From Your Housekeeper’s Daughter To Building A Multi-Billion Dollar Enterprise
Patty Arvielo, a first-generation Hispanic entrepreneur and CEO, is the co-founder of New American Funding, the largest Hispanic woman-owned private mortgage company in the United States.
Arvielo’s journey into entrepreneurship began at the age of 16 when she started working at TransUnion Credit as a data input clerk. Her strong work ethic and appreciation for hard work can be traced back to her upbringing. Raised by immigrant parents, her mother worked as a maid and would often bring Patty along to assist her in cleaning. Through these experiences, Arvielo gained a firsthand understanding of the value of hard work and the importance of a strong work ethic, which continues to guide her to this day.
New American Funding, a major mortgage lender, has provided over $33 billion in home loans and is known for its exceptional outreach to Black and Latino communities. Arvielo’s passion for serving minority communities by providing access to homeownership stems from her humble beginnings.
When Arvielo is invited to speak on stages to share her entrepreneurial journey and business tactics, she often begins by boldly proclaiming, “I am the daughter of a maid – if I can achieve the American Dream, so can you!”
She adds, “When our company began to gain traction and generate revenue, the potential for growth was apparent. My initial instinct was to seek out partners and sell parts of the company. Although you may think your company needs additional capital, it is important to remember that holding onto the company equity for as long as possible is the key to creating true generational wealth.”
She is widely recognized for her unwavering commitment to the philosophy of “with risk comes reward.” Under her leadership, New American Funding has achieved remarkable growth, featured on Inc. 5000’s list of Fastest Growing Companies in America seven times. The company has also been recognized as one of the best workplaces for women and millennials by FORTUNE and Great Place to Work.
Her focus on serving all consumers in the United States, including the Latino community, has led New American Funding to launch the Latino Focus Initiative. This initiative aims to provide better access to mortgage lending services for underserved groups. In addition to her contributions to the business world, she is a partner of #WeAllGrow Latina, a media company that provides Latinas and femme Latines with resources and connections to support their professional and personal growth.
Given Patty Arvielo’s outstanding achievements and contributions to the business world, it is evident that the sky is the limit for how she will continue to positively impact our nation.
FINDING TRUE JOY
Patty Arvielo: Personally, I consider myself to be a very humble individual. Unlike my competitors, who were flying in private jets 15 years ago, I only started flying privately a few years back. I strongly believe that there is a right time and place for everything, and it’s crucial to have substantial savings before indulging in luxuries. Material possessions do not define my happiness.
My mentor once shared with me a valuable piece of advice that I’d like to pass on to you: It is crucial to retain ownership of your company until the very end. The hardships you encounter along the way will drive you and open up opportunities that generate wealth.
In my younger years, I aimed to have a million dollars saved up. However, as I grew older, that number increased to ten million. By the time I turned 40, I had realized the importance of having liquid cash. It’s not about collecting assets but about having readily available funds.
My suggestion for everyone is to discover yourself as you age, understand what truly brings you happiness, and focus on that.
CREATING A WIN-WIN
Patty Arvielo: Being cool or winning just for myself doesn’t interest me. Whenever I ask for something, I ensure that I’m offering something valuable in return. This way, we all benefit and grow together. Community is crucial to me, and it’s what I’m passionate about. It’s not about making money but creating wealth for my partner and finding happiness in her success. Witnessing the growth of companies aligned with us is also fulfilling.
I know that not everyone will remember me, but at my funeral, I want people to say, “She helped me achieve my dreams.” That’s what matters to me. I want to be remembered as someone who made an impact and helped others achieve their business goals. It’s what matters to me the most. I’m dedicated to helping people accomplish their business goals, just like when Ana wanted to sell her entire company, #WeAllGrow Latina, and I stepped in to become her partner instead of letting her sell to a Caucasian man. I wanted to help her navigate through this challenging time, and together we did – we succeeded.
THE AMERICAN DREAM
Patty Arvielo: When I was 16, I landed my first job in the mortgage industry because it offered the highest hourly wage. I’ve always believed in knowing my worth and striving to earn the most money possible. Why settle for less when you can make more? While working, I noticed that some people earned more than others, and it dawned on me that I needed to do their job to earn more as well. Climbing the ladder to earn more money just makes sense. At 19, a man handed me a box of cards and told me to approach realtors for loans. That’s how my sales career started, and I knew it could bring in significant revenue.
This is the American dream, the opportunity our families and grandparents came here for. It’s a chance to climb the ladder of success. I achieved this without barely finishing high school or getting a college education. Despite having a major learning disability, I felt overwhelmed when I walked onto a college campus and believed that I’d already made too much money to go to school. It’s thanks to this great country that our parents and grandparents came to that we have these opportunities.
This article feature is from our annual special edition issue, the L.A. STYLE Magazine Most Influential of 2023.
July 11, 2023
