New American Funding onboards top Chicago loan officer 

By Real Estate News

New American Funding (NAF) has snagged top Chicago loan officer Larry Steinway as it looks to grow its presence in the Chicagoland area.

Steinway, who closed more than $1.5 billion of loan volume in his nearly 30-year career, started at NAF on April 1 as its vice president producing area sales manager tasked with expanding the lender’s footprint in the Chicagoland area. 

Larry Steinway, VP producing area sales manager at New American Funding

He joins NAF from Revolution Mortgage, where he served as branch production sales manager and SVP of mortgage lending for a little over a year. Steinway was also one of the first four loan officers to be hired at Guaranteed Rate, where he earned the firm’s Chairman’s Club title for hitting $100 million in yearly production multiple times.

“The goal is to help them develop this territory and use this platform to attract talent – established loan officers, up and coming loan officers,” Steinway said in an interview with HousingWire

“One of the several things that differentiate New American Funding from other lenders is that they service 98% of their loans, which as a loan officer is wonderful for us because I can retain them as a lifelong customer.”

Steinway also expects NAF’s “expansive” product mix, such as NAF Cash, will help him achieve more production volume in a highly competitive market.

Through NAF Cash, the lender purchases the buyer’s chosen home upfront with cash while the buyer can rent the new home while working on selling the old home or securing financing on the new one. When the buyer is ready to move in with permanent financing, NAF sells it back to the buyer for the original price with a convenience fee that can be added to the purchase price.

“Chicago, I think, is suffering more than most markets in the United States. People are still buying homes, but we are still seeing multiple offers like crazy, seeing a lot of people waive contingencies such as inspections. There are a lot more as-is offers being made out there than I would ever see before. Because of the lack of inventory and multiple offers, the NAF Cash product will give an advantage for my clients over other butter that cannot make a cash offer,” said Steinway.

NAF, the 31st largest mortgage lender in America in 2023, according to Inside Mortgage Finance, has been in growth mode. HousingWire reported that the company was entering the joint ventures arena in April, offering multiple JV models in a margin-compressed and highly regulated industry. 

Most recently, NAF acquired $2 billion Chicago-based retail shop Draper & Kramer Mortgage Corp. (DKMC) to enhance its presence in the Midwest and along the East Coast.

“We’re extremely excited about the recent purchase of Draper & Kramer in the Chicago market and adding Larry as a Producing Area sales manager to help us continue our growth,” Pat Boaln, chief production officer and head of retail sales at NAF, said in an emailed response.

Founded in 2003 by Rick Arvielo and his wife, Patty Arvielo, NAF offers a variety of conventional, government, adjustable-rate and non-qualified mortgages. The lender originated $9.6 billion in mortgages in 2023, according to estimates from Inside Mortgage Finance. 

NAF, licensed in 50 states and Washington, D.C., has 256 active branch locations across the country with 2,098 sponsored mortgage loan originators as of March 29, according to the National Multistate Licensing System.