Cultural nuance and how to speak the same language as Asian American borrowers
In honor of Asian American Pacific Islander (AAPI) Heritage Month, we interviewed Karen Chiu, Builder Development Manager at New American Funding, to learn from her experience and gain insight into the challenges many Asian Americans face in homebuying and in the mortgage industry. Karen has over 20 years of experience as a top mortgage loan originator, and she specializes in working with first-time homebuyers and foreign nationals to obtain the American dream of homeownership. She's also an active member of the Asian Real Estate Association of America, which works to improve homeownership among Asian communities.
Karen discusses why purchase business is especially meaningful to her, why she actively meets and supports other LOs in her organization, how her recently licensed daughter took her first loan app in fifth grade, and why Asian American representation is critical.
- What does Asian American Pacific Islander Heritage Month mean to you? (1:27)
- Can we talk about the awards you’ve received in your career? What is the most meaningful one? (2:53)
- Why is it so important for colleagues to have the opportunity to learn from others within the same organization? (5:03)
- What made your daughter decide to work alongside you and learn the trade? (7:33)
- Why do you think homeownership for Asians is lagging? (10:20)
- What would you say are the barriers Asian consumers face in the homebuying process and how or what can loan officers do to help? (12:11)
- What do you think the perception or importance of owning a home among Asian Americans is? (13:55)
- Are there any cultural nuances that mortgage lenders, or employers in general, tend to “miss” when it comes to Asian American Pacific Islander borrowers? (15:37)
The opinions and insights expressed in this Q&A are solely those of its interviewee and do not necessarily represent the views of either Mortgage Guaranty Insurance Corporation or any of its parent, affiliates, or subsidiaries (collectively, “MGIC”). Neither MGIC nor any of its officers, directors, employees or agents makes any representations or warranties of any kind regarding the soundness, reliability, accuracy or completeness of any opinion, insight, recommendation, data, or other information contained in this blog, or its suitability for any intended purpose.
Karen Chiu, Builder Development Manager, New American Funding
Karen has over 20 years of experience in the mortgage banking industry and extensive practice in originating home loans for both purchase and refinance. Her specialties include working with first-time buyers and foreign nationals to obtain the American dream of homeownership.
She’s a firm believer in excellent customer service and her vast array of awards demonstrate that. Karen has been repeatedly honored as one of the nation’s top originators by multiple national publications. In each of her 6vyears at New American Funding, Chiu was named to the company’s President’s Council, an honor reserved for the company’s top originators.
Karen is also a member of the National Charity League, San Marino Chapter, a mother-daughter philanthropy group that focuses on community service. She's an active member of the Asian Real Estate Association of America, which works to improve homeownership among Asian communities. Karen has also been featured on the Scotsman’s Guide for Top Purchase and Volume Dollar, as well as being named Top Women Originator.