New York Community Bancorp, Inc. announced that its subsidiary, Flagstar Bank, N.A., has donated $1 million to the Appraiser Diversity Initiative (ADI), a collaboration between the Appraisal Institute, the National Urban League, Fannie Mae, and Freddie Mac. The initiative aims to attract more diverse applicants to the appraisal field, overcome barriers, such as education and access, and provide support to help aspiring appraisers achieve professional success.
“Curbing racial bias in real estate and appraisals has not garnered the attention of more familiar barriers to homeownership for minorities, such as the lack of funds for a down payment and credit scores,” said Thomas R. Cangemi, President, and Chief Executive Officer of New York Community Bancorp, Inc. “Now with the involvement of a government task force and the advocacy of the Appraiser Diversity Initiative, paths for success are being developed for diverse, aspiring appraisers.”
“As a national originator of home loans, Flagstar is deeply invested in the appraisal business,” said Lee Smith, President of Mortgage at Flagstar. “We understand the damaging effects of appraisal bias and the importance of diversity in service professions such as appraisals. We’re excited to be part of the team working to help make homeownership more accessible to more minorities and look for good things to come from Flagstar’s involvement and support,” Smith said.
“The Appraisal Institute is grateful for Flagstar’s generous and important commitment to the Appraiser Diversity Initiative, which we expect will open doors to minorities and help diversify the appraisal field,” said Appraisal Institute President Craig Steinley.
“Advancing diversity in the appraisal workforce is a key component to reducing instances of appraisal bias and knocking down barriers in the home valuation process,” said Jake Williamson, Senior Vice President, Single-Family Collateral Risk Management, Fannie Mae. “We commend Flagstar Bank for their contribution to ADI, which reflects the growing industry commitment to expanding opportunities for new appraisal professionals to begin their careers.”
“We appreciate the support of Flagstar Bank for this great initiative,” said Pamela Perry, Single-Family Vice President of Equitable Housing at Freddie Mac. “Already, our ADI efforts have put hundreds of diverse candidates on the path to success and this commitment by Flagstar Bank will help us create even more opportunities for the next generation of appraisal professionals.”