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Patty Arvielo didn’t exactly dream of a career in the mortgage industry.
“I’d be lying if I said I was motivated to pursue a career in the mortgage business. I don’t think I’ve met anyone in my forty-two-year career who purposely got into the mortgage industry,” says Arvielo, cofounder and CEO of mortgage lender company New American Funding (NAF). “I fell into this industry when I was sixteen and took a job at TransUnion Credit, which paid me the most per hour of all the jobs I’d considered. I was responsible for inputting derogatory tradelines on mortgage factual reports. As time progressed, I started learning more about what a mortgage was and the opportunities this career offered.”
The first-generation Mexican American launched NAF in 2003 to assist in closing the homeownership gap, revolutionizing homeownership for underserved Black and Latino communities. The homeownership rate among white Americans is 73 percent, while the rates for Black and Hispanic Americans are 44 percent and 51 percent respectively, according to a 2023 report released by the National Association of Realtors.
In the six years since she last spoke with Hispanic Executive, Arvielo has continued to revolutionize homeownership for the Latino community by helping minorities get through red tape.
“Being Latina, I’m familiar with the cultural nuances that box us out. Fundamentally, we should be helping everyone in the country obtain homeownership.”
Patty Arvielo
NAF has become one of the largest independent mortgage lenders in the US, helping tens of thousands of families achieve the dream of homeownership every year. The organization, which has more than 3,600 employees and a servicing portfolio of more than $64.5 billion, has grown in size 50 to 60 percent every year for nearly a decade.
As CEO, Arvielo manages the company’s operations and sales and oversees 190 locations nationwide. In 2023, Fortune named NAF one of the best places to work in the country, ranking number forty-three on the list. “The culture at NAF makes us one of the best places to work in the country. It’s called NAF 360 and means we treat everyone we meet, whether it’s our fellow team members, customers, affiliates, or business partners, with 360 degrees of dignity and respect,” Arvielo explains.
Part of her mission has been to increase Latino homeownership. She established NAF’s Latino Focus initiative, which is committed to enhancing the lending experience for the Latino community.
“Being Latina, I’m familiar with the cultural nuances that box us out. Fundamentally, we should be helping everyone in the country obtain homeownership. I feel proud to be able to help folks accomplish their homeownership goals,” Arvielo says. “We’d been serving Hispanic borrowers for years and decided to lean into this segment of our population to help truly make a difference. We wanted to give the Latino community a dedicated space within our large organization.”
Her superpower? Being Latina. “Since childhood, I always cherished the fact that I was different. I always tell people when I speak at public forums that aren’t Latino that by the time I’m done talking, they’re going to wish they were Latino,” Arvielo says.
She’s had many opportunities to do just that. The self-made, award-winning Latina entrepreneur has been recognized many times for her barrier-breaking success, including being named to Bloomberg Línea’s 100 most influential Latinos in 2022 and World Biz Magazine’s 100 Innovation Leaders of 2023.
Arvielo also earned a spot on the Forbes 50 Over 50 2022 list. “Being recognized by Forbes was one of the biggest surprises of my life. To see my name among people like Oprah or the dynamic Sheryl Sandberg was one of the proudest moments of my life,” says Arvielo, who was a judge for the 2023 50 Over 50 list.
In April 2023, Vanguard University announced the naming of the Patty Arvielo School of Business and Management in her honor. It’s the first school of business in the United States to be named after a Latina. “Approximately 63 percent of Vanguard University’s enrolled students are Latino, and the school is committed to supporting underserved students. It’s an honor because I have a duty to serve these students and ensure they’re proud to graduate from the business school,” she says. “There’s a real need to have representation in this country. To be the first is an honor but, at some point, we won’t have to say any Latina is the first.”
Arvielo isn’t just collecting accolades. She’s paying it forward to other Latina entrepreneurs as a partner and chairman of the #WeAllGrow Latina community of Latina creators, makers, and entrepreneurs. “Throughout my career, I learned there are few Latina role models in business, so I decided to become a mentor to Latinas,” Arvielo says.
She’s also an active lobbyist for the housing industry and minority interests in Washington, DC, and with numerous state governments. “Statistics show homeownership is one of the biggest ways to gain wealth in the United States, so giving that opportunity to everyone will balance out the disparities that occur,” she says.
Looking back at her career, Arvielo feels her biggest accomplishment has been bringing awareness about the need to serve the underserved. “People coming to the United States or those who were already here need the opportunity to learn how to gain access to homeownership. I’ve been fortunate to offer these individuals and families that opportunity,” she says. “NAF has been instrumental in bringing awareness to underserved communities.”
