The Change Company, America’s Community Development Financial Institution (CDFI), has appointed Jason Biegel Chief Operating Officer of its residential lending division, which operates under the brands Change Home Mortgage and Change Wholesale.
March 22, 2021 09:00 AM Eastern Daylight Time
Originally published on Business Wire
IRVINE, Calif.--The Change Company, America’s Community Development Financial Institution (CDFI), has appointed Jason Biegel Chief Operating Officer of its residential lending division, which operates under the brands Change Home Mortgage and Change Wholesale. Mr. Biegel’s appointment will be effective upon the beginning of his employment on April 1, 2021.
Jason Biegel previously served as Managing Director developing and overseeing the industry-leading residential mortgage whole loan business platforms for Angelo Gordon (2013-2020) and Lone Star Funds (2009-2012). Mr. Biegel began his career at Bear Stearns where he held the role of Senior Managing Director responsible for residential mortgage whole loan trading and servicing.
Mr. Biegel stated, “After partnering with The Change Company for the past two years, I am excited to join the organization to lead it during its next phase of growth. The Change Company has successfully emerged as the dominant originator of residential mortgage loans to prime borrowers who are not well served by banks and traditional lenders. With its investment grade credit rating, strong balance sheet, and proprietary loan products, I am eager to ensure Change’s infrastructure, technology, and team are able to meaningfully and prudently scale the company’s business. I am particularly excited to work with Change’s talented wholesale team to help our 800-plus broker partners grow their business by using Change’s proprietary products to serve prime borrowers that others do not.”
Ted Ray, President of The Change Company’s mortgage banking subsidiary, said, “Jason’s deep operational expertise, industry experience, and track record makes him the perfect leader to serve as our Chief Operating Officer. I look forward to working with Jason to continue our focus on attracting the strongest team of mortgage professionals in the industry. Mr. Biegel will help us grow our wholesale channel with a particular focus on our industry-leading, proprietary loans – including our innovative Community Mortgage.”
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 are excited that Jason Biegel has joined our team. He has the experience and expertise to help us take the next step in growing our highly scalable, differentiated origination platform. Jason has the passion and expertise we need to accelerate our mission of banking the unbanked, fairly and responsibly. Change continues its quest to bring social and racial equity to home lending.”
The Change Company and its mortgage banking subsidiary are each investment grade rated and certified by the United States Department of the Treasury to serve 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, and enjoy certain regulatory exemptions including relating to Regulation Z and risk retention requirements. Whole loans originated by The Change Company have been included in securitizations issued by Pimco, Angelo Gordon, Starwood, and others.
Change recently launched three corporate initiatives to expand access to capital to underbanked borrowers – its $1 billion Black Homeownership Initiative, $1 billion Latino Homeownership Initiative, and $1 billion Low Income Community Homeownership Initiative. These initiatives were launched in partnership with Netflix and a consortium of FDIC-insured banks.
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All loans are subject to credit approval and acceptable collateral. Additional terms and conditions apply. Programs, rates, terms and conditions may change without notice. Not all programs are available in all states. Commerce Home Mortgage, LLC (“CHM”) is a state-licensed mortgage lender and broker, NMLS ID #1839. To verify licenses, visit www.nmlsconsumeraccess.org. AZ: Arizona Mortgage Banker License #0925326; CA: Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act; GA: Georgia Residential Mortgage Licensee #48010. For other states, click here.