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.
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