"How We Stay Ahead of the Game? In Data We Trust."
How is data helping us anticipate new opportunities to support today's borrowers? Meet Single-Family Business Qualitative Analytics Manager and Senior Economist Jaya Dey.
Q. What is your role at Freddie Mac?
A. I joined Freddie Mac in 2015 to lead the market research team for Affordable Lending and Access to Credit. As a former economics professor, I was excited about all the different data arenas I could play in. My team's primary responsibility is to research housing issues with a focus on affordability. We look for trends that provide clues as to how we can help expand affordable distribution, responsibly provide access to credit and remove barriers to homeownership.
To socialize our work, I write research articles and present them on academic and nonacademic platforms. In collaboration with our partners, I share my research findings at events to inform and educate a wide range of housing stakeholders. We try to make our research digestible and actionable.
Q. How does your research support the business and the industry?
A. We support a variety of internal groups who use our research for outreach, new products and pilots with maximum impact. For example, we work with the borrower outreach team that manages our CreditSmart® program and our Borrower Help Centers, both of which provide potential homebuyers with financial education and other services to help them prepare for owning a home. Our research helps that team better understand the communities they serve. We also collaborate with the Duty to Serve team on various topics, such as understanding high-needs rural markets, first-time homebuyers' counseling experiences and energy-efficient markets.
Q. How does using data help us advance our mission?
A. Everyone deserves to have a safe and affordable place to call home. We use our data to help reveal barriers to homeownership and find the best way to combat those barriers.
For example, for low- to moderate-income borrowers living in high-cost areas, coming up with a down payment is a particularly constraining barrier. But 20% down may not be necessary, especially if they're a first-time homebuyer. So, a lack of knowledge is another barrier. In fact, there are a variety of low down payment options for today's borrower, some even as low as 3% for qualified homebuyers. If we can ease that burden by educating potential borrowers about their options, we are helping to make home possible.
Q. Has anything surprised you about the data you've seen?
A. Yes! People think that student loan debt is a huge barrier to homeownership. But the data reveals that only 10% of the population has student loan debt. Moreover, only 20% of millennials do, and only 4% of them have student loan debt above $45,000.
If you take a holistic view of what is driving homeownership — student loan debt, income, house prices, marital status, etc. — you find that student loan debt has a very small impact on the homeownership rate. This is a huge myth-buster for most people.
Q. Why is data important to our business?
A. Data isn't biased. It doesn't have any special agendas. It tells us where the pain points are and gives us a pretty accurate picture of what's going on in the market. When we let the data speak for itself and make decisions based on the data, we are leveraging our research to the best of our ability.
Connecting all the dots is hard work for the team, but we enjoy it!
How to stay productive and positive while working remotely
With the outbreak of COVID-19, scores of people are finding themselves working remotely for the first time. Trying to stay productive while at home with so many distractions can be overwhelming, so we asked women tech leaders what they were doing to work from home successfully. Along with getting a great pair of noise canceling headphones (game changer!), they have 10 excellent tips to help you thrive in a work-from-home environment.
I've been thinking about women's ingenuity a lot recently; after all, crises like the one we're facing now fuel innovation. They especially fuel innovation from those who are on the frontlines, in desperate need of solutions.
She’s Paving the Way for Women in Cybersecurity: How She Went from First-Generation College Student to IT Leader
A Conversation with Freddie Mac's Stephanie Johnson
When Stephanie Johnson, currently an Information Security Manager at Freddie Mac, was just starting her career as an IT professional, she found herself sitting in her car one night after work asking herself, "Why am I not being heard? Should I adjust my tone? Posture? What I'm saying?"
For when you can't read one more bad-news story.
I would never argue that the novel coronavirus is a good thing. COVID-19 has or will cause many deaths, a long-lasting global economic slowdown, and rampant general stress and anxiety.
As schools across the nation close, and the majority of businesses mandate remote work, working parents are now faced with the ultimate challenge - how to balance their families and jobs under one roof while COVID-19 still remains a concern.
PowerToFly is bringing thought-leading professionals (and working moms!) to speak about balancing our new realities and how to best optimize your time at home. In this panel, we'll discuss maneuvering the difficulties of working from home from taking conference calls to juggle homeschooling/ childcare.
Don't feel the pressure, your children, partner and pets are welcome to join this virtual chat!
Join us for this live Q&A to learn new tips, strategies, and hear personal anecdotes from our panelists that have shaped these women into the incredible founders and mothers they are today. You will have the opportunity to ask questions during our free, virtual conversation and have the chance to snag a giveaway sponsored by PowerToFly and our panelists!
Meet the Panelists:
Christine Michel Carter, Creator of Mompreneur and Me
Featured in The New York Times and The Washington Post, Christine Michel Carter is the #1 global voice for working moms. Christine clarifies misconceptions about working mom consumers for brands and serves as an amplifier of their personal truths.
Mary Beth Ferrante, Co-Founder & CEO of WRK/360
Mary Beth Ferrante is a mom of two and advocate for creating inclusive workplaces for parents. She is the Co-Founder & CEO of WRK/360, a career development platform designed for working parents and managers to help companies support, retain and recruit working parents. In addition, she is a senior contributor for Forbes and her work has been featured in Today, Thrive Global, Working Mother, FairyGodBoss, ScaryMommy, and other leading publishers.
Amy Henderson, Founding CEO of TendLab
Amy Henderson is the founding CEO of TendLab, a consultancy addressing the challenges and opportunities parenthood brings into the workplace. TendLab's research-based approach reveals how parenthood can unlock career-critical skills--such as resiliency, courage, and the ability to collaborate--skills which are especially important during this COVID-19 pandemic.