Company: New American Funding
Diversity Team Name: New American Dream
Diversity Team Leader(s): Charles Lowery, Director of Legislative Policy & External Affairs
What Makes this Diversity Team Stand Out
Throughout its history, New American Funding has led by example, with equality, diversity, and inclusion as its core pillars in hiring and in mortgage lending. Co-Founder and President Patty Arvielo, a first-generation Hispanic, knows the challenges minorities can face and has made it her mission to uplift communities that are underserved.
In 2016, the company created the New American Dream initiative, with a goal of raising awareness and increasing Black homeownership across the country. The initiative’s purpose is to provide racial equity and build consumer confidence through home buying education, accessibility to credit, and mortgage industry career opportunities for Black communities.
In the wake of the cultural issues our country is now facing, New American Funding has pushed to expand the New American Dream initiative, aiming to increase the company’s lending to communities of color. Through New American Dream, the Black community is provided educational resources and engagement that can put its members on the road to purchasing a home, building wealth, and changing lives.
In 2020, New American Funding’s percentage of purchase lending to minorities was 41percent higher than the industry average, and its percentage of purchase lending to Black borrowers was 85 percent higher than the industry average. In fact, 12.4 percent of New American Funding’s 2020 home purchase loan volume went to Black borrowers compared to 6.7 percent for the overall industry (based on 2020 HDMA data from ComplianceTech’s Lending Patterns HDMA software).
The company’s commitment to diversity starts with its hiring process. The workforce includes 45 percent minority groups, including 9 percent Blacks. In addition, minorities hold key leadership positions, bringing a variety of perspectives to the company’s decision-making process.
One of the key hires has been Charles Lowery, the company’s director of legislative policy and external affairs. In spearheading the company’s New American Dream initiative, Charles brings more than 20 years of mortgage, housing, and advocacy experience to the position. Based in Washington, DC, he represents the company in aligning with national organizations to advance the company’s mission of increasing Black homeownership.
In 2020, New American Dream established a unique partnership with Freddie Mac to produce and present a series of online programs about the challenges to Black homeownership. Recent programs have included The Past, Present, and Future of Black Homeownership, Bridging the Gap in Black Homeownership, and Dispelling the Myths of Black Homeownership. New American Dream will also host the upcoming Overcoming the Credit & Debt Obstacles to Black Homeownership.
New American Dream has been the driving force behind such diversity and inclusion awards and honors as Profiles in Diversity Journal Diversity Leader (2021) and Profiles in Diversity Journal Black Leaders Worth Watching – Anthony Holt & Dwayne Graham (2020).