Women in Leadership: Nicole Booth, Vice President, Public Policy, Quicken Loans

This month we are focusing our Women in Leadership series on Nicole Booth of Quicken Loans.

Nicole serves as Vice President of Public Policy at Quicken Loans, the nation’s largest online home loan lender. Nicole advocates for the company’s government agenda through regulatory and legislative activities. She joined the Quicken Loans Family in August 2012.

Prior to Quicken Loans, Nicole was a member of the K&L Gates Public Policy and Law Practice in Washington, D.C., where she focused on financial services, higher education and the State of Michigan policy issues. Nicole also spent time on Capitol Hill working on legislative issues in the personal office of former Ways and Means Committee Chairman Dave Camp and former New Hampshire Congressman Jeb Bradley.

I had the opportunity to sit down with Nicole to interview her on a range of topics including the critical issue of data privacy. Nicole is delightful to work with and her positivity in life is contagious to all around her.  Many in the industry see her as a role model for up and coming women leaders in the housing finance business.

Faith Schwartz: Where did you grow up and how did you get to Washington DC?

Nicole Booth: I grew up in Roseville, Michigan, which is about 20 minutes northeast of downtown Detroit. I still remember taking the bus to downtown Detroit to visit my mom at work and have cherished memories of the city, the community and the architecture. I moved to DC a couple weeks after graduating from Central Michigan University, and will always be thankful to former House Ways and Means Chairman Dave Camp and his staff for taking a chance on someone with little political experience but a great passion for policy. Camp’s office’s flexibility allowed me to pursue and attain a Master’s Degree in Legislative Affairs from the George Washington University. I had planned to move back to Michigan sooner, but was fortunate to find a family away from home.

FS: Tell us what you do for Quicken Loans and how it impacts the business?

NB: I’ve had the honor of working on the Quicken Loans Government Affairs Team for the past seven years. The Team advances and defends the strategic priorities of Quicken Loans at all levels of government. I’ve had the opportunity to dabble in a lot of areas of housing policy, but really found my passion in how technology can provide greater access to communities and allows consumers to make educated financial decisions that are best for their families and loved ones. With that, I get to work on issues at the corner of FinTech and housing, such as data protection, blockchain, digital mortgages and client communications. It’s pretty exciting work!

Over the last year or so, Quicken Loans gave me the trust and tools to create a new branch of the Government Affairs Team that focuses on 50 State policy and advocacy. With the quick uptick in state activity, we needed a branch that already understood the Quicken Loans’ culture and business, and we were fortunate to build an intelligent, dynamic and passionate team from other areas of the company.  They are a great asset as we educate across the country and are a unique fit in the already amazing Quicken Loans Government Affairs Team.

FS: You have become well known for your “prowess” around key policy issues, such as TCPA and Data security and privacy.  As a business, our industry has more and more at risk over these issues.  Can you expand on that?

NB: How the industry is able to connect and work with consumers is constantly changing. We have the opportunity to create a truly unique and easy experience for a consumer, who doesn’t really want a mortgage, but wants the keys to a home.  As the mortgage process continues to modernize, we are likely to be more susceptible to broad sweeping policy issues in areas untraditionally in the housing sector. Issues like data privacy and client communications are just a couple examples where the mortgage industry was not the target, but we are unintendedly swept up in debates. We need to stay vigilant and aware of these type of debates and how they might impact the consumer, innovation and the industry. It’s a never-ending education campaign with a new set of legislators, regulators, industries and stakeholders as advocate for the housing industry.

FS: Quicken loans is an amazing place.  The company leads our industry forward in technology innovation, an area sorely needed to get mortgage to the 21^st century.  How do you keep it up and continue to lead in an ever shifting mortgage market?

NB: Quicken Loans is an amazing place! I believe what keeps us at the forefront are a couple things not directly tied to business and are more focused on our passion. First, we owe much of success to the culture leadership has created. All 17,000 + leaders and team members are driven by a set of ISMs, which are the guideposts and philosophy we live by. They are more about who we are than what we do. One of my favorite ISMs is “We’ll Figure It Out.” In an ever-changing industry and policy environment, we need to be able to adapt quickly and just figure out whatever comes in front of us. Second, Quicken Loans understands the importance of investment of time and energy into the community. The passion and commitment to the city of Detroit’s downtown and neighborhoods is a big reason why I wanted to be part of this organization in the first place; and it just keeps evolving and growing.

FS: You are a mentor to many.  What is your suggestion to women (and men) in the industry to make their mark and add value not only to your immediate employer but the industry at large?

NB: I have three quick thoughts here that tie together:

1. Collaborate: As we continue to evolve, many policy and business issues impact the entire industry and consumer. We have an opportunity to work together to accomplish great things to benefit all involved.
2. Use Your Voice: Collaboration gives us a bigger voice, and we should use it! That means every individual also needs to share their unique perspective.
3. Lift Others Up: We need to continue to look to the next group of leaders in our industry, and for the good of all, we need to make sure they are diverse in order to get us to best serve consumers and innovate the industry.

FS: What are your favorite charities or non-profit organizations and why?

NB: The Women in Housing and Finance (WHF) Foundation, which is a non-profit based in Washington DC, fosters financial literacy for low-income consumers and also supports educational efforts for career development and housing for homeless and underprivileged. WHF Foundation provides financial empowerment initiatives and is an amazing place to share that passion for FinTech. My goal is to open a WHF Foundation branch in Detroit at some point to tie the threads of the amazing work our Quicken Loans Community Fund is already doing.

FS: What do you do for fun?

NB: My work is fun! The next ‘next’ in technology is exciting, and I’m always amazed by what people create. With that said, I’m also passionate about music and my family, and when I’m not working, I sing with my dad’s cover band. They are a great group, and it’s wonderful to share that musical time and bond with my dad. Any spare time and activities, like this, where I can share with my family are the most important to me.

FS: Summary question – What do you think the top three issues are for the housing industry right?  This is from Nicole and not necessarily Quicken loans.

NB: Obviously, the GSE, secondary market and housing finance debates are crucial to the industry, but in many ways, this is an exciting time in the housing industry. We have the tools to create a truly unique and simplified experience for consumers, and with that mindset, I think three big picture issues include:

1. Next Leaders: I think the most important thing we can do is to keep working on changing the face of the mortgage industry and developing our next generation of leaders. Many organizations are working on this, and I urge us all to continue that forward movement. We have the opportunity every day to help people achieve the American Dream of owning a home. How cool is that?
2. Paper to Digital: In many ways, the mortgage industry is behind in our digital offerings compared to other industries, and in order to provide the best consumer service, we need to continue to move toward creating digital processes and stay at the forefront of technology. This would mean changing the mindset around just brick and mortar to an expansion to more communities in need and more flexibility and options to fit the consumer needs.
3. Consumer Data Literacy: Along with the country, the industry is in the middle of the data privacy debate, and the potential for data use is exciting! The industry continuing to look at utilizing data and technology to create transparency and build trust can lead to consumer empowerment. Taking that empowerment and combining it with financial literacy and ability to harness data means a more educated consumer with more access to credit, services and options.

At Housing Finance Strategies, we are leading change in all things housing. By interviewing key executives like Nicole Booth, our intent is to educate and encourage the industry to constantly grow and evolve. Leaders like Nicole Booth have the pulse of housing finance and are leading advocacy efforts for innovation in mortgage.  We appreciate Nicole taking time with us at Housing Finance Strategies to share her thoughts! What a great leader and example Nicole is for our Women in Leadership Series. As I like to say, grow, lead and mentor your peers!