CHICAGO – The Appraisal Institute, Fannie Mae and Freddie Mac today announced that Chase has made a $3 million commitment to the Appraiser Diversity Initiative.
Chase’s commitment to the Appraiser Diversity Initiative will devote $1 million per year, for three years, to support trainee education packages. This commitment is expected to help approximately 700 students with costs that include textbooks, calculators and purchase of any additional courses required.
“JPMorgan Chase is taking a comprehensive approach to narrow the racial wealth gap in the U.S., particularly among Black and Latinx communities. Last October, we announced a $30 billion commitment to advance racial equity of which $26 billion is dedicated to expanding affordable housing and sustainable homeownership in underserved communities,” said Mark O’Donovan, CEO of Chase Home Lending. “In addition to driving sustainable homeownership, we’re working with our partners to root out bias in the residential appraisal process. We need new, diverse talent to join the appraiser industry and we’re hopeful that these scholarships will help pave the way.”
One of the Appraisal Institute’s top priorities is to encourage recent graduates to consider a career in the valuation profession with a particular focus on diversifying our ranks,” said Appraisal Institute President Rodman Schley, MAI, SRA. “The Appraisal Institute is truly grateful to Chase for making such a major commitment to helping the next generation of appraisers.”
“Chase’s generous contribution to ADI is hugely impactful,” said Jake Williamson, Fannie Mae Vice President for Single-Family Collateral Risk Management. “Their financial and staff support commitment greatly increases the capacity to attract new entrants to the field and actively support their career aspirations.”
“We are thrilled to be part of the Appraiser Diversity Initiative at a time when it’s imperative that the industry amplifies its commitment to eliminating disparities in all aspects of the homeownership process,” said Pamela Perry, Vice President, Single-Family Equitable Housing at Freddie Mac. “Chase’s commitment, along with all our efforts, to this important initiative will lead to positive and systemic changes to help diversify the next generation of appraisal talent.”
The goals of the Appraiser Diversity Initiative are to attract diverse new entrants into the residential appraisal field, overcome barriers to entry (such as education, training, and experience requirements), and provide support to position aspiring appraisers for professional success.
Learn more about the Appraiser Diversity Initiative.
The Appraisal Institute is a global professional association of real estate appraisers, with nearly 17,000 professionals in almost 50 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Individuals of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA, SRA, AI-GRS and AI-RRS designations. Learn more at www.appraisalinstitute.org.