Change Lending preps $465 million non-QM securitization

The non-QM securitization comes just a few weeks after its $283 million securitization of residential home loans originated entirely by a CDFI (Community Development Financial Institution).

“We are proud to have been the first CDFI to securitize its own residential loans earlier this year,” said Jesse Elhai, managing director of capital markets at Change. “Today, we took another step towards bringing racial and social equity to homeownership by closing the first AAA-rated RMBS securitization by a CDFI. This transaction validates the importance of the exemptions provided to CDFIs by the CFPB to fairly and responsibly meet the needs of minority and low-income borrowers.

“It also demonstrates the creditworthiness of prime borrowers left behind by traditional banks and lenders. We thank our financial partners for helping us further our mission of ending structural economic inequalities in homeownership. Change will continue to expand its partnerships with financial institutions seeking socially responsible investments that level the financial playing field for Black, Latino and low-income Americans across the United States.”