New American Funding: Company Research Report

Company Overview

• Name: New American Funding (NAF)

• Mission: New American Funding enables clients of all backgrounds to achieve the American dream of homeownership by offering a diverse product suite, competitive pricing, and a commitment to timely and efficient closing. Their dedication extends beyond the closing of the transaction as they service the mortgage, displaying passion for client service at every step of the homeownership journey, focusing on fulfilling client needs and enhancing their standard of living.

• Founded: 2003

• Founders: Rick and Patty Arvielo

• Key People: Rick Arvielo (Co-founder), Patty Arvielo (Co-founder)

• Headquarters: 14511 Myford Road, Suite 100, Tustin, CA 92780

• Number of Employees: No information is available

• Revenue: No information is available

• Overview: New American Funding is a leading mortgage company in the U.S., known for its wide range of lending products and exceptional service. It started as a 40-employee call center in Orange County, California, and has expanded to 274 branches nationwide. It operates as a Fannie Mae, Freddie Mac, and Ginnie Mae direct lender, seller, and servicer licensed in all 50 states, maintaining a portfolio of over 270,000 loans valued at $70.6 billion.

Products

• Product Suite:

• Conventional Loans: Standard loans that offer flexibility and are not insured by a government program.

• FHA Loans: Loans insured by the Federal Housing Administration, designed for low-to-moderate income borrowers.

• VA Loans: Loans offered to veterans, service members, and their families, backed by the Department of Veterans Affairs.

• Jumbo Loans: Loans exceeding the conforming loan limits, tailored for luxury properties.

• Adjustable Rate Mortgages (ARMs): Loans with interest rates that adjust periodically, based on an index.

• Reverse Mortgages: Loans for homeowners age 62 and older, allowing them to convert a portion of their home equity into cash.

• Refinance Loans: Options for current homeowners to refinance existing mortgages for better rates or terms.

Recent Developments

• New Products and Features:

• NAF Cash Maps: Introduced by NAF Cash, this innovative tool provides homebuyers with data-driven insights into the real estate landscape.

• New Initiatives:

• NAF Black Impact: Launched to increase lending among Black communities, formerly known as NAF Dream. It aims to empower and support Black individuals pursuing homeownership.

• Events:

• Hispanic Heritage Month Webinar: Scheduled for October 10, 2024, to highlight NAF's initiatives to empower the Latino community through wealth-building programs.

• Invest Fest 2024 Participation: Set to be part of the premier national event focused on Black financial empowerment and entrepreneurialism, occurring in Atlanta, GA, from August 23-25, 2024.

• Research & Publications:

• White Paper Release: Titled "Empowering Homeownership in Diverse Communities," this paper discusses economic inequalities, cultural and social factors, and institutional barriers affecting homeownership disparities among racial and ethnic groups.

Partnerships

• No information is available regarding any new partnerships.

This report provides an in-depth look into New American Funding, detailing its mission, product offerings, recent initiatives, and developments. Through ongoing innovation and community-focused programs, NAF is committed to enhancing the homeownership experience for diverse client demographics across the United States.