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Company: New American Funding, Tustin, CA
Company Description: New American Funding is a mortgage banker, licensed in 48 states across the nation, that funds over $900 million in home loans every month and maintains a servicing profile of over $23 billion. Our company offers a full spectrum of loan products and we have won numerous awards for our industry leadership and efforts in diversity and inclusion in the workplace.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Minority-Owned Business of the Year
 Nomination Title: New American Funding
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the achievements of the nominated organization since January 1 2020, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: Briefly describe the nominated organization: its history and past performance (up to 200 words):
Total 200 words used.
New American Funding is the largest Latina-owned mortgage company in the U.S. Founded in 2003 by Patty and Rick Arvielo, New American has become one of nation’s top 20 mortgage companies, providing homeownership and mortgage opportunities to more than 100,000 individuals and families every year. The company employs more than 4,500 people spread across 168 locations nationwide.
A first-generation Hispanic American, Patty Arvielo is driven to create homeownership opportunities for minority communities, leading the company she owns to become an industry leader in lending to minority borrowers.
In fact, New American Funding is a top lender in the mortgage industry in lending to Hispanic and Black borrowers, with its percentage of purchase lending to Hispanic and Black borrowers regularly exceeding the industry percentage by a sizable margin. To that point, New American Funding is the #1 lender to Hispanics with a higher percentage of loans to Hispanics than any other top-25 lender.
New American Funding has also created a workforce that mirrors the country and is able to serve its borrowers with experience and empathy, with women making up 58% of the employees and minorities making up 45% of the employees, including 23% of whom are Hispanic.
- If you are providing written answers for your submission, you must provide an answer to this second question: Outline the organization's achievements since the beginning of 2020 that you wish to bring to the judges' attention (up to 250 words):
Total 246 words used.
To put it simply, 2020 and 2021 were the best years in New American Funding’s history.
The company had its the best year ever in 2020, exceeding its previous high by a significant margin. In 2020, New American Funding more than doubled its previous high in lending volume, originating $30.5 billion in mortgages. In total, New American Funding helped more than 104,000 individuals and families buy a home or refinance their existing mortgage in 2020.
Last year was even better. In 2021, the company set another record for both the number of originations and lending volume. All in all, New American Funding originated approximately $31.8 billion in mortgages in 2021, helping more than 105,000 individuals and families buy a home or refinance their mortgage.
The company also saw substantial growth in its mortgage servicing portfolio. As 2020 began, the company’s servicing portfolio included approximately 124,000 loans totaling $31 billion. Since then, the company had grown its servicing portfolio to approximately 223,000 loans totaling $58.8 billion, an increase of nearly 80% by loan count and an increase of nearly 90% in total loan value.
But New American Funding is about more than numbers. The company cares deeply about its customers, which is why throughout the pandemic, New American Funding has worked to grant mortgage forbearance to those who needed it. These actions allowed countless families to stay in their homes at a time when home has never been more important.
- If you are providing written answers for your submission, you must provide an answer to this third question: Explain why the achievements you have highlighted are unique or significant. If possible compare the achievements to the performance of other players in your industry and/or to the organization's past performance (up to 250 words):
Total 247 words used.
Driven by Patty Arvielo, the company has become an industry leader in lending to the Black and Hispanic communities.
This is accomplished through two company-wide initiatives, Latino Focus and New American Dream.
New American Funding’s Latino Focus initiative works to improve homeownership among members of the Hispanic community. To support the success of the initiative, the company invests in mortgage professionals who are equipped to work with Hispanic borrowers, including a focused effort on hiring bilingual employees.
The New American Dream initiative seeks to raise awareness and increase homeownership within Black communities by increasing accessibility to a variety of loan programs. The committee that heads the New American Dream initiative helps identify and remove roadblocks that can detain or prevent the dream of homeownership.
Throughout the year, New American Funding’s People and Culture team create cultural education and engagement opportunities. In April, New American Funding celebrated Diversity Month, encouraging employees to “celebrate the beautiful tapestry of our unique cultures, backgrounds and rich traditions that comprise us all.”
The company also commemorated Hispanic Heritage month in October, featuring an intimate discussion with Arvielo and her mother, Carmen, who is a Mexican immigrant, on what it means to be a Hispanic-American. New American Funding also celebrated Pride Month in June to “recognize the resilience and determination of the many individuals who are fighting to live freely and authentically, and commemorated Juneteenth with the leaders of the New American Dream initiative sharing their reflections on Juneteenth with the workforce.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 248 words used.
In the attached document, please find much more information about New American Funding, including how frequently the company and its President, Patty Arvielo, are honored for their achievements in minority lending and beyond. This section includes a sampling of the countless awards New American Funding, Arvielo, and other company executives have won in the last few years.
The document also includes videos highlighting the company’s focus on diversity internally and externally alike.
The company has been repeatedly honored for its performance and culture, including:
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