Patty Arvielo, co-founder and CEO of New American Funding, is so closely associated with promoting the inclusion of two racial groups that typically lag in homeownership that E! Magazine called her “The Oprah of Hispanic and African American lending”
But Arvielo, who feels honored by the comparison but acknowledges there could be mixed feelings about it, said that it doesn’t mean the work ever has or will come easy for her company, particularly now.
In a candid interview, Arvielo shared challenges and achievements that she, her husband and co-founder/CEO, Rick, and company have experienced as they’ve worked toward more equitable hiring and lending in hopes of building more momentum for change in the industry.
Arvielo not only highlighted hiring strategies she found worked when it came to closing the homeownership gap, but also situations in which she learned from course-correction she received from others.
What follows are some excerpts from that conversation, edited for clarity.
Many of these center on a common theme, which is that not only would more inclusivity at individual companies help to bring down the complicated barriers to equitable lending, more of an inclusive approach among stakeholders like trade groups and regulators could help too.
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