DS News - HSBC

72 C O V E R S T O R Y / D A V I D W H A R T O N 72 How can the industry master what Malcolm Forbes called "the art of thinking independently together?" DS News looks at how servicers and government entities are evolving processes by tapping the benefits of diversity and inclusion. DIFFERENT ROADS, SAME DESTINATION As our culture becomes more diverse, you might assume that the workforce within our industry would naturally advance alongside it. However, anyone who has worked in the corporate world knows that the wheels of change often grind slowly, especially when they're grinding uphill against a mountain of paperwork and existing regulations and well-intentioned misconceptions. Moreover, in speaking with an array of diversity and inclusion experts from across the mortgage industry, DS News soon learned that some of the most challenging aspects of successfully embracing D&I come from the fact that there are so many aspects of it that might not at first be apparent. e business case for diversity and inclusion is well established thanks to decades' worth of research and real-world examples. A 2009 American Sociological Association study entitled "Diversity Linked to Increased Sales Revenue and Profits, More Customers," revealed that "companies reporting the highest levels of racial diversity brought in nearly 15 times more sales revenue on average than those with the lowest levels of racial diversity." In 2015, McKinsey & Company's "Why Diversity Matters" found that "companies in the top quartile for racial and ethnic diversity are 35 percent more likely to have financial returns above their respective national industry medians." "Understanding and embracing diversity and inclusion is a critical component in not only recruiting and retaining the best talent but also in being well positioned to serve your client base," said Kathy Cummings, SVP, Homeownership Solutions and Affordable Housing Programs, Bank of America. During our conversations with some of the professionals at the forefront of our industry's commitment to furthering D&I, DS News found that the ways in which organizations can pursue these goals are nearly as diverse as the workforces they seek to build. "We truly value diversity at RoundPoint because it injects a wider range of thoughts, skill sets, experience, cultures, and communication abilities into our workplace," said Kevin Brungardt, CEO, RoundPoint Mortgage Servicing. "At the same time, it positions us to better serve an increasingly diverse customer base. An organization that makes the conscious decision to embrace diversity also benefits by having a stronger, market-competitive workforce. A company can only be as great as its people—and the more diverse those people are, the more diverse the company's strengths will be." "Our customer base is diverse. We want to be able to address various needs and priorities in families' lives," said Dana Dillard, EVP Corporate Social Responsibility, Mr. Cooper. "Our employee base, how we deal with them, everything from our website design to the graphics and the information we send them in the mail, all of it has to be thought through from a variety of perspectives." Nor is the importance of D&I limited solely to companies that are customer-facing. "Whether you are consumer facing or not, it's crucial to understand why D&I matters," said Sharron Levine, Director of the Office

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