Freddie Mac Reaches Out to Women

Freddie Mac has placed more emphasis on women this past year by developing relationships the National Association of Professional Mortgage Women (NAPMW) as well as helping found and fund the Women's Mortgage Industry Network (WMIN). In doing so, the company is helping more women in the mortgage profession advance as well as helping address the homeownership gap between women and men.

Recently, the company announced a new educational alliance to expand learning opportunities for the more than 4,000 NAPMW members. NAPMW is a non-profit that serves all mortgage professionals—including men—who want to excel and employers who want excellence. NAPMW is the sole accrediting body for the Graduate of Mortgage Lending (GML) and Master of Mortgage Lending (MML) designations.

Through the alliance, NAPMW members are benefiting from a variety of both on-site and web-based educational courses, as well as customized classes provided by Freddie Mac. NAPMW is also awarding scholarships to its members to attend additional training opportunities provided through the alliance. The courses are designed to strengthen NAPMW members' mortgage origination and secondary market knowledge and enhance individual professional development.

"The Freddie Mac alliance will further NAPMW's goal to promote the professional and personal development of mortgage professionals through educational and leadership opportunities," said Paula Berg, NAPMW's 2003-2004 President. "Investing in education can reap higher benefits such as sharper business skills and knowledge that help individuals advance in their careers."

Training topics for the novice to experienced mortgage professional include loan underwriting, loan pricing and delivery, and servicing. Freddie Mac offers more than 15 in-depth courses nationwide and more than 30 courses online. Some of the distance learning opportunities are available 24 hours a day, seven days a week so industry professionals can receive training at their convenience. In addition, Freddie Mac's training staff have many years of experience working in the primary mortgage market, and are experts in Freddie Mac policies and technologies.

"Our programs are designed to help people who are short on time and in need of answers," said Tonya Jackson, vice president of Customer Care for Freddie Mac. "We offer programs that can help NAPMW members enhance their business practices, maximize effectiveness and increase profitability."

Another way the company reached out to women this year is through its funding and support of the Women's Mortgage Industry Network, which was formed last year and is a national organization comprised of leading women from several of the largest mortgage companies in the United States. An important focus for WMIN is on providing opportunities for the education and advancement of female leaders in the industry.

One of WMIN's first projects was to launch an outreach, counseling and lending initiative to increase the homeownership rate of single women with children. The group's 15-member board of directors developed an action plan to address the substantial gap in the homeownership rate of single women with children and that of single men with children. According to WMIN, just 45 percent of single women with children are homeowners while 69 percent of single men with children own their homes. The reported gap is based on a 2001 survey of consumer finances released by the Federal Reserve Board.

WMIN plans to engage the mortgage industry and non-financial service providers in a targeted education and counseling campaign that it believes will help close the gap in homeownership rates.

"Women are an economic force in the country today with more than $1 trillion in annual income, yet their homeownership rates do not reflect that economic reality," said Women's Mortgage Industry Network Charlotte Catalfo, executive vice president of Principal Residential Mortgage and WMIN board member. "Low rates of homeownership cut across racial, ethnic and income categories indicating that the homeownership disparity needs to be addressed across many fronts."

While some of the homeownership gap can be attributed to lower wages for women versus men, there are other factors that affect homeownership rates, including credit and discrimination.

"Freddie Mac and WMIN's founding industry partners are committed to increasing homeownership rates for single women head of households with children," said Tonya Jackson, vice president, Freddie Mac and WMIN board member. "It is particularly important to find ways to increase this groups participation in the American Dream, because according to a paper published last year by the Home Ownership Alliance, children of homeowners do better in school, home owners are more active in the political process and neighborhoods are generally stronger."