Kim Arrington trains home buyers to be mortgage ready

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Kim Arrington, head of the Atlanta metro branch of New American Funding, joins the Atlanta Real Estate Forum podcast to discuss homebuyer mortgage readiness education and new diversity initiatives, highlighting the New American Dream Initiative. She joins hosts Carol Morgan and Todd Schnick on the All About Real Estate segment.

Arrington loves helping homeowners find an affordable way forward, but lately she has been asking how New American Funding can help minority buyers. In the past year, NAF has put a lot of emphasis on financial literacy with seminars on budgeting and how to plan and prepare for mortgages. The main goal is to make sure that home buyers are spending their money wisely, while at the same time becoming more loan-ready to cope with home purchases in order to ensure sustainability in the home.

In the US, 3.4 million mortgage-ready people do not buy property because they do not know what to do next. For example, it is especially important to help college graduates understand the strength of their diploma and work experience.

“The pandemic was a great experience to go through and say, ‘Did we do it well? How many of our minority borrowers were affected and needed help to maintain a home, or even experienced early payment default or foreclosures? Said Arrington, discussing the growth opportunities for diversity at New American Funding.

With new initiatives, New American Funding has made great strides in consumer education. Introducing in-house down payment assistance programs and combining them with a homebuyer training manual has been successful and provides additional flexibility to study at home or online for convenience. It is important to ensure that borrowers understand payments, budgeting, what to do after buying a home, and how to transfer money and keep up with payments.

The next part of the initiative is community research. New American Funding was recently invited to Henry County to talk about financial literacy and housing affordability options. Based on this experience, it was decided that offering extended financial literacy courses at their Henry County facility would be very beneficial.

“If we can be planted and continue teaching a group in one community at a time, we are empowering them.” Arrington said.

There are many aspects of the home buying experience, such as banking guidelines, that people may not know about if they are of color. Often minority buyers come to the lender with a call card or inform them that they are not using the bank for their finances. Minorities tend to use popular celebrity business cards to track their finances instead of using more traditional methods.

For a lender or lender who does not understand the complexities and experiences of a person of color, they can receive an application and immediately develop an unconscious bias that a minority borrower cannot afford during this process.

Arrington commented, “It is my job as a lender who is part of this community to have this conversation.”

The loan officer wants to understand how the borrower is spending their money and that there are no outstanding bills on the credit report to ensure that they can afford to pay the mortgage. With non-minority buyers, the conversation is different because they have easier access to financial literacy training. The key is discussion that resonates with the consumer and helps them succeed in achieving their goal of owning a home.

New American Funding also has a very positive relationship with home builders, and a large number of people coming out of builder communities are of color. Consumer surveys question what the experience was and the process underway, and responses over the past year indicated that not all experiences were 100% pleasant due to the fact that many did not understand the process. Revealing this in the background revealed weaknesses and an urgent need to better arm buyers.

There are many diversity and inclusion initiatives in the country today as companies understand the importance of educating their employees in the skills to reach out to minority consumers. This training encourages them to listen and understand the process better in order to make the experience better for these consumers. If the consumer does not know what question to ask, he will not receive the desired answer.

New American Funding focuses its customer service on areas where there is an opportunity to build trust. An ongoing initiative is teaching financial literacy in schools. The goal is to sit down and educate young homebuyers on how to budget, how to prepare for a mortgage, and how to go from renting to getting prior permission to build their dream home. This educational process has proven to be very successful in the past, teaching young home buyers how to easily get involved and not be intimidated by their lack of knowledge.

“We commit to be with you from contract to closing, but we’ll be there after. This is what makes me proud to be here in my sixth year and still on this platform, ”said Arrington.

Lessons learned and discipline affect the shopper’s life outside the home. When a home buyer becomes aware of the process, they can better own the mortgage payment, interest rate, and whatever else is thrown at them.

The ultimate goal of the New American Dream Initiative is to look at every community in the Southeast and see how new American funding has emerged for each of them and made a difference. Empowering communities through a holistic approach and building a better community together is the key to community.

To learn more about New American Funding, visit www.newamericanfunding.com, or contact Kim Arrington by phone kim.arrington@nafinc.com… To find out more, listen to the full interview above!

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Housing mortgage licensee in Georgia, license No. 22564. NMLS identification number 6606. Depending on the qualifications of the borrower and the property. Not all candidates will qualify. Click on here to familiarize yourself with the terms of use of the products mentioned during the exhibition. Corporate office 14511 Myford Rd., Suite 100, Tustin, CA 92780. Phone: (800) 450-2010. (Aug / 2021)


New American Funding is a family mortgage lender with a portfolio of over 123,000 loans worth $ 30.4 billion, 198 branches and approximately 3,100 employees. The company offers several niche loan products and has been named one of America’s Fastest Growing Companies Inc. six times. 5000. It has a state-of-the-art vocational training center and develops innovative technologies, including the GoGo LO mobile app. For more information visit www.branch.newamericanfunding.com/Atlanta

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