Passion for helping Hispanic customers spurs Alterra’s meteoric growth
Alterra Home Loans formed nine years ago with a mission to help underserved consumers, primarily Hispanics, become homeowners.
About three years ago, after Alterra revamped its culture and zeroed in on its mission with new accountability and transparency technology, its business took off.
The result has been nothing short of remarkable. Alterra, formerly Venta Financial, has grown 300 percent over the past three years, set a record $132 million in production volume in August, and forecasts between $1.3 billion and $1.5 billion in total mortgage volume this year.
How They Grew
About 60 percent of Alterra’s business is FHA lending and about 40 percent is conventional with a significant volume of high LTV business, including Fannie Mae’s HomeReady® mortgage product.
Alterra CEO and President Jason Madiedo, the son of Colombian immigrants, credits a culture change and focusing on the nation’s burgeoning Hispanic population for the company’s recent growth. He also gives plenty of credit to his mother, Ede Madiedo.