New American Funding combines a high-tech approach to originating loans with a high-touch approach to borrowers. It’s a formula that has propelled New American Funding from a 40-employee call center in 2003 to a company with more than 1,800 employees and 90 branches today.
The company has been developing its own proprietary technology since its inception and processes all loans in house — from origination to underwriting and funding. Built as an agile system to respond quickly to market changes, New American Funding’s technology allows the company to deliver loans fast.
“Every lender has an unfortunate deal that goes sideways, but our turn times from submit to fund run less than 30 days,” said New American Funding CEO Rick Arvielo. “We staff according to these goals and are willing to spend extra money to make sure they are sustained.”
That kind of commitment is a hallmark of the mortgage banker — it doesn’t pursue anything halfway. The company’s technology means that New American Funding knows at every moment where every lead and loan comes from, and what disposition it holds throughout the lifecycle.
“Whether it’s informing customers and referral partners on statuses or distributing relevant information through the nurturing process, our system handles it all. “Now we are taking this control and moving it all to mobile which we expect will give us an amazing advantage in the field,” Arvielo said.
But that high-tech approach is only half the picture, because New American Funding is deeply committed to helping the borrowers on the other side of their loans.
The company’s president, Patty Arvielo, is a first-generation Latina who grew up in Los Angeles, California, and this background fuels her passion to help Latinos achieve homeownership.
“Patty understands well the cultural differences that exist and is building sales, ops and servicing to address their needs — as well as being asked by Fannie, Freddie and MBA to participate in the discussion surrounding access to credit for these markets,” Rick Arvielo said.
Latinos accounted for 40% of household growth in the U.S. in 2014. New American Funding is well positioned to serve that market, but also sees great opportunity in recruiting Latinos and other minorities into mortgage banking.
“New American Funding is currently 40% minority employed and, as Patty is quick to point out, 58% women employed,” Rick Arvielo said.
New American Funding’s impressive 36% revenue growth last year demonstrates the success of the company’s plan to open more branches throughout the country.
“We want to see slow, sustainable, organic growth,” he said. “We opened our first outside branch in 2012 and have just opened our 90th, so we are well on our way.”
Rick Arvielo, CEO and Co-Founder
Rick Arvielo designed the New American Funding business model to be technologically advanced and agile in response to market needs.
Today, New American Funding has matured into a national mortgage banker with more than 90 retail branches, a wholesale division, builder division and a loan-servicing unit.
On a national level, he is a member of the Mortgage Bankers Association and participates in its Mortgage Action Alliance Committee and MORPAC, the MBA’s political action committee. He is also a member of the MBA’s Residential Board of Governors.
Recently, Arvielo rallied New American Funding employees to encourage their political participation in the industry and in just one week, they contributed more to MORPAC than any other single company has in MORPAC’s history. He continues to lead this charge with unwavering advocacy for political lobbying to help more families access credit and achieve the American dream.
Patty Arvielo, President and Co-Founder
Born into a hard-working Mexican-American family in Los Angeles County, California, Patty Arvielo landed a clerical position for TransUnion Credit at 16. At 19, she was promoted into a sales position. She worked tirelessly to build real estate agent and community relationships — igniting a life-long passion for service and the pursuit of self-made, enduring success.
Her extensive background in mortgage lending includes DE Underwriter and VA LAPP Certifications.
In 2003 she and her husband, Rick Arvielo, decided to launch New American Funding, and a decade later, the national mortgage lender and servicer funds more than $930 million in home loans each month. She continues to originate and book nearly $3 million in home loans each month on her own, all while managing operations and sales.
Patty Arvielo is currently the Corporate Board of Governors chairman for the National Association of Hispanic Real Estate Professionals and serves on the Diversity Committee for the MBA. She is also a member of both the Fannie Mae Affordable Housing Advisory Council and the Freddie Mac Community Lender Advisory Board.