June 19, 2021

The Change Company Names Jesse Elhai Head of Capital Markets


February 25, 2021 12:02 PM Eastern Standard Time

Originally published on Business Wire

IRVINE, Calif.--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.

Mr. Elhai stated, “I am excited to join The Change Company and build an industry leading capital markets team. As a community development financial institution, The Change Company and its subsidiaries are able to originate high quality, prime loans that meet the demand of today’s traditional institutional investors as well as socially responsible investors with CRA, ESG, and Impact investment mandates. I am excited to be able to deliver unique and compelling whole loans to investors who seek attractive financial and social returns.”

Ted Ray, President of The Change Company’s mortgage banking subsidiary, said, “Jesse’s deep industry knowledge and impressive experience are invaluable additions to our team, his leadership and expertise will help us prudently grow our non-conventional origination platform to meet the needs of our loan officers and wholesale origination partners.”

The Change Company’s Founder, Steven Sugarman, added, “As America’s CDFI, we are dedicated to serving the $200 billion per year market of prime borrowers unable to secure home loans from traditional and digital banks. We have demonstrated the ability to originate these socially responsible loans without compromising credit quality – including average FICOs above 720 – and are seeing broad and deep demand from across the country. We are thrilled to have Jesse lead our capital markets team as we rapidly grow our non-conventional originations to bring social and racial equity to home ownership.”

The Change Company and its mortgage banking subsidiary are each certified by the United States Department of the Treasury CDFI Fund to serve the underserved markets of Black, Latino and low-income borrowers as well as low-income communities. As a CDFI, loans originated by The Change Company are eligible for CRA credit, enjoy exemptions from aspects of Regulation Z, and are exempt from certain rules relating to risk retention. Whole loans originated by The Change Company have been included in securitizations issued by Pimco, Angelo Gordon, and others.


Media Inquiries
Blake Brooks

Additional Insights

Your source for articles, white papers and reports that motivate our mission to increase wealth and homeownership in diverse communities across America.

Steven A. Sugarman Speaks at 74th Annual NAREB Convention on Expanding Black Homeownership

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.

Expanding Homeownership In LMI Communities

Homeownership remains the primary means by which most households in this country can attain wealth.Yet many families—especially those of color—are locked out of the opportunity to buy homes of their own. Homeownership rates in low- and moderate-income (LMI) communities and for people of color have historically been considerably lower than other groups, making it one of the largest drivers of the racial wealth divide. Barriers to accessing mortgage finance are a major explanation of this.

Can’t Ignore The Racial Disparities:' Black Americans' Net Worth Is One-Seventh Of Whites

The average net worth of Black families is $142,330 — or just one-seventh of the $980,550 in wealth accumulated by white Americans, according to a new study from LendingTree that draws on data from the Bureau of Labor Statistics, the 2020 Economic Policy Institute report, and various Federal Reserve reports.