Through customized educational materials, virtual events, accessibility to credit, and other outreach efforts, these two programs have helped the company increase Hispanic and Black homeownership across the country.
In 2013, New American Funding formed its own Latino Focus Committee. The group works cohesively to enhance the quality of the lending experience among Hispanic consumers and aims to enrich the Hispanic community through homeownership.
Today, New American Funding is one of the largest privately held retail lenders to Hispanic borrowers. According to 2020 HMDA data, 18% of New American Funding's 2020 home purchase loan volume was to Hispanic borrowers, compared to 11.9% for the industry—more than 51% of the industry average.
The New American Dream initiative was established in 2016 with a purpose of providing racial equity and building consumer confidence through home buying education, accessible credit, and mortgage industry career opportunities to Black communities.
Through New American Dream, the company is a lending leader by percentage to Black borrowers. In 2020, 12.4% of New American Funding's home purchase loan volume was to Blacks, compared to 6.7% for the industry. This percentage of purchase lending was 85% more than the industry average (2020 HMDA data).
“Our diversity is our strength,” said New American Funding President Patty Arvielo. “Through our Latino Focus and New American Dream initiatives, we continue to expand homeownership opportunities to the Hispanic and Black communities with programs that address their needs and speak to them in a voice that is undeniably theirs.”
To learn more about New American Funding’s career opportunities, visit their careers page.