Why Billionaire Businesswoman Patty Arvielo Says It’s Okay to Fail – E! On line
E ! News: What has been your experience as a Latina navigating the mortgage industry?
PENNSYLVANIA: My superpower is being Latina. A big part of our success has been our outreach to underserved communities and people who watch my business and see themselves in our story. When businesses and corporations seek to penetrate a demographic group, they must be represented by the demographic group. Often companies go after the Latino market, but they don’t hire Latinos.
At first I was scared and walked on eggshells, hoping not to offend. But I’m a woman and I’m a Latina, so I have to rock who I am. I want to flourish, I want to win. We admire men, but why don’t they admire us? It’s because they don’t know how. There is always a struggle, but hopefully for the next generation, because women like me will speak up, it will be different.
E ! News: What inspired you to start your own business?
PENNSYLVANIA: I got married very young, at 24, and had two children. At 30, my first husband left me. All of a sudden, he walked through the door and disappeared. My safety net was gone. I found myself failing, being divorced, and at the time we were in a down cycle in mortgage lending. So not only was I depressed, but there was no work. My parents helped me in this struggle and it took me about a year to get back on my feet. At that time, I couldn’t commit to a nine-to-five job…so that was the first step in my freelance work.
Then I set up with this wonderful man, who I now claim as my husband, and he was a successful entrepreneur. He invested all of his own company’s profits in the tech sector during the tech boom and…we got really, really, really rich. But overnight, we became really, really poor. I’m like, “Why don’t you come work with me? Why don’t you come to the mortgage?” So he dove in. We were synergizing the fusion that no one could do – he’s really good at everything I’m not good at, and I’m really good at everything he’s not good at. It was a good partnership and we started building this company, New American Funding. We will be celebrating our 20th anniversary next year.