granted $410,000 to put food fy for the benefits of Heroes Home Credit program, so in 258 military families’ empty cupboards, reconnect or please share this information with them. Community asstop the disconnection of 113 families’ utilities, stop the sistance with spreading the word will help our heroes get eviction of 94 military families, stop the repossession of in touch with the benefits they deserve. 86 primary automobiles, and pay for various other necessities. We are proud to say that 92 percent of the families Heroes can apply at heroeshomecredits.com. There is a maximum of nine credits available a month. we serve do not come back for additional support.

Our vision is for all military and veteran families who need STEP’s services to know that we are here to help them. STEP cannot lower the cost of living or raise military income, but we can provide emergency financial counseling and grants to help these families become financially self-sufficient. We are sure that with assistance and collaboration, STEP can get our young military families on sustainable paths to self-sufficiency.

“Heroes Home Credit program saved thousands of dollars for heroes when they bought properties with us,” said Agne Isidro of Prestige Realty Advisors. “A few heroes got their credit cards or car loans paid off.”

Quotes: “I wanted to extend a huge thank you to you and the STEP organization for helping my family during our emergency. I really can’t express enough appreciation and thanks. The grocery gift cards were right on time and the rent assistance took away a lot of stress and pressure that we were enduring. You all are a wonderful organization and I will be sure to let as many people as possible know about the great work that you all are doing to assist military families.”

Military families are expected to identify their new homes under tight timelines. This can be overwhelming for relocating service members, especially in a large, diverse city like San Diego. This is why I developed SdPCSconcierge.org, a free program for relocating military families, consisting of a pre-visit housing consultation, a renting versus buying evaluation, neighborhood reports and community resource evaluation. To begin, military members book their preferred dates at SdPCSconcierge.

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For more information, please visit HeroesHomeCredits.com

VETERANS SPREAD org and reserve a full service relocation concierge for their house-hunting visit. The concierge is responsible for scheduling and organizing community and home tours that have been pre-identified in the screening process. If a service member is not provided with house hunting leave, the concierge will provide video tours of mutually selected homes. Benefits for our Service Members Even when utilizing the VA loan, military members are not exempt from the unexpected costs associated with purchasing and owning a property. Taylor Realty Group offers free home inspections for military members who are purchasing homes, and ensures they are all protected by an upgraded home warranty through the first year of ownership. This helps military members stay on track with accomplishing other financial goals and avoiding costly home repairs.

Creating Community Active duty military members have instant connections and support upon joining their new commands in San Diego. However, military spouses are not always accustomed to the same connections at their new duty station. Every month, Taylor Realty Group hosts a networking mixer for service members and their spouses. The mixers are designed to directly connect new residents to the pre-existing military community here in San Diego and encourage camaraderie beyond an individual’s command. At the mixer, attendees are encouraged to share resources, community events and military-specific benefits while connecting with their peers and spouses. For more information, contact Lauren Taylor at SdPCSconcierge.org

Active Military & Veterans Resources

One-on-one Mentoring Program

Home Credit

A unique program called Heroes Home Credit that offers up to $7,000 towards the purchase of a new home. Available to active and retired military personnel, police officers, firefighters, teachers and healthcare professionals, our program is offered to the heroes of this country.

HeroesHomeCredits.com

Relocating Military Families

Taylor Harmony Realty is a free program for relocating military families, consisting of a pre-visit housing consultation, a renting versus buying evaluation, neighborhood reports and community resource evaluation.

SdPCSconcierge.org

Financial Counseling

Support The Enlisted Project (STEP) offers hands-on financial counseling and budgeting provided by social workers, to assist junior enlisted and recently discharged veteran families facing financial crisis.

StepSocal.org

Substance abuse and/or mental health issues

Veterans Village of San Diego (VVSD) has developed a host of innovative intervention programs to turn a veteran’s life around. They offer mental, physical, spiritual and legal help in a variety of settings that are easily accessible for our target population.

Operation Bigs, a program of Big Brothers Big Sisters: is a one-on-one mentoring program serving the children of active-duty, veteran and fallen service members by offering them mentors who can provide an added layer of support during deployment, transition or loss.

SdBigs.org

Homeownership Education

Veterans Preference, Inc. offers oneon-one assistance in financial capability, career and entrepreneurial services and home-ownership education. and increases the homeownership rate of veterans and active duty service members.

VeteransPreference.org

VVSD.net

Veterans Crisis Line

The Veterans Crisis Line connects Veterans in crisis and their families and friends with qualified, caring Department of Veterans Affairs responders through a confidential toll-free hotline, online chat, or text. Veterans and their loved ones can call 1-800-273-8255 and Press 1, chat online, or send a text message to 838255 to receive confidential support 24 hours a day, 7 days a week, 365 days a year. Support for deaf and hard of hearing individuals is available.

Veteranscrisisline.net

A Perspective on PTSD

McGuire is the author of, “Living in Secret with PTSD: A Spouse Perspective,” in which she shares her personal story and expert advice on dealing with PTSD and keeping your happiness throughout this journey. After publishing the book, Mrs. McGuire developed the H.A.P.P.Y. SYSTEM to share as a motivational speaker with anyone who either experiences PTSD, lives with someone who does or has a close friend dealing with this disorder.

LivingInSecretPTSD.com

NAWRB MAGAZINE |

SHESHOWCASE

Madalena

Chaille

Ralph

Chaille Ralph has been promoted to president of Heritage Texas Properties, a leading residential real estate firm in Houston. Ralph has been at Heritage since 2009, previously serving as a senior vice president of sales, and will now take responsibility of day-to-day operations.

Frey

Kimberly

The Solomon Organization, which owns and manages over 10,000 units in Pennsylvania, New York, Connecticut and New Jersey, promoted Kimberly Frey to controller and associated managing director at its Summit headquarters. Frey has been with the organization for six years and previously worked as the assistant Comptroller and bookkeeper.

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Showcasing Women

Martinez

Madalena Rodrigues has joined Merchants Bank—Vermont’s largest statewide bank—as an audit manager. Rodrigues has over 10 years of banking experience in internal audit and risk advisory services.

Dee

Dee Martinez has been appointed property management specialist by the Southern Shores Real Estate Group in South Carolina. Martinez brings over 20 years of property management experience to her role and will be working in the West Ashley office.

Rodrigues

Michelle Van

Steenbergen

Michelle Van Steenbergen has been hired as assistant vice president and manager of Investor Bank’s Colonia branch in New Jersey. Van Steenbergen will be responsible for daily operations, customer relations, growing deposits, and partnering with local nonprofits for community projects.

‘On the Move’ in the Housing Economy

Jan

Marinelli

The Lake Champlain Islands Economic Development Corporation Board, which provides business advising, access to resources, and various other services for its community, has hired Jan Marinelli as an executive director. Marinelli brings to the board more than 25 years of experience in business consulting and economic development.

Siassia

Likibi

SHESHOWCASE

LS3P Associates Ltd. has hired Siassia Likibi as an associate architect in their Charleston, SC office. Likibi holds a Bachelor of Architecture from Iowa State University and was previously a design center intern for the City of Davenport, Iowa.

Jennifer

Berman

Celebrity real estate agent Jennifer Berman has been hired as Juwai.com’s first-ever Ambassador in the United States. As the foremost Chinese real estate portal, Juwai.com has enlisted Berman as representation for events, in the media and on social media, and as a resource for agents hoping to work with international clients.

Danielle Brunelli-Albrecht

R.J. Brunelli & Co., a New Jersey-based retail real estate brokerage company, has appointed Danielle Brunelli-Albrecht as president of business development. Brunelli-Albrecht will take charge of strategic planning, daily operations and the recruitment and management of the company’s staff.

Allison

Linsky

Kim

Fitzgerald

The Cathedral Square Corporation has selected Kim Fitzgerald as its new CEO. Fitzgerald has been with Cathedral Square for 15 years and previously served as chief operations and chief financial officer. Cathedral Square is a non-profit organization that builds and manages communities for seniors and individuals with special needs.

Allison Linsky has joined H2M architects + engineers, a New York consulting and design company, as senior interior designer and space planner. Linsky was most recently principal and senior interior designer of William Design Associates Ltd.

Linda

Cunningham

Linda Cunningham has been named the Office of the Comptroller of the Currency’s (OCC) first Chief Risk Officer (CRO). Cunningham has extensive bank examination experience and will spearhead the new Office of Enterprise Risk Management and the Enterprise Risk Committee. NAWRB MAGAZINE |

sheCENTER(FOLD)

President and Co-founder of New American Funding

PATRICIA ARVIELO With over 30 years of experience in the mortgage industry, Patty Arvielo has helped create one of the fastest growing mortgage bankers in America, New American Funding. From running around the streets of Tijuana to walking the Great Wall of China, she recounts her formative experiences and describes how she is the American Dream. NAWRB: What inspired you to enter the mortgage industry at the age of 16, and at that time, what did you envision being your lifelong career? Are you interested in any other professional fields, and did you ever consider career paths outside the mortgage industry?

try’s built, how it’s currently running, my feelings about it and how housing has such a large impact on the economy. I’m trying to get out there in a positive way to influence government entities, all the way down to the private sector, to ensure that our underserved are able to obtain homeownership at a better rate than they are currently.

Patricia Arvielo: I don’t know that anybody that I’ve ever spoken to in almost 35 years of being a mortgage I’ve been doing the same thing banker has had the dream of almost 35 years. I love what I do. being a mortgage banker. I fell It’s just a matter of taking what upon an entry-level job because I’ve learned and using it in a poseven though I was very young, itive manner. I was inspired by earning the almighty dollar. TransUnion Credit NAWRB: Let’s take that to happened to be the highest paid the next level. Are you thinking hourly job I could find. I got that about running for an office, or job when I was 16 and I was a being a voice speaking on behalf data entry clerk for the company, of political campaigns? whereby I would input derogatory credit on mortgage factual reports. Patricia Arvielo: Well, I did At that point I would take the just get a text last week to see calls from the people ordering Patricia Arvielo (left) with younger sister (right) if I would consider running for the reports and I would ask them questions like, “Why do you need these reports?” and Newport Beach Mayor. If you would have asked me five they said, “Because we do mortgage loans.” So I asked, years ago I would’ve said no, but now after five years of “What’s that take? How much do you make?” They tremendous growth and realizing that I played an immade more than I did so of course I went and looked for portant part of that growth, I’ve gained the confidence an entry-level job at a mortgage company. Again, being I think is required to get out there. I think America’s very young, my motivation and inspiration was to make looking to get away from the political points and just more money and become independent so I could buy a really have the natural voice needed to get things done new car and wear the clothes I wanted; as you can imag- anywhere, in work and at home. It comes down to the basic elements of communication and leadership, and I ine, being a 16 or 17-year-old girl, that was important. think I’m pretty good at leading people. I’ve recently been drawn to the political arena, as an influencer and a voice for the housing market. That’s So I wouldn’t say no to that question, but it’s definitely been my new hobby, to really focus on how this coun- just in its infancy. I’ve been growing and learning more NAWRB MAGAZINE |

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about what that means to me. That’s been exciting. I think it’s really important that people like me get out and start leading America in the right direction, because we’re not groomed politicians we’re groomed entrepreneurs. As a woman, and with so few of us out there in mortgage banking, I have to say it’s important, and if that’s where it leads I’m definitely open to it.

ship program. At Big Brothers Big Sisters we are really working on our branding and that’s one area where I can really help with my experience as an entrepreneur and one who can scale successful companies such as New American Funding.

It’s extremely rewarding for me and I’m really all-in to that organization. I decided not to just give money to 10 different organizations, but dedicate time and focus on NAWRB: You are very active within the Big Brothers one. I really decided to give my heart and soul and money Big Sisters organization. What to one, and I chose Big Brothdoes Big Brothers Big Sisters er Big Sisters. I would consider mean to you and what do you just reaching out, there’s chapcontribute to the organization? ters all across the United States. What would you say to people I happen to be part of the Orwho are thinking of volunteerange County and The Inland ing or who want to know more Empire chapter, and I believe about the organization? we’re sixth in the nation. We have a mentorship program here Patricia Arvielo: Big Brother at New American Funding that Big Sisters is one of the most we rolled out in concurrence valuable sources of outreach with Big Brothers Big Sisters. we have in America today. We have approximately 10 emThey’re a 100 percent mentorployees that mentor children ship program and we identify from a local high school in an Patricia Arvielo (right) with friend (left) from the ’80s the children that go through our underserved market. It’s so fun program as Littles and the menbecause they’re able to give back tors as Bigs. We’ve been able to to the community while they’re demonstrate that 60 percent of working and that’s rare. It’s these children will be the first called Beyond School Walls. in their family to graduate from high school. We have also demonstrated that 98 per- NAWRB: What is your favorite childhood memory? cent of the Littles graduate high school on time and 90 percent of them enroll in college. There are no barriers Patricia Arvielo: This one’s hard. I think it’s when I hit to enter. It’s getting your name on a list and waiting for my first home run as a softball player, because I didn’t somebody to take the incredible journey of mentorship, think I could. I only ever hit one in all the years that I that’s all it takes. It costs them nothing and it’s a win- played. It wasn’t a big deal that I hit the home run to win on both sides, for the mentor and for the child. anybody else but me, but I remember running around the bases and sliding into home, and I didn’t even need This organization is over 100 years old. I joined three to slide because I hit the ball so far. years ago and was asked to serve on the board the first year and on the executive board this last year. I think the I just sat on the bench and cried. Everyone was like, same passion I demonstrate towards my leadership in “Why are you crying?” I think it was because it didn’t the Hispanic community and at New American Fund- matter to anybody else it just mattered to me, that I ing I’ve demonstrated at Big Brothers Big Sisters. Many could do it. I still remember that. of the children we serve are Hispanic, about 90 percent of them. It’s such a great program, and everybody gets I was probably 12. I played softball in Whittier and La us confused with the Boys and Girls Club, but we are Mirada. Whittier and La Mirada had really good softdifferent than the Boys and Girls Club, we are a mentor- ball players; it was very competitive even back then. I

“I’ve been doing the same thing almost 35 years. I love what I do.”

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was just so happy that I did it, and I never did it again. NAWRB: How has being Hispanic influenced your career? In what ways has it helped you professionally? What would you say has been the value of culture to your life, both personal and professional? Patricia Arvielo: I think I always knew I was special because I was Hispanic. It was fun to be able to speak Spanish at such a young age when it wasn’t in fashion, even way back in the ’70s when I was in school. I always felt honored that I was a little bit different in a great way from most children. I spent a large part of my life running around the streets of Tijuana because my mom and dad were pretty young when they had us and that’s where I gained a lot of freedom. My nana would just let us go, unlike here where my mom would barely let us cross the street. How has it enhanced my career? It definitely has not hindered it. It has benefited me in many, many ways. The way that it has helped me is that I’ve been able to demonstrate the true love that I have for our culture, and I’ve been able to teach people that we’re very American, we’re just very in love with who we are, our background and culture. I’ve been able to scale my current company to serve this market in a way that people are looking at us asking, “How are you growing so large in this space?” Well, not

much doesn’t grow when you love it. I’m very passionate and I love it and I’m in love with the people. To me it has all been a win. I’m bringing my mom to Fannie Mae for the Hispanic Heritage Month, they don’t even know. I’m going to walk in proudly with my mother because if it weren’t for her I wouldn’t be where I am today. I have niched myself as a leader in this space. It’s done nothing but enhance my career. I have an extraordinary desire to be foundational, in every aspect of my life. From a very young age, any money that I would get I would save and make sure it was safe. It goes straight along with being not only foundational but deeply rooted in my family. It’s ingrained in me that it’s my responsibility and I feel very fortunate to be able to serve my family. NAWRB: The story of New American Funding is truly special: a husband and wife team following a dream and becoming hugely successful. What is the biggest way your life has changed since the company’s formation? Patricia Arvielo: I have a lot more people I love, a lot. I don’t know that personally I’ve changed, but my life has changed because I have a commitment to serve others like I never thought I would. I’m directly responsible for everybody that works here and their extended families, and I feel, again going back to my culture, deeply rooted

Whittier girls softball team (1978), Patricia Arvielo (front row, 3rd from the left) NAWRB MAGAZINE |

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are gone somewhere else in the world. Those are my hobbies and passions, my family and to see the world. A lot of it is because I’m a culture junky. I love people who are different from me. They challenge me to think what it would be like to be born in their country. I like to immerse myself in other peoples’ cultures. That’s why I go to places like Morocco, China and Hong Kong. I go to countries very culturally different than ours because I enjoy the differences and its fun.

Patricia Arvielo and Rick Arvielo at 2014 New American Funding Summit

“I think it’s really important that people like me get out and start leading America in the right direction...”

I’m in a leadership position now more than ever and wake up every day challenged to do my very best. I’m always thinking of better ways to support the people around me, whether it’s at New American Funding, Big Brothers Big Sisters or with my family or associates; as well as when taking care of my son, being a wife to my husband Rick and running our social lives and our home just like everyone else does.

I really am celebratory about life. I like to take time to reflect on how fortunate I am. I like to spend time at home with my family and enjoy talking to my husband and that it’s my responsibility to make sure I serve the about all of the things that happened during the day. people that work here just like I would my family. I’m up at night if I’m worrying about it, so I feel very deeply NAWRB: From its creation in 2003 to funding over $900 rooted. I’ve always been very, very driven, even prior to million per month, what has been the most important the growth here. I feel comfortable, but I don’t take my contributor to the triumph of New American Funding? life for granted at all. Patricia Arvielo: I’m very fortunate to have an inNAWRB: What place that you have traveled to is the credible marriage and a synergistic relationship with a business partner that I trust immensely in my husband. most dear to your heart and why? When you can wake up every day and know that person Patricia Arvielo: I think it was a couple years ago has your back and they’re able to work synergistically when I was able to have my whole family, my mom, with you to create something really big it makes it a lot my dad, all three of my kids and my husband on the easier. I don’t have to wake up and wonder if that teamGreat Wall of China and we walked it together. That’s probably one of the most memorable times I’ve had in the last couple years.

“ Every six weeks we are gone somewhere else in the world...”

NAWRB: What does a day in the life of Patty Arvielo look like when work is not a concern? What are your passions outside of the workplace? How important do you think work-life balance is to a happy life? Patricia Arvielo: For me, work is not what I do it’s just who I am. I don’t ever shut off because I don’t look at what I do as work. It’s really who I am. I focus tremendously on my marriage, my parents and my brother and sister. Outside of that I’m traveling. Every six weeks we

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mate is going to show up and be here, that teammate is here all the time. The secret sauce in a lot of ways is that Rick and I are very great partners in life. What he does really, really well here at New American Funding I don’t do, and what I do really, really well he doesn’t do. So we’re both really individual in our company and we’re able to take the two talents and merge them into this mega-talent, which I think is rare when you start to build a company. It’s building a platform with partners that you trust.

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NAWRB: Is there anything you haven’t had a chance to do yet in your life that you would like to experience in the future? Patricia Arvielo: I would like to touch every continent in the world and I still haven’t. That is a goal, and sooner or later I’m getting there. We just finished dabbling in Central America and South America.

“ I’m bringing my mom to Fannie Mae for the Hispanic Heritage Month, they don’t even know. I’m going to walk in proudly with my mother because if it weren’t for her I wouldn’t be where I am today.”

dren, without a doubt. I raised the first two and managed to endure divorce and they still lived phenomenal lifestyles. Their father and I are great friends. He also works here at New American Funding. We raised those children apart but together and I think that it’s a lot of work and a really great achievement because our children, if you ask them today, feel very bounded by family and love. None of that was taken away from them because we decided not to be married anymore. That’s one of my greater achievements. I brag about it because I think it’s great that we work together at New American Funding. NAWRB: What person has impacted and inspired you the most in your life? Patricia Arvielo: My husband.

NAWRB: New American Funding currently employs over 1,700 people and shows no sign of stopping, planning on becoming the most recognized mortgage lender NAWRB: You have been on both sides of the spectrum, in America. What motivates you in your life and career? from almost closing your brokerage to becoming one How do you remain motivated and hungry amid your of the most successful mortgage lenders in the country. company’s widespread success? What would you say to entrepreneurs who have been unable to attain success despite their dedicated hard work? Patricia Arvielo: I just run my own race, meaning that I don’t look around at my competition because I’m on Patricia Arvielo: During times of unforeseen change my own path. Becoming the largest consumer nonone can learn a lot with one of those most important bank-branded mortgage banker in America is really our lessons being learning to embrace change regardless of the uncertainty. By embracing change you are able to see through the trees and often recognize new opportunities in the distance. I would say don’t give up and be open to trying new things. Sometimes that means doing things you don’t want to do. You have to put any doubt you have behind you and look forward to a new beginning, a new chapter in your life. Those who embrace change and do the things most people don’t want to do will most likely succeed. Sometimes your biggest challenge is yourself and finding the inner strength to eliminate self-doubt can propel you into that new beginning for which you have been looking. This is true in work and life. I think that to me sometimes unexpected change can be a blessing. Patricia Arvielo with her mother while in Montana

NAWRB: Throughout your life and career, what has been your proudest moment or achievement, either in the workplace or in your personal life? Patricia Arvielo: My proudest achievement is my chil-

goal and has been for the last five years. A lot of our time is spent branding. We really want to be that trusted home adviser and lender, and especially in the underserved markets where we’re having our greatest traction. That’s been our short goal. The long goal is to continue NAWRB MAGAZINE |

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the growth pattern that we’re on and do it in a sustainable manner. We’d like to open more branches across the nation; we really haven’t hit the East Coast yet. I was born hungry. It’s ingrained in who I am. I didn’t have to read a book for any purpose. I’ve known exactly who I was meant to be since I was little.

time and sometimes what I do doesn’t dictate where I am, there’s different things that affect what I do every day. I definitely think about that every day and I think we have a good plan to deal with anything that’s thrown our way. We’re prepared for what’s coming our way.

NAWRB: Where do you see the company, and yourself, NAWRB: Are there any other sectors into which New in 10 years? American Funding would like to expand? Patricia Arvielo: Just healthy, I think health plays a Patricia Arvielo: Our current path of serving the un- large part in dictating happiness in our future so we do a derserved markets is really a big initiative here and we’re lot, Rick and I, to take care of ourselves on a healthy levwinning because of it. Rick and I are very careful not to el, mentally and physically. I think it’s really important take our eye off the ball. I think that if you try to expand as you go on life’s path and get older. Everybody that’s to different sectors of the business you’re taking your eye older that I talk to and admire definitely 100 percent has off the main goal. Right now we’re going to continue made it a goal to be healthy. down the current path. I’ve been in this industry a long

Patricia Arvielo with her family in the desert.

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BUSINESS OWNERS

2012 Survey of Business Owners In August, the U.S. Census Bureau released preliminary results from their 2012 Survey of Business Owners (SBO), featuring information collected from approximately 1.75 million American businesses. According to the bureau, the survey “provides the only comprehensive, regularly collected source of information on selected economic and demographic characteristics for businesses and business owners by gender, ethnicity, race, and veteran status.”

businesses will continue to flourish and contribute to our society, economy and culture. To learn more about the survey and its results, please visit www. census.gov/econ/sbo. To view the NWBC’s fact sheets, please visit www.nwbc.gov/facts.

After starting as a project for minority-owned businesses in 1969, the survey was eventually integrated into the economic census in 1972, and data has since been collected every five years. Last released in 2010, full results from the SBO’s 2012 installment will be published in December 2015. The National Women’s Business Council (NWBC), a non-partisan federal advisory council that advises the President, Congress and the U.S. Small Business Administration on economic issues concerning women business owners, compiled the 2012 preliminary results into fact sheets. From these fact sheets NAWRB created the infographic below. As the bar graph illustrates, veteran, Asian-American, Hispanic, Black and White women-owned businesses all grew considerably in number from 2007 to 2012. These increases are inspirational figures to present and hopeful women business owners; they are also a testament to the resilience and power of women entrepreneurs, who are thriving despite enduring significant disadvantages in the business sector. The overarching takeaway from these statistics is that women-owned businesses are growing and prospering in the U.S., increasing by over 27 percent since 2007. As support for women entrepreneurs continues to grow, and dedicated organizations continue fighting to provide them with equal opportunities, women-owned

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BUSINESS OWNERS

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ACCESS TO CAPITAL

The summer of 2015 passed in a whirlwind of Presidential election noise even though the election is more than a year away. The 24-hour news cycle is abuzz with every steak fry in Iowa, every town hall meeting in New Hampshire and every tweet from the long list of candidates. Although not covered by the media, there is plenty of action in the Nation’s Capital focused on assisting women business owners. Being aware of these efforts may mean more to your business than the latest political headline. As advocates for women entrepreneurs, our goal is simple: identify actions that can be undertaken by Congress to assist women entrepreneurs and oppose the ones that do not. Right now, increasing access to capital to strengthen the flow of money to women business owners is a top issue. Access to sufficient capital is one of the most important parts of establishing, running and expanding a business. Whether that is in the form of a loan, a credit line, a credit card or through a lending institution—it all adds up to the financial need to run the business. Since the government regulates fair lending laws and financial institutions, and provides loan guarantees for small businesses, it is necessarily a part of the solution. In that respect, this summer included a quiet victory that laid the groundwork for our fall efforts. That victory begins and ends with the lending programs run by the Small Business Administration (SBA). What is unique about these programs is that the SBA provides a guarantee for these loans to entice banks and microlenders to lend to small businesses and entrepreneurs who have not found access to capital an easy undertaking. While the SBA does not lend directly to businesses, it has a large network of lenders and intermediaries that participate in its loan guarantee program. In 2014, over 13 percent of SBA’s 7(a) loan program approvals went to women-owned businesses while women entrepreneurs receive only 4.4 percent of conventional loan dollars. The loan guarantees offered through this program create an invaluable partnership between the SBA and private lenders.

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The 7(a) program was so successful this year that it broke through the lending authority of $18.75 billion granted by Congress. It was up to Congress to raise the lending authority to guarantee these crucial lifelines for developing businesses. Many organizations who advocate for small businesses took action. The Association for Enterprise Opportunity (AEO) took the lead in organizing 16 organizations including Women Impacting Public Policy (WIPP), the Association of Women’s Business Centers (AWBC) and Small Business Majority to sign a letter calling on the Senate to act speedily. Congress was compelled by our efforts to increase SBA’s lending authority under the 7(a) program to $23.5 billion. This increase will allow small businesses to make much needed investments in their enterprises and continue expanding their workforces. Had we not aggressively pursued this course of action, many women business owners would have been in business limbo; they would have had to wait for approval of the loan until the beginning of October, thus stunting their business and creating disorder. Through efforts and the support of advocacy associations, Congress averted these potential hazards. In tandem with this effort, WIPP, of which NAWRB is a coalition partner, released an access to capital plat-

ACCESS TO CAPITAL form. The platform lists 11 action items that federal policymakers could take to improve the flow of capital to women-owned firms. What drove the focus on this issue? It was a staggering statistic that women receive only 4 percent of commercial loans. Four percent? How is that possible? WIPP devoted time to researching the landscape of business finance, capital access and small business lending, and discovered women have a long way to go. In 2013, more than two in three loan applications for women-owned firms were denied. WIPP’s annual membership survey regularly finds that women must make multiple attempts to secure bank loans or lines of credit, with a full 40 percent never succeeding. All this despite the fact that women make up one-third of business owners, generate more than $1 trillion annually in receipts, and grow at 1.5 times the rate of average businesses. The platform WIPP released this summer will hopefully change that. The solutions span three main themes: changing the capital infrastructure, supporting small lending institutions, and strengthening government investment. The platform has four solutions that will change the capital infrastructure. For example, WIPP wants the government lending programs to consider FICO’s alternative credit scoring system. This system modernizes the way credit is calculated to provide new opportunities for women entrepreneurs trying to obtain loans. WIPP also wants to support small lending institutions by pushing for an end to a “one-size-fits-all” approach to regulation. Removing these burdens on small banks will allow them to return their focus to lending. Changes to government policies are also an important part of the platform. WIPP believes a small business seat at the Securities & Exchange Commission (SEC) will ensure that smaller women-owned firms have an advocate as the next generation of alternative lending, like CrowdFunding, is eventually put into place. Modernizing the Microloan Program, where women are the majority of loan recipients, will also make a difference. Women continue to start businesses at an explosive rate, but they will never get off the ground if they cannot obtain early stage

capital. In addition to summer policy platforms and victories, recently released data demonstrates the long-term effectiveness of entrepreneurial advocacy efforts. The 2012 Survey of Business Owners (SBO), released in August, shows impressive expansion for women-owned businesses. The SBO is an important tool for assessing the state and growth of businesses, particularly ones that are women-owned. This survey “provides the only source of detailed and comprehensive data on the status, nature, and scope of women-, minority-, and veteran-owned businesses.” While only the preliminary findings have been released, many expect the full data set will reveal many more successes. This growth in women-owned firms is an encouraging economic indicator. Just as important, this progress occurred during the largest recession since the Great Depression. It stands as a testament to the resilience and entrepreneurial spirit of our country’s women business owners. It’s been a busy summer for politics and policy. Women entrepreneurs have quietly made important strides toward accessing the capital they need. Data bears out the incredible power women entrepreneurs possess to shape and grow the economy. Our advocacy rarely makes national headlines, but for the nearly 10 million women business owners out there, a seat at the policy table makes all the difference in the world. Before you turn all of your attention to the political noise of a Presidential election, take the time to look for policy changes that affect your business. You will find them in organizations such as NAWRB, SBA, WIPP, AEO and AWBC. The House and Senate small business committees report on actions important to small businesses. Important decisions impacting all entrepreneurs take place all the time, you just have to know where to look. Ann Sullivan , President, Madison Services Group, Inc. www.madisonservicesgroup.com

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U.S. SBA OFFICE OF INSPECTOR GENERAL

Audit Report 15-16: SBA Needs to Improve its Oversight of Loan Agents Released by the Oﬃce of the Inspector General on September 25, 2015, the “Audit Report 15-16: SBA Needs to Improve its Oversight of Loan Agents” documents the results of their audit of the Small Business Administration’s oversight of loan agents. In the report’s introduction, the OIG articulates: Loan agents frequently play an important role within SBA lending programs, often facilitating access to capital by connecting borrowers in search of financial assistance with lenders offering SBA products or by providing other services. However, at times, these third-party relationships have resulted in SBA program loss and risk. Since 2005, SBA OIG has investigated at least 22 cases with confirmed loan agent fraud totaling at least $335 million. Further, our analysis determined that loan agents were involved in approximately 15 percent of all 7(a) loans and resulted in increased risk of default. In 2000, OIG identified loan agent tracking and enforcement as an SBA management challenge that continues to this day. Since December 1, 2010, SBA recorded over 51,000 7(a) loan agent compensation disclosures, rep-

“Since 2005, SBA OIG has investigated at least 22 cases with conﬁrmed loan agent fraud totaling at least $335 million.” resenting a variety of services. However, we found the quality of SBA’s loan agent data was poor and materially incomplete. Further, although previously recommended in 1998, SBA had not established effective controls over the tracking and monitoring of loan agent performance and therefore, could not adequately assess potential risks or identify problem agents. Finally, SBA had not es-

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tablished a method to track loan agents and their compensation on 504 loans. OIG recommended nine actions that will help strengthen SBA’s oversight of loan agents and their relationships with SBA lenders. The Agency agreed with OIG’s findings and recommendations, and has already taken some steps to improve its oversight of loan agents. These nine recommended actions are as follows. The recommendations include references to the Office of Credit Risk Management (OCRM), the Office of Capital Access (OCA), the Office of Performance and Systems Management, the Fiscal and Transfer Agent (FTA) and Certified Development Companies (CDCs). Form 159 refers to the form a borrower must file if they hire a loan agent to assist them with the SBA loan process. 1) Establish and implement procedures for the regular monitoring of SBA Form 159 data to identify concerning trends or risk patterns. OCRM stated that it will conduct analyses of the Form 159 database to identify trends and risk patterns in agent behavior and establish regular reports. Additionally, OCRM will include regular monitoring of Form 159 data as part of its planned Portfolio Management System. This recommendation can be closed upon OCA’s implementation of procedures for the regular monitoring of the SBA Form 159 data. 2) Develop performance metrics for loan agents that, if exceeded, would trigger closer SBA examination of a loan agent’s activity and performance. OCRM stated that it will evaluate loan performance on agent-supported loans to identify higher portfolio risk utilizing existing PARRiS metrics and benchmarks.

U.S. SBA OFFICE OF INSPECTOR GENERAL

Loans associated with agents that demonstrate perfor- the notice to SBA lenders. mance metrics of higher risk will trigger an assessment 6) Develop benchmarks for contractor performance of that lender and potential elevation of review activities. and require the FTA to implement appropriate appliThis recommendation can be closed upon SBA providcation controls and follow-up procedures with lenders ing evidence that loan agent performance metrics have to ensure the integrity of the Form 159 database. been established. 3) Establish and implement procedures for reporting OPSM stated that it will establish benchmarks to meaany concerning trends or suspected fraudulent activity sure the accuracy of the FTA’s input of Form 159 data. Additionally, OPSM will instruct the FTA to conduct of loan agents to Agency management and OIG. lender training on Form 159 completion, and require OCRM stated that it will establish procedures for report- the FTA to implement controls to ensure that submitted ing concerning trends or suspected fraudulent activity forms are complete, including follow-up as needed. This of loan agents to Agency management and OIG. This recommendation can be closed upon OCRM’s implementation of procedures for reporting concerning trends or suspected fraudulent activity of loan agents to Agency management and OIG. 4) Determine whether it is feasible to establish a report to provide participating lenders with information on loan agents and their performance. OCRM stated that it will initiate the evaluation of feasi“Loans associated with agents that demonbility by contacting other agencies that have disseminated strate performance metrics of higher risk similar information related to loan agents/brokers to entities participating in its programs. This recommendation will trigger an assessment of that lender and can be closed upon OCRM’s completion of a thorough potential elevation of review activities.” assessment of the feasibility of establishing a report on recommendation can be closed upon OPSM’s implemenloan agent performance. tation of FTA performance benchmarks and appropriate 5) Issue a notice to SBA participating lenders clarifying application controls over Form 159 data. the types of loan agent transactions and compensation 7) Perform a review of the Form 159 database in coorrequiring disclosure and SBA’s requirements for lender dination with the FTA to identify and correct existing submission of the information to SBA’s FTA. Form 159 data errors. OCA’s Office of Performance and Systems Management (OPSM) stated that it will issue a notice clarifying the OPSM stated that it will perform a review of the Form types of loan agent transactions and compensation re- 159 database with the FTA. Additionally, OPSM will quiring disclosure and SBA’s requirements for lender work in coordination with the FTA to develop a stratsubmission of the information to SBA’s FTA. This rec- egy to decrease errors for future submissions. SBA will ommendation can be closed upon OPSM’s issuance of evaluate resources required and available to correct exNAWRB MAGAZINE |

U.S. SBA OFFICE OF INSPECTOR GENERAL

isting Form 159 data errors. This recommendation can be closed upon the completion of OPSM’s review and correction of the errors in the database. 8) Implement a process using permissible information to uniquely identify loan agents involved with SBA lending programs for tracking purposes. OPSM stated that it will initiate an evaluation of feasibility by contacting other agencies that track agent activity to ascertain their process and authority for engaging in such activity. This recommendation can be closed upon OPSM’s implementation of a process to uniquely identify loan agents. 9) Develop a method for CDCs to electronically report loan agent compensation via SBA’s Form 159 to the SBA’s Fiscal Transfer Agent. OPSM stated that it will work with key stakeholders to develop a method for CDCs to electronically report loan agent compensation via SBA’s Form 159. This recommendation can be closed upon OPSM’s implementation of a method for electronic reporting by CDCs of SBA Form 159s. The SBA concurred with the OIG’s findings and recommendations. The report describes, “The Agency [SBA] plans to implement procedures for the regular monitoring of SBA Form 159 data against performance metrics. Further, SBA intends to implement a process for reporting to Agency management and OIG, instances where the monitoring identifies concerning trends or suspected fraudulent activity. “Additionally, SBA plans to review and correct the existing Form 159 data and implement application controls to ensure the integrity of the Form 159 database.” To read the report in full, please visit the OIG portion of the SBA’s website at www.sba.gov.

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Women-Owned Business Certiﬁcation Four fundamental categories taking the mystery out of being certiﬁed.

1. Beneﬁts of being certiﬁed:

• Access to contracting opportunities speciﬁcally for Women-Owned Businesses • Connection to professional community of women and women business owners • Highlights your technical expertise and experience while providing exposure to the industry and validating your business • Certiﬁed businesses can tap into a multitude of public and private sector contracts and support client initiatives

2. Requirements for Certiﬁcation:

3. Process of Certiﬁcation:

1. Application available online at NAWRB.com 2. Submit completed hard copy application with supporting documentation, sworn affidavit and application processing fee in a 3-ring binder 3. Review of application packet by certification staff 4. Follow up with applicant to obtain any additional materials necessary 5. Committee and Board Review 6. Certification can take up to 45 days upon complete application

4. Why Certify with NAWRB:

NAWRB is the only third-party, industry-specific certifier of Women-Owned Business (WOB) and Minority Women-Owned Business (MWOB) certifications specializing in the housing economy.

Take advantage of the benefits of being certiﬁed as a Women-Owned Business today.

To obtain your application: visit www.NAWRB.com | (949) 559-9800 | certiﬁcation@NAWRB.com

NAWRB

• The business must be 51 percent or more women-owned, controlled, operated and managed • The women business owner must be a U.S. citizen or legal resident alien • Technical expertise in the housing economy

Women-Owned Business Certiﬁcation Specializing in the Housing Economy

NAWRB

WOSB FEDERAL CONTRACTING PROGRAM

A Win for Women-Owned Small Businesses:

Sole Source Authority

Until recently, sole source authority was an aspect of all small business contracting programs, except the WOSB Program. If established, sole source authority would permit WOSB Program contracting officers to uncomplicatedly award contracts to women-owned small businesses and eliminate the previous, lengthy process for distributing these highly needed contracts.

Enacted by section 8(m) of the Small Business Act, the

Women-Owned Small Business (WOSB) Program authorizes Federal contracting officers to limit competition for Federal contracts to qualified Women-Owned Small Businesses (WOSBs) or Economically Disadvantaged Women-Owned Small Businesses (EDWOSBs), in select industries. Sole source authority refers to the power of contracting officers to award Federal contracts directly to individuals or companies without having to consider other firms. This expedites the contracting process by eliminating its competitive nature. Legal justifications for the use of sole source authority in the United States include:

• There is an urgent need to expedite the selection process • It is a matter of public interest • An international agreement • There is only one firm that can perform the services

required by the contract • It is required by law, as in a special program • It is a matter of national security • It is in the interest of industrial mobilization or expertise

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A December 2014 amendment by Congress to the WOSB Program in section 825 of the National Defense Authorization Act (NDAA) for fiscal year 2015 bestowed contracting officers with sole source authority. This amendment reduces the time requirements for the Small Business Administration’s (SBA) mandatory study determining industries in which WOSBs are underrepresented in federal contracting and establishes a requirement for companies to certify as WOSBs or EDWOSBs by the SBA, a federal agency, a state government or an SBA-approved agency. On May 1, 2015, the SBA published a proposed rule in the Federal Register to implement sole source authority for WOSBs and EDWOSBs and to shorten the process for the SBA’s required study. In an effort to avoid delaying the fulfillment of sole source authority, the SBA stated that it would address certification requirements in a future rulemaking. The proposed rule received 495 comments, most of which offered wide-ranging support. Commenters particularly expressed gratitude for the “On September 11, 2015, the Small Business Administration announced a final rule authorizing sole source authority in the WOSB Federal Contract Program.”

WOSB FEDERAL CONTRACTING PROGRAM

“The rule’s official implementation date is October 14, 2015, and it will have a manufacturing cap of $6.5 million and a $4 million cap for all other contracts.” swiftness with which the SBA pursued sole source authority for the WOSB Program. On September 11, 2015, the Small Business Administration announced a final rule authorizing sole source authority in the WOSB Federal Contract Program. The rule’s official implementation date was October 14, 2015, it will have a manufacturing cap of $6.5 million and a $4 million cap for all other contracts. The authorization of sole source authority for the WOSB Program is a pivotal achievement that will benefit women-owned small businesses across the United States. This authority will afford women entrepreneurs crucial financial support and provide women-owned small businesses opportunities and access to resources necessary for success. NAWRB is a proud supporter of the SBA and their efforts to empower women-owned businesses. To view the final rule, please visit the Federal Register’s website. For more information on the SBA, please visit sba.gov.

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CYBER SECURITY

By U.S. SBA Santa Ana District, CA merica’s 28 million small businesses create about two out of every three new jobs in the U.S. each year, and more than half of all Americans either own or work for a small business. Small businesses play a key role in the economy and in the nation’s supply chain, and increasingly, they are reliant on information technology to store, process and communicate their information. Protecting this information against increasing cyber threats is critical. Small employers often don’t consider themselves targets for cyber attacks due to their size or the perception that they don’t have anything worth stealing, a troubling paradox because these are the same companies with the fewest assets devoted to ensuring cybersecurity. Small businesses have valuable information cybercriminals seek, including employee and customer data, bank account information, access to the business’s finances and intellectual property. Small employers may also provide access to larger networks such as supply chains.

can help small business owners make sound, risk-based decisions about investing in cybersecurity protection. At the Small Business Administration’s (SBA) Santa Ana District Office, we make a clear and consistent effort to inform small business owners about pressing issues and connect them with available resources. This past October we presented a cybersecurity event with the City of Westminster, in partnership with the National Institute for Standards and Technology (NIST) and the Federal Bureau of Investigation (FBI), educating the gathered small business owners about the latest trends in cybersecurity and providing them with resources to strengthen their cyber defenses. The information and resources below are designed to help small businesses better protect the data of their customers, employees and business partners.

While some small employers may already have robust cybersecurity practices in place, many small firms lack sufficient resources or personnel to dedicate to cybersecurity. Given their role in the nation’s supply chain and economy, and their limited resources to secure their information, systems and networks, small employers are attractive targets for cybercriminals. The Department of Homeland Security (DHS) established October as National Cybersecurity Awareness Month to educate the public and business owners about cybersecurity. As a small business owner, now is the time to take control of your cybersecurity health, including identifying your risk to different kinds of cyber threats and learning best practices for guarding against cyber attacks. Understanding their vulnerability to these threats

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LAURA HARBISON

ELIZABETH LAURIA

JANICE LOVENDAHL

Realty Executives Manager@HarbisonRealEstate.com www.HarbisonRealEstate.com 702.777.1234

Lauria Realty Group, Inc. liz@elizabethlauria.com www.lauriarealtygroup.com 561.909.7174

Top Level Realty Janice@TopLevelRealty.com www.TopLevelRealty.com 951.541.1503

GINA MILLER

LEANGELA LOVE

LUCY KERATA-BLOCK

SUSAN HASTINGS

Executive Real Estate Properties executreestateprop@sbcglobal.net www.executiverealagent.net 573.717.3276

Dseaycom leangelalove@gmail.com www.Dseay.com 205.541.9543

Certified Credit Reporting lucy.kereta-block@certifiedcredit.com www.certifiedcredit.com 949.212.3661

Hastings Brokerage, Ltd. susan@huckle.com www.huckle.com 702.240.5448

ALMA MORENO

MASHELL STITH

SHIRIN NAGHAVI

DEBORAH BACCHUS

Coldwell Banker Associated Brokers alma@homesmoreno.com www.homesmoreno.com 323.377.6093

Field Property Mgt. mashell@ﬁeldpropertymgt.com www.ﬁeldpropertymgt.com 937.620.5005

Prospect Mortgage shirin.naghavi@prospectmtg.com www.myprospectmortgage.com 858.255.1871

My Dream Home Realty, Inc. Toucanlga@yahoo.com www.mydreamhomerealty.com 347.386.5868

FRANCES JACKSON

BRANDY NELSON

COLLEEN CALNAN

KAMLA JAIKARAN

Nefran Real Estate frances_jackson@msn.com 619.578.8123

Red Top Realty brandy@brandynelson.com www.brandynelson.com 760.592.1571

Stepping Stone Real Estate Services, Inc. ccalnan75@earthlink.net www.calnanrealestate.com 781.983.4852

My Dream Home Realty, Inc. KDjaikaran@gmail.com 718.986.6517

SPEAK WRITE ATTEND

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NETWORK

upcoming

EVENTS October 8-9

Nov 2-5 Mastermind Summit 2015 (Atlantic City, NJ)

Discover Global Markets Business Forum Series 2015- E-Commerce Strategies (Dallas/Ft.Worth, TX)

Join the mortgage industry’s major players at the #1 mortgage event in America. With keynote speakers like Tony Robbins and Barbara Corcoran from ABC’s Shark Tank, attendees will learn critical skill sets from industry leaders to expand their businesses to the next level.

Focusing on the most vital global e-commerce and digital strategies to American exporters, this event aims to drive business awareness, form global customer partnerships and build your brand. Attendees will be able to meet one-on-one with U.S. Commercial Diplomats and learn what it takes to expand their business globally.

November 11-15 Women’s Council of Realtors 2015 National Conference

October 18-21 National Minority Supplier Development Council Conference and Business Opportunity Exchange (San Diego, CA) Meet and interact with over 6,000 corporate CEOs and executives from leading companies at this four-day conference. Attend to network with chief procurement officers to share best practices and discuss current supplier diversity trends within the housing economy.

October 18-21 Mortgage Bankers Association Annual Convention & Expo 2015 (San Diego, CA)

(San Diego, CA) Join over 600 attendees and network with Women’s Council members at this innovative event. The conference will feature enriching educational sessions detailing housing developments and business solutions from the housing industry’s top influencers.

November 13-16 National Association of REALTORS® Conference & Expo (San Diego, CA) The National Association of REALTORS® presents their annual conference featuring 100 educational seminars, almost 400 vendors and limitless networking opportunities. This four-day event features an inaugural gala, an expo opening and a celebrity concert by John Legend.

Join MBA and industry experts at this four-day real estate finance conference in sunny San Diego. Attendees will have the chance to learn critical skill sets and gain exposure through multiple informational seminars and networking sessions.

November 15-17 Safeguard Properties National Property Preservation Conference

October 22-24 AREAA National Convention

Attendees will join mortgage industry leaders to discuss present day housing economy issues and expand on innovative solutions. By forming partnerships across the industry, this event will highlight prevalent industry issues and ensure we can better plan for the challenges of the future.

(San Francisco, CA) AREAA’s National Convention will focus on the cultural and economic contributions Asian Americans have made to the U.S. Socialize with friends and form new partnerships at this three-day conference where attendees will have the opportunity to interact with industry experts.

October 22-24 California Escrow Association 60th 2015 Annual Education Conference (Long Beach, CA) If you work in escrow, this is the event you can’t miss! Hear from top escrow panelists and streamline your business by learning the latest products and best practices. Work hard during the day and unwind at night with the Escrow Awards Luncheon and Cocktail Reception and 60th Anniversary Celebration.

(Washington, DC)

November 24 InnovateHER 2016: Innovating for Women Business Challenge (Irvine, CA) NAWRB is partnering with the U.S. SBA Office of Women’s Business Ownership to co-host the Orange County chapter of the InnovateHER competition. The goal of the challenge is to discover innovative products that can empower the lives of women. Participants must present ideas that have potential for commercialization and fill a need in the marketplace in order to compete for the $70,000 in cash prizes to be awarded in Washington DC.

NAWRB MAGAZINE |

NAWRB Member Benefit Alert National Association of Women in Real Estate Businesses has paid for your subscription to National Mortgage Professional Magazine

National Mortgage Professional Magazine has become “The source for top originators—that connects the mortgage professional community under various media formats. While electronic media has become a vital part of our information platform, there is nothing like the feeling of holding a magazine in your hands. In the business world, knowledge and expertise rank high in the qualities of successful professionals. A subscription to our print edition allows you to share the informative articles in our publication with your colleagues and business partners - it is literally right there, at your fingertips. Our exceptional team of industry-seasoned monthly contributors, all with meaningful expertise in their related disciplines, provides the most up-to-date news, insight and advice for today’s mortgage professional. Stay on top of mortgage industry news and trends. The NMP Daily Email Newsletter is your source for breaking news, insights and tips. Gets free access to full articles including the hottest industry headlines, featured articles and other mission critical mortgage industry stories delivered to your inbox each day. The NMP Mortgage News Ticker is a daily news feed that gives you a snapshot of the hottest mortgage news stories from around the web. Stay informed of the most recent headlines and blogs, all compiled into one convenient daily email. Mortgage News Network (MNN) features regularly scheduled and special event video programming with industry experts sharing insights that impact your business today and in the future. MNN provides market forecasts, proven sales and marketing strategies, interviews with industry leaders and more.

Start your complimentary subscription here:

Subscribe.NationalMortgageProfessional.com/NAWRB

WHAT WOMEN WANT

Have you read or watched something lately that impacted you? Share your thoughts with NAWRB Magazine’s editorial staff and readers. Send reviews to media@nawrb.com

FILMS

BOOKS The Girl on the Train by Paula Hawkins

Rachel Watson takes the same commuter train every morning, not to work, but to maintain the guise of employment. Every day Rachel sees the same couple having breakfast on their deck and imagines that their life is perfect, much like her life once was; she even has names for them and has started to feel as if she knows them. One day, Rachel sees something shocking and reports it to the police. As the aftermath ensues, she becomes tangled in the consequences and wonders whether she made a terrible mistake.

Blast Off !: The Surefire Success Plan to Launch Your Dreams into Reality

by Allison Maslan Blast Oﬀ ! will guide you through the process of professional and personal transformation. Maslan has helped thousands of people change their lives and she can help you do the same. What separates Blast Off! from other self-help books is the fact that you won’t simply receive a philosophy for success, you will be guided through the step-by-step process of turning your dreams into reality. Don’t wake up in 10 years and wonder what could’ve been; invigorate your life with passion and meaning today.

In the Country: Stories by Mia Alvar

This debut collection of short stories features nine unforgettable narratives giving a powerful voice to the women and men of the Filipino diaspora. Alvar’s characters—a pharmacist, a teacher, a journalist—travel far from their homeland in search of better lives, in some cases returning defeated. In the Country speaks to the heartbreaking process of trying to create a home when you have left yours behind, and details the experience of consolidating your upbringing and culture into a new life in a foreign country.

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The Intern

Starring Robert De Niro, Anne Hathaway, Adam DeVine Ben Whittaker is a 70-year-old widower who discovers that retired life is not for him. Taking advantage of a community outreach program, he becomes an intern at an online fashion company in an effort to rejuvenate his monotonous routine. After getting the attention of the company’s founder, Ben’s life receives the excitement he has been longing for.

Burnt

Starring Bradley Cooper, Jamie Dornan, Sienna Miller The next film in the long line of culinarythemed releases is in, and whether or not we’ve grown tired of the subject matter, Bradley Cooper is an excellent incentive to tune in. Cooper portrays Adam Jones, a chef who ruins his promising career at the hands of drugs and impulsive behavior. After sobering up, he attempts to rebuild his career in London in hopes of opening a top Parisian restaurant, thereby securing his redemption and hopefully three Michelin stars.

Sicario

Starring Emily Blunt, Benicio del Toro, Josh Brolin

Kate Macer is a wide-eyed FBI agent who is recruited by a task force fighting the war on drugs at the U.S.-Mexico border. Led by a severe and idiosyncratic leader, the task force cautiously maneuvers the unsteady territory, attempting to use a cartel boss in their custody to capture another. Will this tumultuous assignment reinforce Kate’s faith in her work and the justice system, or lead her down a path of disillusionment?

WHAT WOMEN WANT

NAWRB MAGAZINE |

WHAT WOMEN WANT

Pink Lemonade Popsicles Ingredients: 3/4 cup granulated sugar 1 3/4 cups water (1 cup can be very cold) 1 cup fresh or frozen raspberries 1 cup lemon juice (approximately 7 to 8 lemons)

Directions: 1. Heat sugar with three quarters of a cup of water in a small saucepan until sugar dissolves. Pour into large bowl and add a cup of cold water. Let cool, a process you can hasten by setting the bowl in ice water or placing it in the fridge (or brieﬂy in the freezer) while you prepare the raspberries. 2. Puree raspberries in a food processor or blender until they are liqueﬁed. 3. Add raspberry puree and lemon juice to the cold sugar-water mixture and stir until the mixture has combined. Pour into popsicle molds and freeze as manufacturer suggests.

* Recipe source SmittenKitchen.com

Blueberry Pancakes Ingredients: 2 cups all-purpose ﬂour 2 teaspoons baking powder 1 teaspoon baking soda 1/2 teaspoon kosher salt 3 tablespoons sugar 2 large eggs, lightly beaten

3 cups buttermilk 5 tablespoons unsalted butter, melted 1 cup blueberries, fresh or frozen & thawed

Directions:

1. Preheat an electric griddle to 375°F, or place a griddle pan or cast-iron skillet over medium heat. Whisk together the ﬂour, baking powder, baking soda, salt and sugar in a medium bowl. Add the eggs, buttermilk and four tablespoons of melted butter, and whisk to combine. The batter should have small to medium lumps. 2. Test the griddle by sprinkling a few drops of water on it. If the water bounces and spatters, the griddle is hot enough. Using a pastry brush, spread the remaining butter onto the griddle. Wipe off the excess with a folded paper towel. 3. Using a four-ounce ladle, pour the batter in pools, two

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inches apart. Arrange a handful of blueberries over the cooking batter, pressing them in slightly. After about two and a half minutes when the pancakes have bubbles on top and are slightly cooked around the edges, ﬂip them over. If any batter oozes or blueberries roll out, push them back under with your spatula. Cook until golden on bottom, about one minute. 4. Repeat with the remaining batter. You can keep the ﬁnished pancakes on a heat-resistant plate in the oven at 175°F. Serve warm.

WHAT WOMEN WANT

iking

Benefits of hiking: • • • • • •

is a fun way to exercise without having to think about a cold treadmill that’s going to count your calories. Instead, you can breathe in fresh air and enjoy the great outdoors while working out your heart and body.

decreases risk of heart disease lowers blood pressure and glucose levels increases bone density improves your balance regulates your weight improves mood and quality of sleep

It is recommended to begin with a short, moderate hike and work up to hilly trails. Difﬁcult hikes will raise your heart rate and help you burn more calories, but the most important thing is to simply be active and go at your own pace. Once you have mastered your exercise routine you can increase your pace or hike a more difﬁcult trail to keep your body working.

Safety: The most important part of hiking is safety. This starts with making sure you have enough water, are

dressed appropriately for the weather, and are familiar with your trail. If you would like to take some pressure off your legs, old ski poles can be used to relieve up to 40 percent of the strain on your legs during hiking. Poles will also make it easier on your knees when you are going downhill, and help you maintain balance throughout the hike.

You can ﬁnd hiking trails and outdoor exercise locations at DiscoverTheForest.org, AllTrails.com and MapMyHike.com to name a few. Happy hiking!

NAWRB MAGAZINE |

WHAT WOMEN WANT

Clinical trials Take CAR-T Therapy

to Patients Who Need It If

a patient’s immune system could be sufficiently bolstered, it could ultimately be a powerful weapon against blood cancers and other diseases. That approach, known widely as immunotherapy, is much more than a narrow field of study at City of Hope. It’s the central component of a host of promising clinical trials now underway.

to each cancer: Patients have T cells collected from their blood, then modified using a lentivirus — a specific type of virus that encodes the T cells with specific antigen receptors. The modified cells are then able to recognize proteins found on cancer cells — which, researchers say, triggers the immune system to fight the cancer.

“Immunotherapy is clearly an area of tremendous poten“Immunotherapy is clearly tial for treating cancer,” said an area of tremendous poStephen J. Forman, M.D., tential for treating cancer,” said Stephen J. Forman, leader of the Hematologic M.D., leader of the HematoMalignancies and Stem Cell logic Malignancies and Stem Transplantation Institute and Cell Transplantation Institute director of the T Cell Immuand director of the T Cell notherapy Laboratory at City Immunotherapy Laboratory at of Hope. “We’re proud and City of Hope. excited to be among the few teams in the country working on this type of immunotherapy and to have the opportunity to offer these therapies to our patients through clinical trials.” City of Hope is now using this approach — known as chimeric antigen receptor, or CAR-T cell therapy in clinical Among the diseases that City of Hope researchers are trials for leukemia, lymphoma and other hematologic targeting with CAR-T cell therapy in current protocols are malignancies. The trials use a similar approach tailored lymphoma, acute lymphoblastic leukemia and chronic The trials at City of Hope are exploring the potential of an especially powerful type of immunotherapy that modifies white blood cells known as T cells, then uses those cells to recognize a specific marker for cancer. City of Hope is one of only seven centers nationwide studying this therapy — and the only one in California offering clinical trials.

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WHAT WOMEN WANT lymphocytic leukemia. A trial for acute myeloid leukemia (AML) will be the first ever to target the CD123 antigen — a molecule that helps signal a protein important to the immune system — using CAR-T cells in AML patients. Several centers nationwide are working with CAR-T cell therapies, each taking slightly different approaches and studying different cancers and different targets. City of Hope has the clinical and scientific expertise to house the entire process on its campus — including collecting the cells, manufacturing the lentivirus, modifying and replicating the cells and reinfusing them. Researchers have focused on enriching the memory of T cells, with the aim of creating cells that will be long-lived in the body and reproduce. This is what could allow for the T cell therapy approach to potentially have a longer-lasting effect than medications, which would have to be taken repeatedly. “When you get a cold or infection, the immune cells specifically track down and rid the body of infected cells,” said Forman, the Francis & Kathleen McNamara Distinguished Chair in Hematology and Hematopoietic Cell Transplantation. “That’s what we want to achieve for our cancer patients.” Reprinted with permission from City of Hope

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INDEX ADVERTISERS H Herbert H. Landy Insurance Agency.... 54 I InnovateHER.................................. 63, 64 N NAHREP............................................. 57 NAWRB......2, 6, 29, 55, 58, 60, 65, 71, 74 NMP Magazine.................................... 65 P Prospect Mortgage................................ 58 V VRM Mortgage Services....................... 31

COMPANIES A Arista National Title........... 21, 24, 25, 30 Asian Real Estate Association of America.....................63 Association for Enterprise Opportunity............... 50, 51 Association of Women’s Business Centers.......... 50, 51 B Babson College................................ 11, 12 Bank of America............................. 21, 22 Beacon Economics LLC.......................27 Big Brothers Big Sisters............ 40, 42, 33 C California Escrow Association..............63 Cathedral Square...................................37 Certified Credit Reporting....................61 City of Hope.................... 6, 22, 70, 71, 76 Coldwell Banker Associated Brokers Realty.................61 Community Blight Solutions................21 Consumer Financial Protection Bureau.......................... 8, 16 Countrywide.................................... 21, 22 D Department of Homeland Security.......59 E Ellevate .................................................22 Ernst & Young................................ 11, 12 Executive Real Estate Properties................................61 F Fannie Mae.................... 19, 20, 25, 27, 43 Federal Deposit Insurance Corporation........... 14, 19, 20

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Federal Housing Finance Agency... 19, 20 Field Property Management........... 21, 61 First Preston HT............................. 21, 25 Freddie Mac........18, 19, 20, 24, 25, 27, 33 G Government Sponsored Enterprises............................ 15, 19, 28 Grant Thornton.....................................12 H H2M.....................................................37 Hastings Brokerage, Ltd........................61 Heritage Texas Properties......................36 Heroes Home Credit....................... 34, 35 I Investor Bank........................................36 J JPMorgan Chase...................................21 L Lake Champlain Islands Economic Development Corporation Board......36 Lauria Realty Group Inc.......................61 Linda Craft & Team, Realtors... 21, 24, 62 LS3P Associates Ltd.............................37 M Merchants Bank....................................36 Mortgage News Network................ 65, 76 My Dream Home Realty, Inc................61 N National Association of Hispanic Real Estate Professionals (NAHREP).... 57, 62 National Association of Realtors..... 26, 63 National Credit Union Administration..................................14 National Women’s Business Council.......... 6, 12, 15, 28, 45 NAWRB..................... 1, 2, 3, 4, 6, 7, 8, 9, 10, 11, 12, 13, 14, 16, 17, 18, 22, 23, 24, 28, 29, 32, 33, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 50, 51, 55, 57, 59, 65, 66, 71 Nefran Real Estate................................61 New American Funding... 1, 7, 25, 39, 40, 41, 42, 43, 44 O Office of Comptroller of the Currency............................... 14, 37, Office of Enterprise Risk ......................37 Office of Minority Women Inclusion (OMWI)............. 1, 3, 4, 7, 8, 9, 10, 12, 14, 15, 16, 17, 19, 28 Operation Bigs.......................... 32, 33, 35

P Prestige Realty Advisors .......................34 Prospect Mortgage.................... 21, 22, 61 R R.J. Brunelli & Co.................................37 Realty Executives...................................61 Red Top Realty......................................61 S Safeguard Properties..............................63 SecureView, LLC..................................21 Securities and Exchange Commission......................................14 Small Business Administration.....15, 18, 19, 28, 50, 52, 53, 54, 56, 57, 59 Small Business Development Center....18 Small Business Majority........................50 Solomon Organization..........................36 Southern California Minority Supplier Development Council.......................21 Southern Shores Real Estate Group......36 Stepping Stone Real Estate Services, Inc.......................................61 Support the Enlisted Project........... 34, 35 T Taylor Realty Group........................ 32, 35 Top Level Realty...................................61 U U.S. Census Bureau............ 11, 26, 45, 46, 47, 48, 49, U.S. Navy...............................................32 U.S. SBA Office of the Inspector General...................................1, 4, 6, 52 U.S. SBA Santa Ana District, CA............................... 4, 6, 59 U.S. Treasury..........................................19 Union Bank...........................................20 V Veteran’s Crisis Line..............................35 Veteran’s Preference..............24, 33, 34, 35 Veteran’s Village of San Diego..............35 VRM Mortgage Services................. 20, 31 W William Design Associates Ltd.............37 Women Impacting Public Policy..................................... 22, 50, 51 Women’s Council of Realtors.......... 22, 63 World Bank...........................................11

PEOPLE A Albright, Madeleine..............................11 Alvar, Mia..............................................66

INDEX Arvielo, Patricia.....1, 4, 5, 6, 7, 38, 39, 40, 41, 42, 43, 44, 62 Arvielo, Rick.................................... 42, 44 B Bacchus, Deborah..................................61 Baker, Gloria............................. 24, 33, 34 Beatty, Congresswoman Joyce.................8 Beckett, Deric........................................62 Benjamin, Christina..............................24 Blunt, Emily..........................................66 Brolin, Josh............................................66 Brooks, Melodee....................... 17, 19, 25 Brunelli-Albrecht, Danielle...................37 Bunim, Lynn.........................................22 C Calnan, Colleen.....................................61 Chacon, Richard....................................20 Chavez, Jennifer....................................24 Clark, Sheila.................................... 15, 17 Cole, Dr. Lorraine.................................17 Cofield, Joyce.........................................17 Cook, Amy...................................... 22, 23 Cooper, Bradley.....................................66 Corcoran, Barbara.................................63 Craft, Linda............................... 21, 24, 62 Cunningham, Linda..............................37 D Davy, Monica.........................................17 De Niro, Robert.....................................66 Delgado-Trikas, Irma................4, 6, 21, 30 DeVine, Adam......................................66 Dornan, Jamie.......................................66 F Faulconer, Mayor Kevin L.....................32 Fitzgerald, Kim......................................37 Forman, Stephen J........................... 70, 71 Frey, Kimberly.......................................36 G Gadsby, Hillary......................................22 Gibbs, Pamela.................................. 15, 17 Gomez, Viriginia...................................21 Gonzalez, Karla............................... 18, 25 Grider, Nesa.................................... 21, 25 Gutierrez, Sylvia....................................18 H Harbison, Laura.....................................61 Hastings, Susan.....................................61 Hathaway, Anne....................................66 Hawkins, Paula......................................66 Hoeffer, Lizy.........................................58 Howard, Eric........................17, 19, 20, 25 Hughes, Rebecca...................................62 Hunter, Congressman Duncan..............62

I Inouye, Jay............................18, 20, 24, 25 Ishimaru, Stuart.......................................... 15, 17, 19, 20 Isidro, Agne...........................................34 J Jackson, Frances.....................................61 Jaikaran, Kamla......................................61 K Keresta-Block, Lucy........................ 61, 62 Kilaru, Risha..........................................58 L Lauria, Elizabeth...................................61 Lazar, Sherry.........................................25 Lee, Yvonne...........................................19 Likibi, Siassia.........................................37 Linsky, Allison.......................................37 Longo, Christina...................................58 Love, Leangela......................................61 Lovendahl, Janice..................................61 M Maggiano, Laurie............................ 20, 21 Marinelli, Jan.........................................36 Martinez, Dee.......................................36 Maslan, Allison................................ 23, 66 Mathoda, Rayman.................................25 McDowell, Sean....................................22 McGuire, Desiree Sabrina......... 32, 33, 35 Meeker, Molly.......................................58 Miller, Gina...........................................61 Miller, Sienna........................................66 Morales, Esai.........................................62 Moreno, Alma.......................................61 N Naghavi, Shirin......................................61 Nelson, Brandy......................................61 P Patno, Desirée..........6, 7, 12, 22, 25, 29, 62 Pereira, Segundo....................................17 Perez, Secretary Thomas E.....................28 R Ralph, Chaille........................................36 Reyes, Rose............................................57 Rivkin, Steve..........................................62 Robbins, Tony........................................63 Rodrigues, Madalena.............................36 Ruiz, Michael.................................. 20, 25

Steele, Rebecca......................... 21, 22, 25 Stengel, Geri.................................... 12, 13 Stith, Mashell.................................. 21, 61 Sullivan, Ann................................. 4, 5, 51 T Taylor, Lauren.......................................35 Teravainen, Tony...................................34 Thornberg, Christopher............4, 6, 26, 27 Travis-Johnson, Cheryl..........................20 Tropp Ataya, Brigitte.............................25 V Van Steenbergen, Michelle....................36 Villamil, Monica....................................62 W Washington, Melissa.............................18 Waterhouse, Price..................................62 Waters, Congresswoman Maxine........................1, 4, 6, 7, 8, 9, 10 Weil, Dr. David.....................................28 Woods, Telebah.....................................22

RECIPES: -http://smittenkitchen.com/blog/2008/07/blueberry-pancakes-pancake-101/ -http://smittenkitchen.com/blog/2013/08/ pink-lemonade-popsicles/

INFOGRAPHIC: -http://nwbc.gov/facts/new-fact-sheet-womenowned-businesses -http://nwbc.gov/facts/new-fact-sheet-asianamerican-women-owned-businesses -http://nwbc.gov/facts/new-fact-sheet-blackwomen-owned-businesses -http://nwbc.gov/facts/new-fact-sheet-hispanicwomen-owned-businesses -http://nwbc.gov/facts/new-fact-sheet-whitewomen-owned-businesses -http://nwbc.gov/facts/new-fact-sheet-veteranwomen-owned-businesses

S Schumacher, Amy..................................21 Silver, Ellen Weisntein..........................62 Souza, Sherry.........................................22 Stanisch, Michele..................................58 NAWRB MAGAZINE |

WHEN WE PUT OUR MINDS AND HEARTS TOGETHER, CANCER DOESN’T HAVE A CHANCE. Cancer cannot withstand an assault of brilliant minds committed to breakthroughs. Here, some of the world’s best physicians and researchers join forces to save lives. Find out why so many innovative cancer solutions happen here. Find out why there’s no place like Hope. CITYOFHOPE.ORG