Patricia L. Arvielo
Century CommunitiesAbout Patricia L. Arvielo
Independent director of Century Communities, Inc. (CCS); age 60; joined the Board in 2021 and serves on Audit, Compensation, and Nominating & Corporate Governance Committees. She is President and Co‑Founder of New American Funding (since 2003), a leading independent U.S. mortgage company, and has served on industry committees including the Mortgage Bankers Association, NAHREP, and the Housing Counseling Federal Advisory Committee; recognized as EY Entrepreneur of the Year (Orange County, 2016). She is currently classified as independent by CCS under NYSE and SEC rules.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Western Alliance Bancorporation | Director (public company) | Prior 5 years, not current | Board service disclosed as former; no current CCS interlock noted. |
| New American Funding | President & Co‑Founder | 2003–present | Leads sales/operations; founded Latino Focus and New American Dream to advance homeownership access. |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Mortgage Bankers Association | Adviser/committee participant | Not disclosed | Industry advisory participation. |
| National Association of Hispanic Real Estate Professionals (NAHREP) | Adviser/committee participant | Not disclosed | Community and industry engagement. |
| Housing Counseling Federal Advisory Committee | Committee member | Not disclosed | Federal advisory involvement. |
Board Governance
- Independence: Board determined Arvielo is independent; majority of CCS directors are independent, with heightened independence for audit/compensation committee members required and met.
- Committee assignments: Audit (member), Compensation (member), Nominating & Corporate Governance (member); current committee chairs are Audit—Elisa Zúñiga Ramírez; Compensation—James M. Lippman; Nominating—John P. Box.
- Attendance: Board held 6 meetings in 2024; all directors attended at least 75% of combined Board and committee meetings and attended the 2024 annual meeting.
- Engagement context: Compensation Committee (of which she is a member) responded to 72% say‑on‑pay support in 2024 with pay opportunity reductions, post‑vesting holding periods, and added relative TSR to PSUs.
- Risk oversight: Audit Committee (where she serves) increased oversight of cybersecurity/AI, retained Kroll LLC, and meets quarterly with management/auditors.
Fixed Compensation
| Component | Amount ($) | Basis/Details |
|---|---|---|
| Board annual cash retainer | 80,000 | Standard director retainer. |
| Audit Committee member retainer | 11,000 | Member (not Chair). |
| Compensation Committee member retainer | 10,000 | Member (not Chair). |
| Nominating & Corporate Governance Committee member retainer | 10,000 | Member (not Chair). |
| Total cash fees earned (2024) | 111,000 | Matches Director Compensation table. |
Performance Compensation
| Grant Type | Grant Date | Shares | Grant Date Fair Value ($) | Vesting | Notes |
|---|---|---|---|---|---|
| Annual stock award | 2024‑05‑08 | 2,113 | 175,041 | Fully vested at grant | Annual awards at AGM; amount determined by $175k divided by closing price. |
| Anti‑hedging/pledging policy | Policy in force | — | — | Prohibits hedging, short‑term trading, and pledging (with limited exceptions). | Applies to directors. |
Performance metrics for directors are not used; equity compensation is fixed‑value, immediately vested to support independence; no meeting fees or options granted to directors.
Other Directorships & Interlocks
| Current Public Company Boards | Prior Public Company Boards (past 5 yrs) | Interlocks/Conflicts |
|---|---|---|
| None | Western Alliance Bancorporation | No CCS‑disclosed related‑party transactions or interlocks involving Arvielo. |
Expertise & Qualifications
- Mortgage finance and homeownership access (President & Co‑Founder of a major mortgage lender; founded initiatives to enhance lending experience for Hispanic/Black consumers).
- Audit Committee service; Board has determined all Audit members are financially literate (financial expert designation limited to certain members, not including Arvielo).
- Governance and compensation oversight through service on Compensation and Nominating & Corporate Governance Committees.
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | Notes |
|---|---|---|---|
| Patricia L. Arvielo | 10,421 | <1% | As of record date March 10, 2025; outstanding shares 30,651,555. |
| Director stock ownership guideline | 5x annual cash retainer | — | All directors are in compliance with guidelines (value‑based; directors must retain net shares until targets are met). |
Governance Assessment
-
Strengths
- Independent director with deep mortgage financing and sales/operations expertise; helpful for entry‑level buyer financing dynamics relevant to CCS.
- Broad committee coverage (Audit/Comp/Nominating) supports board effectiveness; audit committee cybersecurity oversight and external advisor engagement enhance risk governance.
- Director pay structure balances cash ($111k) and equity ($175k) with robust ownership guidelines and anti‑hedging/pledging policy, aligning interests with shareholders.
-
Watchpoints / RED FLAGS
- Say‑on‑pay support fell to 72% in 2024; while the Compensation Committee (including Arvielo) enacted responsive changes (reduced executive pay opportunities, added relative TSR, extended mandatory holding), investor scrutiny of pay‑for‑performance alignment remains elevated.
- Immediate vesting of director equity is common but may be viewed by some governance investors as less retention‑oriented; CCS offsets with stock ownership/retention requirements.
-
Conflicts/Related‑party
- No CCS‑disclosed related‑party transactions involving Arvielo; overboarding policy in place; she holds no current other public boards.
Overall, Arvielo contributes mortgage finance domain knowledge and committee capacity across governance, risk, and compensation. Continued monitoring of CCS compensation outcomes and shareholder feedback is warranted given 2024 say‑on‑pay results and her role on the Compensation Committee.