Mortgage Lender Appears to Lose Treasury Certification After Barron’s Investigation

For several years, Change Lending has received special mortgage-writing leeway under a government program designed to boost homeownership among Black, Hispanic, and low-income borrowers.

As of Tuesday, Change Lending was no longer included on a list of businesses with status as a Community Development Financial Institution, according to an online roster from the CDFI Fund, the Treasury unit that administers the program. The decision to decertify Change was made over the last few days, a person familiar with the process told Barron’s.

To maintain its CDFI certification, Change had been required to do 60% of its lending among one of four groups: Hispanic, Black, or low-income borrowers, or borrowers in designated low-income neighborhoods. Change Lending also appears to have revised the websites that it used to market loans to borrowers and brokers, removing CDFI logos and references to itself as “America’s CDFI,” a moniker it adopted based on the large amount of lending it does relative to other program participants, which tend to be nonprofits or smaller community-based organizations.

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