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Advancing Diversity and Inclusion in the Mortgage Industry

collaboration BHAccording to data from the Bureau of Labor Statistics, as of 2014, African-Americans represent 11.4 percent of the workforce. Asians compose 5.7 percent and Hispanics or Latinos make up 16.1 percent.

When you look at the numbers specific to the financial services sector, African-Americans account for 9.1 percent of the workforce, Asians 6.3 percent, and Hispanics 11.3 percent. Data found that in the real estate workforce, African-Americans make up 7.8 percent of this group, 3.8 percent, and Hispanics 14.9 percent.

In 2015, in an effort to expand diversity and inclusion across the mortgage industry, the American Mortgage Diversity Council (AMDC) was formed by and for the mortgage industry. The mission of AMDC is to create and sustain a dialogue that addresses key issues affecting diversity and inclusion in the mortgage industry that leads to action with measurable and enduring practices that in turn create benefits for all industry stakeholders.

To further this mission, AMDC announced this month that it has appointed Erik Richard, CEO of Landmark Network, as the organization’s Senior Policy and Program Advisor.

One of Richard’s first initiatives is to advance AMDC’s newly created Diversity & Inclusion Directory, which features minority, women, LGBT, veteran, and disabled owned or operated businesses. This directory is to be a resource for mortgage servicers, government agencies, investors, asset management groups and supply chain managers—all looking to engage in services provided from diverse companies.

“I am honored to accept this position and work closely with AMDC. My organization is a staunch advocate of diversity and inclusion company-wide from entry-level to c-level positions. As a certified LGBT Business Enterprise, our commitment to diversity shows in our workforce. Along with AMDC, I will continue to embark on diversity initiatives that help the industry as a whole,” said Richard.

Richard will work with AMDC co-chairs, Jay Inouye, Director of Vendor & Diversity Management, Freddie Mac, and Michael Ruiz, Director of Corporate Procurement, Fannie Mae and AMDC members which includes representation from BankUnited, Ocwen, U.S. Bank, Federal Home Loan Bank of Chicago, PennyMac, Bank of America, and other leading mortgage industry companies and government agencies.

“We welcome Erik to AMDC as an advisor to the council and the membership at large. He brings expertise in the diversity and inclusion space and we look forward to the thought leadership he will bring to the organization,” said Ed Delgado, President and CEO of the Five Star Institute and Ex-Officio of the AMDC.

To learn more about AMDC, visit MortgageDiversityCouncil.com.

Editor's Note: The Five Star Institute is the parent company of DS News and the DSNews.com.

About Author: Kendall Baer

Kendall Baer is a Baylor University graduate with a degree in news editorial journalism and a minor in marketing. She is fluent in both English and Italian, and studied abroad in Florence, Italy. Apart from her work as a journalist, she has also managed professional associations such as Association of Corporate Counsel, Commercial Real Estate Women, American Immigration Lawyers Association, and Project Management Institute for Association Management Consultants in Houston, Texas. Born and raised in Texas, Baer now works as the online editor for DS News.
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