What piece of advice has stuck with you most and helped you become a leader in the housing finance space?
I learned early on in my career the importance of diligence, patience, and tenacity. I was fortunate to have leaders at Dominion Bankshares Mortgage Corporation take me aside and explain the value of digging in deep to understand the mechanics of the business. Weekly meetings with each department head took on the role of educating me on the mortgage business. I took their advice and became a voracious learner and that has made all the difference. As I speak to new entrants in the mortgage industry, I always harken back to that valuable experience I had, and I encourage the next generation to show equal curiosity and diligence.
What’s your message for young women in the housing finance industry who seek a long and successful career?
I love the question. And nothing would please me more than young women seeking out opportunities for long and successful careers in mortgage. My message to young professional women is to invest the time upfront to be successful. Your future knows no boundaries. Build your acumen, engage your peers and then do not be afraid to push your limits on new responsibilities. Be willing to lead. Most importantly, once you make it, seek out new hires, mentor them and always do your best to return the favor to the next generation.
We have seen a surge in the number of mortgage companies owned by women. What do you think women leadership brings to the table for the mortgage industry?
I am thrilled to see the increase in the number of mortgage companies owned by women. It is clear evidence of the hard work so many have put in to lift up the next generation. And it is very different from my formative years in mortgage. I think having more women at the table making critical business decisions, builds our industry and the products and services that will appeal to the next generation of homebuyers. I am the former president of a volunteer organization, Women in Housing and Finance, which allowed me to spread my wings outside of mortgage into more public policy. It is important to continue to promote the success of women leaders and I do that through a Women in Leadership executive interview series published on Housing Finance Strategies’ website.
With women becoming an increasing share of the home purchase market, how do you think the housing industry can best respond to meet these borrowers’ homebuying needs?
The growth in home purchasing by women is a strong indicator of policy development over time. While we cannot move the needle fast enough, I applaud the technology advancements that authorize and enable the direct pulling of bank statements and alternative data to show a borrower’s capacity to pay. We can and should do more to lean in on nimble tech and source data to improve everyone’s opportunities. Finding new ways to access credit that are safe and sound, will be ever so important to close gaps on homeownership. With the increase of women as the heads of households, it is important to find ways to bring them into the ownership wealth building opportunities. At the end of the day, it’s all about inclusive leadership and the housing industry should pause and reflect on the good work done to date, and then dig right back in to accomplish more.
Faith Schwartz Biography
Faith Schwartz is a leading housing finance expert who has played a firsthand role in shaping industry best practices and public policy during her 30-year career. As founding principal of Housing Finance Strategies, she serves marquis public and private housing finance and fintech organizations with timely industry analysis and ad-hoc consulting.
Previously, Schwartz was SVP of government at CoreLogic, where she established the property data and analytics firm’s government vertical and created a public affairs office that co-hosted numerous events in partnership with the Urban Institute. She also spent five years at Freddie Mac, where she created and led an anti-predatory lending task force. In 2007 she was recruited to lead HOPE NOW, an alliance formed by the Housing Policy Council and the Treasury Department. As HOPE NOW’s Executive Director, she assembled a coalition of government agencies, lending institutions, nonprofits and trade associations to address challenges of the housing market crisis.
Schwartz currently serves on the boards of FormFree, RiskSpan, Class Appraisal, FundingShield, Redwood Trust and Gateway First Bank. A resident of Washington, D.C., Schwartz holds a bachelor’s degree in accounting from the Shippensburg University of Pennsylvania and a master’s degree in finance from the University of Pittsburgh.
Recognitions:
- NEXT Mortgage Events’ Powerhouse Award (2020)
- HousingWire’s Vanguard Award (2019)
- Mortgage Professional America’s Women with Vision (2019)
- National Mortgage Professional’s Most Powerful Women in Mortgage Banking (2018)
- HousingWire’s Women of Influence (2012, 2017)
- Mortgage Banking’s 20 Distinguished Industry Women (2013)
- Five Star Institute’s Lifetime Achievement Award (2010)
- Mortgage Bankers Association’s Investing in Communities Award (2008)