Revenue at New American Funding in Tustin organically climbed 26% last year to $477.6 million.
The mortgage lender also grew its workforce, adding 14% to 2,381. It climbed seven spots to No. 42 on the Business Journal’s list of the largest private companies in the county.
Husband Rick and wife Patty Arvielo began the company in 2003 as a 40-employee call center.
Rick, who is chief executive, is a fan of technology and designed the business model around timesaving software.
Patty, who grew up in Los Angeles County and has 35 years of mortgage experience, is the president and manages operations and provides insights, such as bringing the entire loan process in-house.
The emphasis on technology hasn’t stopped. Rick designed a mobile application called GoGo LO, a proprietary version of its website, Bankerview. The application, introduced last year, permits processors, underwriters and production assistants to use their cellphones to access its pipeline and thus increases productivity.
The company also opened 36 branches last year for a total of 130 around the country.
New American is a Fannie Mae, Freddie Mac and Ginnie Mae direct lender, seller, and servicer that operates its own builder and real estate-based lending divisions, as well as a large loan-servicing unit.
Last year, it introduced a Fannie Mae product called Your Path, which takes into account changing demographics to approve loans, such as self-employment, seasonal work and multigenerational families. Such factors aren’t well evaluated by traditional methods, the company said.
It funds $1 billion in loans a month and maintains a $17 billion servicing portfolio. The company was the nation’s 39th largest mortgage lender in the first quarter, according to Inside Mortgage Finance Publications. Two big competitors are based in Orange County—No. 17, loanDepot LLC in Foothill Ranch and No. 35, Stearns Lending LLC in Santa Ana.
Rick grew up in Palm Springs and started his first business at age 16. A few years later, he launched his second business, Paradon Industries, which became the parent of a checking company that was sold in several years.
In 2001, he began as an independent mortgage broker developing systems to remove inefficiencies in lending. He founded Broker Solutions Inc. to assist mortgage lenders.
Rick is also chairman of MORPAC, the political action committee of the Mortgage Bankers Association.
The couple, who didn’t graduate from college, were honored this past year by the American Business Awards with a Silver Stevie Award for Executive of the Year in financial services and by Ernst & Young as entrepreneurs of the year for Orange County.
They received the Business Journal’s 2015 Excellence in Entrepreneurship Award.
“While we have achieved tremendous business success in a short time frame, we believe our family-like culture that emphasizes teamwork, unity, and fun is what sets us apart,” its website reads.
