Company offers loans to Black, Latino, and low-income communities
Change Lending, LLC is set to become a member of the Federal Home Loan Bank of San Francisco (FHLB-SF) after its application for membership was approved by the bank.
Based in Anaheim, Change Lending provides home loans to underserved communities, including Black, Latino, and low-income borrowers. It operates as part of The Change Company, with both entities certified as community development financial institutions (CDFI) by the US Department of the Treasury.
Approval was granted by the FHLB-SF following Change Lending’s fulfillment of all necessary statutory criteria, including those concerning capital, profitability, and liquidity. The membership will take effect as soon as it procures capital stock in the bank, according to a news release.
“Change Lending is proud to become a member of the FHLB-SF,” said Steven Sugarman, founder of The Change Company. “We welcome a partnership with the FHLB-SF to enhance our strength and reach as America’s CDFI. We are excited to expand our impact and better serve our target market borrowers.”
“We are pleased with the decision of the FHFA and FHLB-SF to approve Change’s application for membership in the FHLB-SF,” added Reverend Everett Bell, who chairs the community advisory board. “We look forward to working in partnership with the FHLB-SF to bring greater equity to homeownership.”
Change Lending is also recognized as the largest non-qualified mortgage lender in the country and is the first non-bank CDFI to receive an AAA-rating on its residential mortgage loan securitizations. The Treasury recently renewed its CDFI certification last month.
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