New American Funding to Lend $25 Billion in New Mortgages to Hispanic Borrowers
- May 23, 2017
- Rachel Scott
New American Funding, a national mortgage lender, joins the National Association of Hispanic Real Estate Professionals (NAHREP) in their commitment to increase Hispanic sustainable homeownership, and triple Hispanic household wealth in the next decade. NAHREP is a national advocate on housing policies affecting Hispanic homebuyers, and New American Funding has established an actionable plan in support of NAHREP’s Hispanic Wealth Project goal of achieving a 50% rate of US Hispanic homeownership.
“We’re a community-driven lender and we believe this alignment is a way to enrich lives and make a positive impact on Hispanic communities,” commented Rick Arvielo, CEO of New American Funding.
The strategy will focus on three initiatives:
Foster Hispanic Entrepreneurship
By 2024, New American Funding will provide direct mentorship to 500 Hispanic-owned small businesses. This initiative will encompass an annual Hispanic Small Business Summit at New American Funding’s headquarters in California. The Summit will feature speakers and business leaders who will provide direct guidance, insight and support to Hispanic businesses owners.
Increase Hispanic Homeownership Rates
By 2024, New American Funding commits to lending $25 Billion in new mortgages to Hispanic borrowers. The mortgage bank will educate 5,000 real estate professionals on the cultural nuances of the Hispanic community and will host 70 industry-exclusive Latino Focus events across the nation.
Increase the Number of Hispanics in the Mortgage Industry
To support the Hispanic Wealth Project goal of doubling the number of Hispanics employed in the mortgage industry, New American Funding commits to recruiting, training and providing employment opportunities for individuals who have no previous experience in the mortgage business. By 2024, the mortgage company will transition 1,000 Hispanic individuals from students to entry level mortgage professionals.
“This commitment is vital in attending to the needs of the future homebuyer and part of our personal mission to empower the Hispanic community. We are very proud to join the efforts of NAHREP,” said Patty Arvielo, President and Co-Founder of New American Funding.
For more information on NAHREP’s Hispanic Wealth Project please visit http://hispanicwealthproject.org/