The largest Latina-owned mortgage lender
releases new white paper that addresses challenges in
underrepresented communities and recommends industry-wide
solutions
TUSTIN, Calif., April 25, 2024 /PRNewswire/ -- For far too long,
systemic obstacles have kept many in diverse communities from
owning a home and building generational wealth. New American
Funding (NAF), the largest Latina-owned mortgage company in the
U.S., is leading the charge to close that homeownership gap.
Today, NAF releases a new white paper:
"Empowering Homeownership in Diverse Communities."
Today, NAF announces the release of a new white paper:
"Empowering Homeownership in Diverse Communities," which examines
the economic inequalities, cultural and social factors, and
institutional barriers that have exacerbated the gap in
homeownership between racial and ethnic groups. According to the
latest data from the U.S. Census Bureau, Non-Hispanic Whites own
homes at a rate of 73.8%, compared to 45.9% for Black Americans and
49.8% for Hispanic or Latino Americans. The new white paper calls
for a concerted effort to dismantle historical and systemic
obstacles to homeownership.
Factors such as redlining, income inequality, credit
accessibility, and other influences contribute to the challenges
faced by those in diverse communities. In addition to an in-depth
analysis of the factors causing the homeownership gap, the white
paper highlights the critical need for tailored solutions to
address these challenges, overcome disparities, and create equal
opportunity.
"Our mission at New American Funding is not just about numbers
and transactions; it's about dismantling the barriers that have
historically denied so many the opportunity to own a home," NAF
Co-Founder and CEO Patty Arvielo
said. "We are unwavering in our commitment to create a seismic
shift in the landscape of homeownership. The reasons for this gap
are complex, and while numerous hurdles still exist, there are
tangible, achievable solutions creating permanent and positive
change in this country right now."
The paper debunks the many misconceptions about homeownership
permeating our society, such as whether those in certain
communities do not desire to own their own home or that homebuyers
in certain populations are greater lending risks than others, while
offering numerous solutions to creating sustainable homeownership.
Some solutions include hiring practices that mirror community
demographics, offering tailored lending solutions, and engaging in
strategic partnerships with organizations that support economic
empowerment. Additionally, the paper digs deep into how the
financial services and real estate industries can help close this
gap, as well as the role that the federal and state governments can
play in accelerating change through updated regulations and
laws.
For more than 20 years, NAF has committed to providing access to
affordable and sustainable financing options to those who have been
historically marginalized and overlooked by the traditional lending
industry. NAF's strategy stands out for its practical and inclusive
approach to closing the gap, particularly under Arvielo, who has
also driven record recruitment of Black and Latino loan officers
and mortgage professionals. Through innovative programs and
initiatives like NAF Black Impact and Latino Focus that work to
increase homeownership in Black and Latino communities, NAF
empowers diverse communities to map a path to homeownership.
New American Funding knows it cannot single-handedly overcome
the inequities that have existed in this country for centuries. It
will take a collaborative effort unlike any that's ever been
undertaken by the financial and real estate industries.
"Discrimination, restricted credit access, and
underrepresentation have led to a substantial gap in homeownership
and the ability to build generational wealth," said Mosi Gatling, NAF's Senior Vice President of
Strategic Growth and Expansion. "At NAF, we are developing programs
that simplify and improve access to homeownership. We meet
individuals where they are and provide support to uplift them.
Getting a homebuying assessment with NAF means you leave that
conversation with a pre-qualification or a pathway to
homeownership. Through this white paper, we aim to ignite
collaboration between the housing industry and the government,
urging them to take immediate action for tangible change. The time
to rectify these issues is now; we cannot afford to wait any
further."
To learn more about how New American Funding is working to close
the gap in homeownership and what others can do to help, click here
to download the white paper in full. For more information about
NAF, click here.
About New American Funding
New American Funding is an independent mortgage lender with a
servicing portfolio of nearly 260,000 customers representing
approximately $68.1 billion in value
and more than 230 locations nationwide. NAF was recently named #75
on the Fortune 100 Best Companies to Work For® in 2024.
NAF was also named one of America's Greatest Workplaces for Women
2024 by Newsweek. The company offers state-of-the-art career
training and provides its branch Loan Officers with innovative
technologies to streamline the mortgage process.
MEDIA CONTACT:
Mattie
Van Gundy
Interdependence PR
NewAmericanFunding@Interdependence.com
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SOURCE New American Funding, LLC