Co-Founder and President
New American Funding
Headquarters: Tustin, California
Industry: Direct Mortgage Lender
CEO: Rick Arvielo
As a result of the company’s Latino Focus and New American Dream initiatives, New American Funding’s purchase lending in 2020 was 44.9 percent more than the industry percentage in lending to minorities, based on the most recently available data. Despite a year of upheaval due to the pandemic, New American Funding broke lending records in every month last year, helping more people buy a home or secure their financial future than ever before. Due to the growth of its business in 2020, New American Funding hired more than 2,600 new employees, more than doubling its workforce in one year.
In 2017, New American Funding pledged to increase Hispanic homeownership with $25 billion committed to new mortgages for Hispanic borrowers by 2024. That effort will continue throughout 2021 and beyond. The company will continue to offer competitive rates and a variety of loan programs, including Down Payment Assistance and Bond programs to help first-time home buyers meet down payment requirements, as well as help to pay closing costs. The company will also continue outreach efforts in minority communities to educate and encourage homeownership as a means to create wealth.