MBA Chart of the Week Apr. 29 2022: Diversity, Equity and Inclusion

Source:  2021 Diversity, Equity and Inclusion Study, McLagan: a division of AON plc

According to the inaugural 2021 Diversity, Equity and Inclusion Study, conducted by McLagan and recommended by Mortgage Bankers Association, participating mortgage firms – both residential and commercial/multifamily – had varied policies, practices and initiatives to further racial and gender equality within their organizations.

This week’s MBA Chart of the Week shows the percentage of mortgage firms with specific DEI policies or practices. The majority of firms reported having a committee on DEI, as well as a formal/articulated DEI initiative. Likewise, a majority reported tracking DEI headcount statistics. Training and recruitment were a mixed bag, with 41% of firms reporting specific diversity practices. In terms of accountability, 35% of firms held CEOs responsible for DEI initiatives (followed by the Human Resources department at 29%, and other/varied for the remainder).  

No firms rated their level of transparency “high” in sharing diversity, equity and inclusion data externally. Thirty-one percent rated their level of transparency “medium” and the remaining firms rated their level of transparency “low.”  Additionally, no firms rated the maturity of their supplier/vendor diversity program “high” – 13% rated the maturity “medium” and the remaining firms rated their level of maturity “low.”

The results of this initial study serve as a baseline for further development and improvement in the mortgage industry.  As we kick-off recruiting for the 2022 DEI Study (data as of June 30), MBA once again recommends this study to its members and hopes to boost participation levels from the initial 17 respondents in 2021.  To register for the 2022 DEI Study, please click here for the study summary and registration form. 

–Dave Rosenthal (dave.rosenthal@mclagan.com); Marina Walsh, CMB mwalsh@mba.org.