Change Lending Approved for Membership in the Federal Home Loan Bank of San Francisco

March 13, 2024. Anaheim, CA. Change Lending, LLC (“Change”) announced today that the Federal Home Loan Bank of San Francisco (“FHLB-SF” or the “Bank”) has approved Change’s application for membership in the Bank. This decision was based on the determination that Change satisfied all statutory requirements for membership – including those relating to capital, profitability, and liquidity. Change’s membership will become effective upon Change’s acquisition of capital stock in the FHLB-SF.

Change Lending and its parent company, The Change Company CDFI LLC (“The Change Company”), are each community development financial institutions certified by the United States Department of the Treasury. Change focuses on making home loans to underserved, prime homeowners. Since becoming a CDFI in 2018, Change Lending’s loans have been primarily to Black, Latino, and low-income borrowers, and borrowers who reside in low-income communities.

Steven Sugarman, Founder of The Change Company, stated “Change Lending is proud to become a member of the FHLB-SF. 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.”

Change has been recognized as America’s largest Non-QM lender and is the first non-bank CDFI to earn a AAA-rating on its residential mortgage loan securitizations. The United States Department of the Treasury’s Community Development Financial Institutions Fund (the “Treasury”) most recently renewed Change’s CDFI Certification in February 2024. The renewal followed the completion of Treasury’s review of Change’s CDFI Annual Certification Report.

Reverend Everett Bell, Jr., Chair of Change’s Community Advisory Board, stated “We are pleased with the decision of the FHFA and FHLB-SF to approve Change’s application for membership in the FHLB-SF. We look forward to working in partnership with the FHLB-SF to bring greater equity to homeownership."

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