As we approach the end of 2019, we look back at our accomplishments proudly and express gratitude to our membership for the success we have found in growth throughout the year. Here is a recap of some of AREAA’s accomplishments in 2019.
In 2019, #MyAREAA became our most successful membership renewal campaign leading us to our highest number of members in our 16-year history. Not only did 2019 show us the largest membership, but also the fastest growth. From January to June alone, AREAA added over 1,400 new members from across the country. Our membership is continuing to grow, and we can only expect to reach greater heights in 2020 as we continue to develop our commercial real estate, mortgage, and luxury initiatives.
As AREAA observed the shifting needs of the AAPI community across the country, we responded with the installation of four new chapters. In 2019, AREAA added:
Each of these chapters was strategically opened with the local AAPI community in mind. As we saw the increasing growth of AAPI families in each of these regions, we saw opportunities to create an AREAA community to better serve AAPI families in real estate.
Policy Summit & Initiatives
Our annual Three-Point Policy Plan saw success in 2019 with victories in both initiatives including Langauge Access and Alternative Credit.
Last month, FHFA announced the addition of Chinese language mortgage tools on their Mortgage Translations Clearinghouse. Although more AAPI languages like Vietnamese and Tagalog are expected to arrive later, the addition of Chinese resources has been a monumental win for AREAA members and the AAPI clients they serve. With so many stories of families with Limited English Proficiency (LEP), we are excited to announce this victory for language access and are eager to see more AAPI languages be added in the coming months and years.
In August, FHFA removed restrictions on Fannie Mae and Freddie Mac, enabling the GSEs to consider and explore credit-score alternatives to FICO scores. The expansion on alternative credit signals a victory in AREAA’s policy initiatives that advocate for AAPI families with historically thin credit profiles that cause mortgage application denials.
In 2019, AREAA saw substantial success in all three of our major national events; the Global & Luxury Summit in Beverly Hills, the annual Policy Summit in Washington DC, and the National Convention in Boston.
The 2019 Global & Luxury Summit in Beverly Hills was the nation’s leading event focusing on international and luxury real estate markets. With speakers, brokers, and leaders from across the globe – GLS 2019 served our membership with continued education and development of new luxury real estate trends, valuable new insights on up and coming global investment opportunities, and the opportunity to hear from three Emmy Award-winning representing the AAPI community.
The 2019 AREAA Policy Summit was our most successful visit to Capitol Hill to date. Over 100 AREAA members traveled from across the country to converge in Washington DC. Our members took over 120 appointments with our nation’s Congressional leaders and regulators to advocate for solutions that would close the AAPI homeownership gap.
For the first time in our 16-year history, AREAA’s annual National Convention was held east of the Mississippi River this past October. The 2019 AREAA National Convention in Boston was our most successful event in AREAA history. Nearly 1,200 attendees joined AREAA in Boston for three days of innovation, inspiration, and education. Over 18 breakout sessions led by industry leaders offered valuable insights to prepare our membership for market shifts in 2020.
What’s Ahead in 2020?
We welcome our new AREAA National President, James Huang, to lead our organization in 2020. As we look to the start of the year, we hope to build on our previous achievements by continuing to grow our membership, seek out new homes for new possible chapters, and continue to curate the finest events in the real estate industry.
To our membership, thank you for your continued support. We look forward to serving you in 2020.