In this issue, Mortgage Banker Magazine highlights the women who are making an impact. We recognize and honor the Powerful Women of Mortgage Banking — it’s important for women to see women leaders within the industry, especially in areas where they may not expect to see them in great numbers, such as technology, finance and the c-suite.
See the women who are moving the needle by setting an example, holding the door open for their peers and the next generation of powerful women in mortgage banking. Meet the powerful women who have blazed the path and left their mark on the industry for years to come.
Kim Callas
Executive Vice President, Chief Operating Officer
CMG Financial
What advice would you give to a younger you if possible?
I’m a complete worrier. For a long time, I worried and overthought EVERYTHING – to the point where it would affect my health. If I could, I would tell the younger me that worrying doesn’t solve any problems. It keeps you stagnant. And I would say, instead of staying stagnant with those worries, learn how break those thoughts down and use them to move forward and solve problems.
What steps can women take for better career stability?
Growing up, women are generally taught “not disrupt the peace,” to comply, keep quiet, and essentially make yourself what others want you to be. Therefore, I’ve found that many women – especially younger women who are earlier in their careers – have a harder time advocating for themselves. Advocating for yourself isn’t something we’ve been taught growing up – whether it be by society, parents, guardians, etc. But don’t be afraid to speak up, stand out, and stand up for yourself. Women don’t advocate on behalf of themselves enough. It can be hard to learn but it’s a useful skill that will go a long way in your career.
What are the main problems that women in the industry are facing today?
From my perspective, two main problems are lack of representation and outdated stereotypes. When I walk into a room, I’m surrounded by men. There is a severe lack of women’s perspectives missing industry wide.
What significant changes would you like to see in 2023 for women in the mortgage industry?
I would like to see the room at a 50/50 split – more women in C-level roles, executive roles, and higher. How do we accomplish it? Though it’s not fully dependent on this, it would help tremendously if the industry had more men like Chris George who advocate, support, and promote women all the way up to executive leadership. We need to look at things with a broader prospective.
Sandra Estrella
President and Co-Founder
Aequalend
What advice would you give to a younger you if possible?
As a first-generation, Latina, college graduate, you’re about to enter a world where your unique perspectives and values will be your compass and advantage. While you studied to become a teacher, the skills to educate and communicate are essential in this industry, making you uniquely positioned to connect with clients and colleagues. In your early years, you’ll feel shy and unsure. Every unasked question is an opportunity lost. The industry, and world, needs to hear from you. Speak up, not just for yourself, but for others who might be feeling similar hesitations. In the beginning, the paths might seem limited - defined by the few professions you’re familiar with. Dream beyond those boundaries. Believe it or not, one day you’ll be the co-founder of your own mortgage company, shaping the industry’s landscape. Embrace every high and low - they’re stepping stones to the mortgage banker, powerhouse you’ll become.
How close are we to a place where gender is not a distinction in mortgage banking?
In my 20+ years in mortgage banking, there’s been undeniable progress. However, there remains work to be done. Women, especially women of color like myself, still find themselves underrepresented in leadership roles and can face distinct challenges. The silver lining is the increasing acknowledgment of this disparity and the collective effort towards change. Achieving a landscape where gender isn’t a distinction will require continued dedication to inclusivity, mentorship, and active dismantling of biases.
What are the main problems that women in the industry are facing today and what have you done to address or resolve them?
As president and co-founder of my company, I’ve:
• Promoted Diversity: Championed the hiring and promotion of diverse talents, ensuring leadership reflects the industry’s richness.
• Introduced Flexible Work Policies: To support work-life balance and recognize the varied roles women often juggle.
• Embraced Mentorship: I’ve both sought guidance and mentored budding professionals. Committing to the future, I plan to continue mentoring women eager to flourish in our space, amplifying voices, and forging paths.
Jessica Evett
Vice President, Product and Software Delivery
Cloudvirga
What advice would you give to a younger you if possible?
The old adage “The ones that mind don’t matter and the ones that matter don’t mind” sticks out. If you find yourself toning down who you are at your core or taking up less space in the room to be tolerated, you’re in the wrong place. Too often, women receive well intended but horrible advice at the start of their careers about how to exist in a corporate setting. The truth is this: Be yourself. Truly. You’re there for a reason and your ideas, experience, and expertise matter. Authenticity matters and cultures that embrace that are where you want to be.
How close are we to a place where gender is not a distinction in mortgage banking?
We still have a way to go, but things are improving. I’ve worked at firms that value diversity and have seen women in senior leadership roles. But that presence was intentional and prioritized by the organization. Leadership positions at the middle tier and operational level seem to have a higher female presence, but senior executive positions and c-suite representation is light. We are no longer a substantial minority in the workplace and the distribution of leadership still lags behind our representative presence in the workforce. More work is needed for leadership to be a reflection of the female footprint in the industry.
What significant changes would you like to see in 2023 for women in the mortgage industry?
Opportunities to show up for other women and an easier way to find them. I would love to see a partnership across organizations and industry trade groups focused on a more cohesive strategy to secure emerging female talent. What can we do in universities to grab the next finance guru, market analyst, or mobile development innovator? How do we hold ourselves accountable to expanding our reach and effectiveness at recruiting and hiring? How do we then stay in contact with the women we find through ongoing mentorship, sponsorship, and allyship? A formal approach with stated goals and a method to stay in connection would be amazing. When we organize and go after something, we achieve it!
Pamela Hamrick
President
Incenter Diligence Solutions
How close are we to a place where gender is not a distinction in mortgage banking?
We’re making excellent progress. The many women who have risen to the top, and are elevating other women, are accelerating our momentum. Becoming “the best” in our fields also makes gender distinctions irrelevant. As President of Incenter Diligence Solutions, I’m keenly aware of the pressures on mortgage executives to seize new growth opportunities while assuring that no regulatory requirements are being overlooked. The stakes are too high for gender to influence a client’s decisions about a diligence partner.
What steps can women take for better career stability?
I would recommend that they cultivate several traits—curiosity, an eagerness to develop and improve, a willingness to try out every facet of the mortgage industry, and then a focus on excelling in some specialized areas. Before I joined Incenter Diligence Solutions, I was Senior Vice President of Operations for Lending.com and First Financial Services, where I oversaw a wide range of functions, from processing and underwriting to compliance and disclosure. I wouldn’t have been able to handle this without learning the industry, and particularly operations, from the ground up over time. Being collegial, team-oriented, empathetic, and trusting are equally important. Great women leaders know that when their teams succeed, so do they. They also seek out mentors even after they have risen to the top. There is always more to learn.
What are the main problems that women in the industry are facing today and what have you done to address or resolve them?
In the mortgage industry, as in other professions, the disparity between men and women remains striking—especially at the senior levels, which are male dominated. I’m very encouraged by the efforts of organizations like the Mortgage Bankers Association to address this—in MBA’s case, through their mPower program.
I’m proud that our parent company, Incenter, is championing efforts to advance women as well as a more diverse industry. Incenter is a family of companies focused on improving lenders’ operational and financial performance. Currently, two-thirds of our firms have a woman president.
Denise James
SVP, Quality Control and Fraud Solutions
Xactus
How close are we to a place where gender is not a distinction in mortgage banking?
The industry has made progress in recognizing women as key contributors in roles typically held by men. Recent changes whereby women are being placed in top positions has strengthened the industry. It’s evidence that we are just as capable at defining the necessary evolutionary requirements and implementing successful strategies to grow a significant economic sector within our country – the mortgage/housing market. We should no longer be in awe of women that are trusted to lead organizations of any size. We should simply respect them.
What steps can women take for better career stability?
Women should not feel limited by what they can achieve. The mortgage industry is no different than any other in that we should seek growth and advancement based on merit. Education is key. Being open to receiving and understanding different perspectives is a great way to formulate ideas for achieving better results, no matter the goal. As a founder of a business that served the mortgage industry, I can honestly say that most women feel that control over one’s career can only be achieved via entrepreneurship. That’s not the case. Good mentorships can open doors and present opportunities to be placed in positions where you can learn and grow alongside other successful leaders.
What are the main problems that women in the industry are facing today and what have you done to address or resolve them?
As women, I believe that we are still held back from pursuing greater achievements due to the residual stigmas of male-dominated roles in the industry. We must continue our pursuit of advancing objectives with “shatter the status quo” diligence. We continue to face limited exposure in tech-driven organizations. My organization, Xactus, is led by a woman. Serving as president, she is setting a new benchmark for women like me that can envision a broken “glass ceiling.” I am very proud of that and look forward to doing the same for other professional women in the industry.
Cara Krause
VP Regional Sales-Northeast
Mortgage Capital Trading
Cara Krause was nominated for her significant contributions to the mortgage banking industry, standing out with her exceptional impact and achievements. Her impressive portfolio of over 65 clients, bringing on more than 35 within the last five years, is a testament to her client acquisition skills.
What truly sets her apart is her personalized approach to client engagement and management. She goes beyond providing services, striving to understand each client’s unique needs, and delivering tailored solutions in conjunction with an educational hands-on approach.
Cara’s influence extends beyond her immediate clientele. She actively shares her knowledge and expertise with peers, elevating industry standards and promoting best practices. Her dedication to community involvement and mentoring further exemplifies her positive influence on the people around her.
Through her commitment to excellence, outstanding client acquisition, and positive impact on the industry and community, Cara emerges as a true trailblazer in mortgage banking.
What advice would you give to a younger you if possible?
Continue to have and set goals. Stay focused on your objectives.
How close are we to a place where gender is not a distinction in mortgage banking?
I feel we are here. If you work hard, cultivate relationships and be genuine, opportunities will materialize.
What steps can women take for better career stability?
Always be eager to learn and cross train. Continue with education, stay open minded, make networking a priority and don’t let anyone dissuade you from your chosen career path.
