PR Newswire
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 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.
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SOURCE New American Funding, LLC
