Wells Fargo, National Urban League initiative to drive diversity in home appraisal industry
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Wells Fargo and the National
Wells Fargo and the National Urban League joined forces to create the Urban Appraiser Initiative, a program that aims to increase diversity and reduce barriers to entry in the home appraisal industry. The initiative, backed by a $5 million grant from Wells Fargo, is connecting current appraisers to diverse trainees by providing compensation and networking opportunities.
Transcript:
Julie Matteson McIntosh, Certified Residential Appraiser: You don't really learn this industry until you actually get into the weeds and get your hands dirty and actually do it.
Wayne Willoughby, Head of Business and Real Estate Services, Wells Fargo: The appraisal industry today is well over 90% white. The industry itself does not reflect the communities that they serve.
Kristy Fercho, Head of Diverse Segments, Representation, and Inclusion, Wells Fargo: And as you think about the longevity of the housing industry, being able to diversify appraisers is incredibly important.
Marc Morial, President, National Urban League: Building an inclusionary economy means ensuring that everyone has a seat at the table.
McIntosh: One of the barriers of getting in is finding somebody that is willing to train you, and most supervisors that are eligible to train pick someone in their family.
Willoughby: That individual as a senior appraiser has to commit their time and actually give up economic opportunity on their side.
Melinda Webb, Appraiser Trainee: It’s definitely surprising to me that it would take this long to find a supervisor. I didn’t understand the nuances behind it all. The cost, the time.
McIntosh: Trust is important. And right now I think there’s a lot of question around the appraisal industry.
Fercho: We decided that it would be important for us to be able to diversify our own in-house appraiser staff. But at 25 people a clip, we wouldn’t be able to impact the industry so substantial. So we looked to our partners at the National Urban League to be able to scale this project across the country.
Willoughby: Wells Fargo has committed $5 million over five years for the program.
Morial: Wells Fargo has, in this instance, I think, leaned in. And they are very important because they've put not only their money but their might. A huge purchaser of appraisals, their knowledge, their know-how, their expertise, and their resources are essential to this program.
McIntosh: So your pictures help you to keep things straight.
Willoughby: There is this natural match of talent which will be done by the National Urban League and compensation for an individual to take the person through that full process. And at the end we've got a senior appraiser who feels valued, and then we start to develop a base of diverse appraisers around the United States.
Webb: It’s tremendous to be a part of something like this that's going to completely revolutionize this industry.
McIntosh: If we have more diversity in this industry and people see that, then they'll believe that changes are being made in the right direction.
Transcript:
Julie Matteson McIntosh, Certified Residential Appraiser: You don't really learn this industry until you actually get into the weeds and get your hands dirty and actually do it.
Wayne Willoughby, Head of Business and Real Estate Services, Wells Fargo: The appraisal industry today is well over 90% white. The industry itself does not reflect the communities that they serve.
Kristy Fercho, Head of Diverse Segments, Representation, and Inclusion, Wells Fargo: And as you think about the longevity of the housing industry, being able to diversify appraisers is incredibly important.
Marc Morial, President, National Urban League: Building an inclusionary economy means ensuring that everyone has a seat at the table.
McIntosh: One of the barriers of getting in is finding somebody that is willing to train you, and most supervisors that are eligible to train pick someone in their family.
Willoughby: That individual as a senior appraiser has to commit their time and actually give up economic opportunity on their side.
Melinda Webb, Appraiser Trainee: It’s definitely surprising to me that it would take this long to find a supervisor. I didn’t understand the nuances behind it all. The cost, the time.
McIntosh: Trust is important. And right now I think there’s a lot of question around the appraisal industry.
Fercho: We decided that it would be important for us to be able to diversify our own in-house appraiser staff. But at 25 people a clip, we wouldn’t be able to impact the industry so substantial. So we looked to our partners at the National Urban League to be able to scale this project across the country.
Willoughby: Wells Fargo has committed $5 million over five years for the program.
Morial: Wells Fargo has, in this instance, I think, leaned in. And they are very important because they've put not only their money but their might. A huge purchaser of appraisals, their knowledge, their know-how, their expertise, and their resources are essential to this program.
McIntosh: So your pictures help you to keep things straight.
Willoughby: There is this natural match of talent which will be done by the National Urban League and compensation for an individual to take the person through that full process. And at the end we've got a senior appraiser who feels valued, and then we start to develop a base of diverse appraisers around the United States.
Webb: It’s tremendous to be a part of something like this that's going to completely revolutionize this industry.
McIntosh: If we have more diversity in this industry and people see that, then they'll believe that changes are being made in the right direction.
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