Patty Arvielo
Co-Founder & President
New American Funding
Headquarters: Tustin, California
Industry: Mortgage
CEO: Rick Arvielo
Website: www.newamericanfunding.com
Her Credentials: La Mirada High School
New American Funding has long outperformed other large lenders when it comes to lending to minorities. This is a result of our Latino Focus and New American Dream initiatives, and the company’s belief in hiring “mirrors”—people who are familiar with cultural differences and equipped to help those in minority communities. This has resulted in significant growth in our minority employment in the last several years.
New American Funding’s purchase lending in 2020 was 44.9 percent more than the industry percentage in lending to minorities. By working carefully and thoughtfully with minority borrowers, the company is enabling the minority community to build wealth, stabilize communities, and create generational opportunities. Despite two years of upheaval due to the pandemic, New American Funding had its two best years in 2020 and 2021.
In 2017, New American Funding pledged to increase Hispanic homeownership with $25 billion committed to new mortgages for Hispanic borrowers, and to lending $20 billion in new mortgages to Black borrowers, by 2024. The company partners with Freddie Mac to host monthly virtual events to educate on and encourage Black homeownership as a means of creating wealth, and engages in numerous virtual events designed to educate the Hispanic community regarding the benefits of homeownership. These efforts will continue throughout 2022 and beyond.
