Mortgage lender aims to boost Hispanic homeownership

by Steve Randall24 May 2017
A new partnership between a national mortgage lender and a real estate agents’ association aims to boost homeownership among the Hispanic community.

New American Funding is joining with the National Association of Hispanic Real Estate Professionals (NAHREP) in its commitment to increase Hispanic sustainable homeownership by 50%, and triple Hispanic home wealth in the next decade.

"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 initiative has three key elements.

Firstly, a commitment by New American Funding to lend $25 billion in new mortgages to Hispanic borrowers by 2024. There will be education for 5,000 real estate professionals on the cultural nuances of the Hispanic community with 70 events across the country.

Secondly, the lender will support the drive to attract more Hispanics into the mortgage industry by recruiting, training and providing employment opportunities for newcomers to the industry. By 2024, it will transition 1,000 Hispanics from students to entry-level mortgage professionals.

Finally, there will be assistance for Hispanic small businesses.

"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

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