Press & NewsGood things are happening
CFPB Must End Use of HMDA Data to Dox Consumers
June 1, 2023 | American Banker
Barron’s magazine and its reporter, Jacob Adelman, have admitted to using the Consumer Financial Protection Bureau’s (CFPB) public disclosure of Home Mortgage Disclosure Act (HMDA) data to identify individual Americans and investigate them. In an interview with The Change Company (Change), Adelman explained that he compares the CFPB’s redacted and “anonymous” information with data available for purchase from private companies and municipalities to identify borrower names and personal information contained in confidential mortgage applications. Adelman explained that he then reverse engineers the identities of homeowners, focusing on those who self-identified as Black or Hispanic/Latino (Hispanic), in their mortgage loan applications in order to uncover their identities – which HMDA mandates must be anonymous.
Read our Fact Sheet to learn about Change’s business practices and positive social impact
June 1, 2023 | The Change Company
Treasury Makes Shocking Decision to Exclude Disabled Americans from CDFI Program
April 19, 2023 | Business Wire
In a shocking decision, the Department of the Treasury’s Community Development Financial Institutions Fund (the “CDFI Fund”) has denied a Community Development Financial Institution (“CDFI”) the ability to serve disabled Americans (the “Disabled”), including disabled veterans, as part of its Target Market. Over the past year, the CDFI Fund has held seminars and conferences highlighting the credit issues facing the Disabled and the need for CDFIs to serve this important community. Despite clear and convincing academic and governmental research, including extensive research conducted by the CDFI Fund itself, which underscores the persistent issues Disabled Americans face in accessing credit from banks, the CDFI Fund nevertheless denied a CDFI’s application to provide financial products and services to the Disabled. The CDFI Fund wrote, “…the CDFI Fund has not approved disabled persons as a Target Market and therefore… your application to expand your Target Market to include the Disabled is declined.”
Broad coalition of financial institutions support CDFI exemptions
March 21, 2023 | MPA
CDFI Fund Director Jodie Harris’ proposal appeared to have significant support until it faced public comment and scrutiny for the first time this past Winter. On December 5, 2022, America’s largest non-bank CDFI, The Change Company, posted a public comment highlighting the enormous damage the proposal would do to millions of Americans and all CDFIs engaged in consumer lending. In an interview with Barron’s, Steven Sugarman, the Founder of Change, commented “I can’t imagine a scenario where the proposed rule change carries the day. Someone is going to look at this, and they’re going to say, ‘Let’s take a little bit more of a nuanced view here.’”
The Change Company and Framework Homeownership Partner to Expand Homeownership
March 14, 2023 | Business Wire
Omar Esposito, President and CEO of Framework said: “We are thrilled to partner with The Change Company, America’s largest CDFI, as we work to make smart homeownership the new norm nationwide by leveraging technology to reach a new generation of homebuyers and homeowners. We believe that with a superior curriculum, the latest technology, dedication to our customers, and innovative relationships with lenders like The Change Company, we can help millions more homebuyers purchase their first homes.”
It's time for FHLB Banks to pursue their mission
Januargy 12, 2023 | American Banker
Sandra Thompson and the Federal Housing Finance Authority (FHFA) should be applauded for questioning the Federal Home Loan Bank banks (FHLB Banks) they oversee about their level of community development lending. For decades, the FHLB Banks have been gaslighting the public about their community development activities while primarily serving as government subsidy providers exclusively for their bank members.
This Little-Known U.S. Agency Determines Millions in ESG Investing. It’s About to Change the Rules.
DECEMBER 30, 2022 | BARRONS
Lenders have rushed to earn CDFI status, the closest thing to asocially conscious seal of approval from the U.S. government. Now,the industry is pushing back on reforms.
The Secret Bias Hidden in Mortgage-Approval Algorithms
August 25, 2021 | The Markup
Even accounting for factors lenders said would explain disparities, people of color are denied mortgages at significantly higher rates than White people.
Steven A. Sugarman Speaks at 74th Annual NAREB Convention on Expanding Black Homeownership
JULY 28, 2021 | BLOOMBERG
The Change Company, America’s Community Development Financial Institution (CDFI), announced today that its founder Steven Sugarman presented to the 74th Annual National Association of Real Estate Brokers (NAREB) Convention in Cleveland, Ohio. Mr. Sugarman spoke during the Legislative Forum and discussed the unique opportunity for advocacy that exists for NAREB and The Change Company to impact public policy and end government sponsored or sanctioned redlining in America. Mr. Sugarman discussed advocacy positions which would help to immediately expand homeownership across the Black community and begin to reduce the wealth gap between Black and white families in America.
Video of Mr. Sugarman’s speech is available here.
The Change Company Awarded Best CEO for Diversity and Best CEO for Women
July 14, 2021 | BUSINESSWIRE
The Change Company, America’s Community Development Financial Institution (CDFI), is proud to announce that it won two Comparably Awards: Best CEO for Diversity 2021 and Best CEO for Women 2021.
“I am gratified by the fact that our diverse team of employees know that their contributions are valued, their voices are heard, and their talent and hard work are responsible for The Change Company’s dramatic success. Change is making a real impact on the lives of tens of thousands American families each year by expanding access to capital to those left behind by traditional banks and lenders,” said Founder and CEO Steven Sugarman. “I am blessed to work with a mission-driven team that focuses each day on making a difference in the lives of those families we help to become homeowners and bring into the financial system. It is its own reward to know that our employees are as satisfied as I am working at The Change Company.”
Comparably Awards were derived from sentiment ratings provided by employees who anonymously rated their employers on Comparably.com during a 12-month period from June 30, 2020 through June 30, 2021. The Change Company’s employees provided 2,582 ratings and, based on those ratings, Comparably found that employees at The Change Company are “very satisfied with their work experience” and rated The Change Company an “A+”.
Change Home Mortgage Names Jon Irvine Chief Production Officer
July 06, 2021 | BusinessWire
The Change Company, America’s Community Development Financial Institution (CDFI), is pleased to announce the appointment of Jon Irvine as Chief Production Officer of its mortgage banking subsidiary Change Home Mortgage. Jon is responsible for revenue-generation strategy and execution across all origination channels, including Change Wholesale. His duties include overseeing the sales, marketing, onboarding, and training teams to ensure Change Home Mortgage executes its strategy to expand affordable homeownership across the United States.
Mr. Irvine reports to Change Home Mortgage President Ted Ray, who said, “Jon is a seasoned sales leader with a proven track record of growing originations, as well as building and coaching world-class teams. I am thrilled to work with Jon again because he has lived our values and celebrated our shared mission throughout his career. Jon is the ideal person to help lead Change Home Mortgage through our next stage of growth and we are very pleased he has joined our team.”
The Change Company Acquires Connect Escrow
APRIL 28, 2021 | BUSINESSWIRE
The Change Company, America’s Community Development Financial Institution (CDFI), announced today it has acquired the woman-owned and operated real estate escrow services company Connect Escrow, Inc. (“Connect Escrow”).
Leanne Alva, Connect Escrow’s Chief Executive Officer, said, “We are excited to join The Change Company and become part of America’s CDFI. Connect Escrow is founded on principles of strong, sustainable, and inclusive relationships to ensure all Americans have an equal ability to buy and sell real estate. Our technology platform is highly scalable and enables us to serve clients in communities that for too long have been underserved by credible and reliable service providers. Our digital platform will accelerate Change’s ability to meet its mission to bank the unbanked, fairly and responsibly.”
Commerce Home Mortgage’s Wholesale Division Has a New Name: Change Wholesale
APRIL 20, 2021 | BusinessWire
The Change Company, America’s Community Development Financial Institution (CDFI), and its mortgage banking subsidiary Change Home Mortgage (the “Company”) announced today the rebranding of the Company’s wholesale division to Change Wholesale.
Ted Ray, President of Change Home Mortgage, said, “This rebranding represents an important milestone as we focus our resources on scaling Change Wholesale. Our wholesale partners are able to benefit from Change Wholesale’s proprietary loan programs – including our Community Mortgage – and technology to finance prime borrowers their competitors can’t. As America’s CDFI, we are a mission-driven lender who enables our broker partners to grow their businesses by serving diverse borrowers with diverse needs.”
The Change Company Closes $150 Million Senior Debt Offering
MARCH 31, 2021 | BusinessWire
The Change Company, America’s Community Development Financial Institution (CDFI), announced today the closing of a private placement (the “Offering”) of $150 million aggregate principal amount of its 5.375% Senior Notes due in 2031 (the “Notes”). Investors in the Notes include over 45 socially responsible insurance companies, asset managers, and banks seeking to participate in impactful ESG investment opportunities that provide access to capital in support of homeownership for Black, Latino and low-income borrowers and communities. The Change Company and its affiliates have successfully raised approximately $250 million in new capital over past six months in support of their community development mission.
The Change Company Names Jason Biegel Chief Operating Officer of Residential Lending
MARCH 22, 2021 | BusinessWire
The Change Company, America’s Community Development Financial Institution (CDFI), has appointed Jason Biegel Chief Operating Officer of its residential lending division, which operates under the brands Change Home Mortgage and Change Wholesale. Mr. Biegel’s appointment will be effective upon the beginning of his employment on April 1, 2021.
The Change Company Launches Initiative to Expand Homeownership in Low to Moderate Income Communities
MARCH 10, 2021 | BusinessWire
The Change Company, America’s Community Development Financial Institution (CDFI), announced today the launch of its newest initiative to expand homeownership in low- to moderate- income (LMI) communities based on the research recently published by Prosperity NOW entitled “Expanding Homeownership in Low- to Moderate- Income Communities.” The Change Company’s initiative pledges $1 billion of fair and responsible new lending in LMI communities to expand homeownership. The Change Company has published the Prosperity NOW study on the Insights section of its website at www.changellc.com/insights/.
The Change Company Partners with Netflix to Expand Black Homeownership
MARCH 1, 2021 | BusinessWire
The Change Company, America’s Community Development Financial Institution (CDFI), announced today its partnership with Netflix to expand Black homeownership in America. The Netflix investment in affiliates of The Change Company is focused on bringing racial equity to home lending by financing Black homeowners, fairly and responsibly.
The Change Company Names Jesse Elhai Head of Capital Markets
FEBRUARY 25, 2021 | BusinessWire
The Change Company, America’s Community Development Financial Institution (CDFI), has appointed Jesse Elhai as Managing Director. Mr. Elhai is responsible for leading the company’s Capital Markets where he will oversee the financing, sales and trading, and securitization of all non-conventional whole loans.
The Change Company Welcomes Chris Gardner to its Board
FEBRUARY 24, 2021 | BusinessWire
The Change Company, America’s Community Development Financial Institution (“CDFI”), is proud to announce that Chris Gardner has joined its Board of Directors.
Mr. Gardner is an entrepreneur, single parent, and best-selling author of The Pursuit of Happyness and Start Where You Are. The Pursuit of Happyness became a New York Times and Washington Post #1 Bestseller as well as an iconic film starring Will Smith. Mr. Gardner is currently completing his newest book, Permission 2 Dream, which will be released in April 2021.
The Change Company Names Antonio Villaraigosa Board Chair
FEBRUARY 23, 2021 | BusinessWire
The Change Company, America’s Community Development Financial Institution (CDFI), is proud to announce that Antonio Villaraigosa, the 41st Mayor of Los Angeles, has been named the Company’s Board Chair. Mayor Villaraigosa brings his decades of experience as a public servant, educator, and advocate to The Change Company.
The Capital Corps Rebrands to The Change Company
FEBRUARY 17, 2021 | BusinessWire
Our new name -The Change Company – reflects our mission and our passion for immediate solutions to end the persistent structural economic inequalities that continue to impact minority and lower income Americans.
Commerce Home Mortgage Closes Follow-On Preferred Equity Offering
DECEMBER 30, 2020 | BusinessWire
Commerce Home Mortgage, LLC (“Commerce”) – one of America’s largest Community Development Financial Institutions (“CDFI”) – announced today the pricing and closing of a private placement (the “Offering”) of $31.5 million of cumulative, perpetual preferred equity units (the “Preferred Equity Units”). The Offering brings Commerce’s outstanding Preferred Equity Units to $81.5 million. Investors in the Preferred Equity Units include 18 socially responsible banks seeking to expand access to capital to low-income borrowers and communities throughout their market service areas.
Commerce Home Mortgage Raises $50,000,000 of Preferred Equity to Expand Access to Capital to Minority and Low-Income Americans
October 19, 2020 | BusinessWire
Commerce Home Mortgage, LLC (“Commerce”) – one of America’s largest Community Development Financial Institutions (“CDFI”) – announced today the pricing and closing of a private placement (the “Offering”) of $50 million of cumulative, perpetual preferred equity units (the “Preferred Equity Units”) by a consortium of socially responsible ESG Investors, including community and regional banks.