In a move to foster diversity and inclusion (D&I) in the appraiser field, Chase has made a commitment of $3 million to The Appraisal Institute’s Appraiser Diversity Initiative (ADI), which was established to attract new entrants to the appraisal field, facilitate entry in the appraisal profession, and to boost diversity in the appraisal community.
In addition to Chase’s financial commitment, Freddie Mac has joined ADI as a core partner, providing additional resources and advisor support. Existing ADI core partners include Fannie Mae and the National Urban League.
Chase’s commitment to the ADI will devote $1 million per year, for three years, to support trainee education packages, and is expected to help approximately 700 students with costs that include textbooks, calculators, and the 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.”
The goal of the ADI is to create relationships and partnerships with sponsors for the benefit of the ADI participants. ADI sponsors workshops and other activities to inform aspiring appraisers about the requirements to become an appraiser and the multiple career opportunities available. ADI participants are awarded education scholarships for the completion of base course requirements to become an appraiser. The purpose of the sponsorship program is to utilize and maximize the ADI’s reach through private sector organizations, including appraisal firms, financial institutions, technology companies, associations, and others.
“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.”
“We are thrilled to be part of the Appraiser Diversity Initiative,” said Pamela Perry, VP, Single-Family Equitable Housing at Freddie Mac. “Chase’s commitment to this important initiative, along with the efforts led by the Appraisal Institute, will bring about positive changes to help diversify the next generation of talent.”