California Lender new american funding has promoted Patty Arriello to CEO, becoming co-CEO with her husband Rick. Christy Bunce will replace Arriello as president.
Thank you for reading this post, don't forget to subscribe!“Patty Arriello served as the company’s president before being promoted to the position of co-CEO, but has always conducted herself as co-CEO for NAF because of her high level of involvement in building and running NAF. Rick has been a wonderful partnership,” the company said in an e-mail response when asked how his role will change with the new position.
Patty Arviello founded NAF in 2003 with Rick, who has been serving as CEO for more than 20 years.
She created NAF’s Latino Focus and New American Dream initiatives, designed to promote homeownership and mortgage industry career awareness among Hispanic and Black communities.
The company invests in mortgage professionals equipped to work with Hispanic borrowers, with a focus on hiring bilingual staff, according to its website.
The lender said Tuesday that Bunce will continue to manage the company’s day-to-day operations while helping New American Funding expand into new lines of business and enhance its suite of offerings.
Since joining NAF in 2008 as Operations Manager, “Bunce’s experience and expertise in loan processing, underwriting and funding has served as a guide to the company’s growth since its inception. [as] A California-based call center for a nationwide lender with a sizable retail footprint,” the company said in a statement.
After being promoted to chief operating officer in 2012, Bunce oversaw the creation and expansion of the company’s mortgage servicing division.
According to NAF, the company has 170 locations across the country and more than 3,500 employees. The lender offers a variety of conventional, government, adjustable-rate and nonqualified mortgages with licenses in the 50 states and Washington, DC.
After two years of rapid expansion, a downturn in the mortgage market has prompted the lender to lay off 941 employees in 2022 to right-size the company, the lender said in November.
The California-based lender plans to hire about 2,800 employees in 2020 and more than 1,300 the following year, according to a company release from August 2021.
inside mortgage finance New American Funding is pegged as the 32nd largest lender in the country, with $14.6 billion in originations in 2022, down 50% from the previous year’s $29.3 billion.
