New American Funding, a national mortgage lender, announced it is committed to joining to National Association of Hispanic Real Estate Professionals, a national advocate on housing policies affecting Hispanic homebuyers, in order to increase Hispanic homeownership.
The company looks to help triple Hispanic household wealth in the next decade, as well as bring the Hispanic homeownership rate up to 50% in the U.S.
Currently, Hispanic homeownership lags behind other ethnic groups, but is the only group with a substantially increasing share in homeownership.
“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,” New American CEO Rick Arvielo said.
The company’s strategy for increasing Hispanic homeownership will focus on three initiatives.
Foster Hispanic entrepreneurship
The company committed to provide direct mentorship to 500 Hispanic-owned small businesses by 2024. It will also hold an annual Hispanic Small Business Summit at its headquarters in California. The Summit will feature speakers and business leaders who will provide direct guidance, insight and support to Hispanic businesses owners.
Increase Hispanic homeownership rates
New American committed to lending $25 billion in new mortgages to Hispanics by 2024. It will educate 5,000 real estate professionals on the cultural differences within the Hispanic community and hose a total of 70 industry-exclusive Latino events in the U.S.
Increase the number of Hispanics in the mortgage industry
In order to support the Hispanic Wealth Project goal of doubling the number of Hispanics employed in the mortgage industry, New American committed to recruiting, training and providing employment opportunities for individuals who have no previous experience in the mortgage business. The company set a goal of transitioning 1,000 Hispanics from students to entry-level professionals by 2024.
Earlier this year at the NAHREP Housing Policy and Hispanic Lending Conference in the District of Columbia, when asked if lenders needed to be Hispanic to serve that community, NAHREP co-founder and CEO Garry Acosta explained, “You don’t have to be seven feet tall to be in the NBA, but it sure helps.”
New American explained this new commitment is vital not only for the company’s personal mission, but also to meet the needs of future Hispanic homebuyers.
“This commitment is vital in attending to the needs of the future homebuyer and part of our personal mission to empower the Hispanic community,” said Patty Arvielo, New American president and co-founder. “We are very proud to join the efforts of NAHREP.”
