JPMorgan Chase recently donated $3 million to the Appraiser Diversity Initiative, putting its financial support behind a growing movement to bring more diversity to the residential appraisal field.
The initiative, which is part of a collaboration between the Appraisal Institute, National Urban League, Fannie Mae and Freddie Mac, is intended 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.
The commitment will be spread out over three years with Chase devoting $1 million per year to support trainee education packages. This investment will help approximately 700 students with costs that include textbooks, calculators and the purchase of any additional required courses.
A commitment to advance racial equity
Chase has had ongoing discussions with the Appraisal Institute and Fannie Mae on ways to support the Appraiser Diversity Initiative since the first quarter, and this isn’t the bank’s first financial commitment to advance racial equity.“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,” Mark O’Donovan, CEO of Chase Home Lending, said. “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.”
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