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The Change Company - Making the American Dream Home Ownership Possible for All

The Change Company - Making the American Dream Home Ownership Possible for All

The Change Company is committed to removing the non-economic barriers that impede access to fair/equitable lending by offering financial services, including home mortgage, property appraisal, home insurance, Escrow, and digital banking.

The Change Company is a Community Development Financial Institution certified by the United States Department of Treasury and the State of California to expand access to lending and banking to Black, Latino, and low-income borrowers and communities. The Change Company offers its proprietary technology, lending, and banking products digitally, in partnership with over 1,000 non-bank lenders, and through its principal operating subsidiaries Change Wholesale, ChangeFi, Change AMC, Change Escrow, and Change Home Mortgage.

Owning a home provides stability and financial security  — it is the cornerstone of the American dream. But for those in underserved communities, that dream is often out of reach. The Change Company is committed to removing the non-economic barriers that impede access to fair/equitable lending by offeringfinancial services, including home mortgage, property appraisal, home insurance, Escrow, and digital banking.

Since 2018, The Change Company has funded over $18 billion in mortgage loans to more than 50,000 families. In 2021, The Change Company originated approximately 18,000 loans totaling over $7.8 billion.

The Change Company has raised more than $300 million from more than 100 ESG investors, demonstrating strong institutional investor adoption of its community development business model.

In February 2022, The Change Company closed the first-ever securitization of residential home loans originated entirely by a CDFI. Investors in the $297 million offering included socially responsible asset managers and banks seeking to finance home loans to credit-worthy Black, Latino, and low- and moderate-income borrowers and communities.

The Edge

The Change Company offers its proprietary technology, lending, and banking products through its main operating subsidiaries:

  • Change Home Mortgage and Change Wholesale provide financing solutions to America’s diverse homeowners and communities.
  • Change Escrow ensures buyers and borrowers are treated fairly and responsibly.
  • Change Finance provides digital banking services, including payments, cards, cash management, and other financial solutions for the underbanked.
  • Change Appraisals provides appraisal management services to homeowners to ensure accurate and unbiased appraisals are secured from qualified appraisers.
  • xChange is a digital loan exchange where impact investors can finance high-quality, high-impact loans to create social change consistent with their risk appetite. 

Achievements & Awards:

  • Fortune 2021 “Change the World” list
  • Comparably 2021 Best Companies for Perks and Benefits
  • Comparably Best Leadership Team 2021
  • Comparably Best CEO for Diversity 2021
  • Comparably Best CEO for Women 2021

Management Team

The Change Company and its subsidiaries are managed by a team of executives, CEOs, Presidents, or Executive Directors, representing underserved/underbanked markets to ensure the financial products are prudently structured and non-predatory. Over 60% of the executive team and board of directors are a minority; for example, the President of Change Appraisal Management Company is a Black Female – making it the only Black/Female Appraisal Management Company in the Country. Change Escrow and Urban Advantage, Change’s Insurance business, are operated by CEOs who are Asian and Black, respectively. 

Steven A. Sugarman is the Founder of The Change Company. An accomplished professional, he has won many accolades and awards.

In 2021, he was awarded Best CEO for Diversity and Best CEO for Women by Comparably; Mr. Sugarman is a board member of Los Angeles Team Mentoring (LATM) where he was the recipient of the LATM Keystone Award in 2014. Mr. Sugarman was awarded the Giraffe Award for leadership relating to public service and community development by the National Asian American Coalition and the National Diversity Coalition in 2015. He also received the Outstanding CEO Award from the Korean American Chamber of Commerce of Orange County in 2015 and received the Bayanihan Award in 2017 as part of The Outstanding Filipinos Awards.
He is supported by an experienced team including Carlos Salas, President, and Mayor Antonio Villaraigosa, Chairman of The Change Company Board of Directors.

People and Benefits and CSR

The Company has an employee-centric workplace that offersemployees competitive salaries, great benefits, and long-term career paths. The Company offers a wide variety of well-health programs, including medical healthcare, dental, vision, disability, and vision benefits. Other benefits offered by the Company help promote financial well-being with the Company’s 401(k) plan, which includes generous matching options. The Company maintains a Wellness Program with employee reward incentives to help support its employees’ mental and emotional well-being.

The Future

The Change Company has been scaling its business by over 100% every year since 2018. Change expects to originate over $10 billion in loans in 2022 and continues to see over 70% of its loans to its target markets of Black, Latino, and low-income homeowners.

The Change Company aims to become the largest originator of loans to creditworthy underserved borrowers with nontraditional credit profiles.

Additionally, Change seeks to attract more socially responsible banks and non-depository investors to its digital impact loan marketplace, xChange. Through xChange, investors can purchase community development loans approved Low-Income Borrowers, Low-Income Communities, Women Borrowers, First Time Homebuyers, Persistent Poverty County, Black, Latino, Community Reinvestment Act-eligible, Community Development Financial Institution-eligible. 

Steven A. Sugarman Founder and CEO

The Change Company

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