IRVINE, Calif .– (BUSINESS WIRE) –#Afro-American–The Change Company, the United States’ community development financial institution (CDFI), has appointed Jason Biegel as COO of its residential lending division, which operates under the Change Home Mortgage and Change Wholesale brands. Mr. Biegel’s appointment will take effect at the start of his employment on April 1, 2021.
Jason Biegel previously served as Managing Director of Development and Oversight of Industry-Leading Residential Mortgage Business Platforms for Angelo Gordon (2013-2020) and Lone Star Funds (2009-2012). Mr. Biegel began his career with Bear Stearns where he served as Senior General Manager responsible for the negotiation and management of residential mortgages.
Mr. Biegel said: “After working with The Change Company for the past two years, I am delighted to join the organization to lead it through its next phase of growth. The Change Company has successfully established itself as the primary originator of residential mortgages to senior borrowers who are not well served by banks and traditional lenders. With its investment grade credit rating, strong balance sheet, and proprietary lending products, I look forward to ensuring that the infrastructure, technology, and the Change team are able to significantly and prudently evolve business activities. I am especially excited to be working with the talented Foreign Exchange wholesale team to help our 800+ broker partners grow their businesses by using Change’s proprietary products to serve top borrowers others don’t.
Ted Ray, President of The Change Company’s mortgage banking arm, said, “Jason’s deep operational expertise, industry experience and track record make him the ideal leader to fill the role of COO. I look forward to working with Jason to continue our focus on attracting the best team of mortgage professionals in the industry. Mr. Biegel will help us grow our wholesale network with a particular focus on our industry-leading exclusive loans, including our innovative community mortgage.
The Founder of The Change Company, Steven Sugarman, added, “As America’s CDFI, we are committed to serving the $ 200 billion a year market of major borrowers unable to secure home loans from traditional and digital banks. . We are delighted 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 and differentiated origination platform. Jason has the passion and expertise we need to accelerate our mission of banking the unbanked, in a fair and responsible manner. Change continues its quest to bring social and racial equity to home loans. ”
The Change Company and its mortgage banking affiliate are each 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 CDFI, loans issued by The Change Company are eligible for CRA credit and benefit from certain regulatory exemptions, particularly with regard to Z regulation and risk retention requirements. Entire loans issued 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 for underbanked borrowers – its $ 1 billion Black Homeownership initiative, the $ 1 billion Latino Homeownership Initiative, and the $ 1 billion Latino Homeownership Initiative. $ 1 billion low income community homeownership. These initiatives were launched in partnership with Netflix and a consortium of FDIC-insured banks.
About The Change Company
The Change Company empowers homeowners, small businesses, and consumers to pursue their American dreams by bringing social and racial equity to banks and loans. The Change Company team has created businesses that have loaned more than $ 50 billion to more than 250,000 borrowers and provided financial services to more than two million Americans.
For more information, visit us at https://www.ChangeLLC.com/.
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