The Change Company

What The Change Company does

The Change Company CDFI, LLC is a US Treasury-certified Community Development Financial Institution that originates mortgage loans primarily to borrowers underserved by conventional lenders — including self-employed individuals, those with non-conventional income documentation, post-bankruptcy borrowers, and underbanked communities. The company operates through five wholly-owned subsidiaries: Change Home Mortgage (retail lending), Change Wholesale (broker/correspondent channel), Change Lending LLC (state-licensed mortgage operations, NMLS #2486868), xChange (digital marketplace for institutional loan purchasers), and Street Smart Valuations (in-house appraisal services). Its underwriting expertise is evidenced by 75,000+ borrowers served and $25B+ in cumulative loans funded, with 60% of loans directed to underbanked and underserved communities.

The company's core technology is a digital lending platform augmented by the xChange marketplace, which enables banks, insurance companies, asset managers, family offices, and qualified impact investors to search for and purchase prime impact loans, recycling institutional capital back into CDFI lending. The business model is primarily transaction-fee and net interest margin driven — originating loans in-house or via wholesale brokers, then selling portions through xChange to institutional buyers — with $1B+ in total assets supporting the balance sheet. Go-to-market combines direct retail origination, a wholesale broker/correspondent channel, and a B2B institutional capital marketplace. Recent strategic moves include Federal Home Loan Bank of San Francisco membership (July 2024), a Framework Homeownership partnership for CDFI-compliant homebuyer education (September 2024), and a live SEC Form D raise for up to $50M against $131M+ in cumulative disclosed funding since 2018. Leadership includes CEO Mario De Tomasi, Co-Founder & Vice Chairman Jeffrey T. Seabold, Founder Steven Sugarman, and Chairman Antonio Villaraigosa, alongside a full C-suite spanning product, finance, marketing, technology, and strategy functions.

Name

The Change Company

Legal name

The Change Company CDFI, LLC

Website

https://changellc.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

101–250 employees

Ownership category

akta.pro rank

Headquarters

HQ city

Anaheim

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Mortgage Lending: Originates mortgage loans to underserved borrowers through Change Home Mortgage brand. Revenue generated through interest income and loan origination fees.
2. xChange Loan Marketplace: Digital marketplace enabling banks, insurance companies, asset managers, family offices, and qualified impact investors to purchase loans. Generates revenue through transaction fees on loan sales.
3. Change Wholesale: Wholesale lending channel for brokers and correspondent lenders to access CDFI-compliant loan products.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

The Change Company is a Treasury-certified Community Development Financial Institution (CDFI) that originates and funds mortgage loans to underserved borrowers through its Change Home Mortgage (retail) and Change Wholesale (broker/correspondent) brands. Its Community Mortgage program offers flexible underwriting for self-employed individuals and those with non-conventional income documentation. The xChange digital marketplace enables institutional investors (banks, insurance companies, asset managers, family offices) to purchase prime impact loans, providing capital for ongoing CDFI lending activities.

Product overview

The Change Company operates a multi-brand financial services platform centered on its CDFI (Community Development Financial Institution) designation. The core offering consists of Change Home Mortgage (retail mortgage lending) and Change Wholesale (wholesale mortgage channel for brokers), supplemented by xChange, a digital loan marketplace enabling institutional investors to purchase impact loans, and Street Smart Valuations for appraisal services. The company has funded over $25 billion in loans across 75,000+ borrowers, with 60% of loans directed to underbanked and underserved communities.

Differentiator

Problem solved

Functional benefit

Brands

• Change Home Mortgage: Retail mortgage lending platform for homebuyers, offering conventional and community mortgage programs
• Change Wholesale
• xChange
• Street Smart Valuations

Products and services

• Change Home Mortgage Retail mortgage lending product offering home purchase and refinance loans, including the Community Mortgage program designed for borrowers who may not qualify through traditional lending channels, serving self-employed individuals and those with non-conventional income documentation.
• Change Wholesale Wholesale mortgage channel providing loan products and support services to mortgage brokers and correspondents, providing access to CDFI-compliant loan products.
• xChange Digital marketplace platform enabling banks, insurance companies, asset managers, family offices, and qualified impact investors to search for and purchase prime impact loans, facilitating balance sheet building and CRA compliance.
• Street Smart Valuations Real estate appraisal services supporting the mortgage lending process.

Quantifiable outcome

• $25B+ in loans funded to over 75,000 borrowers
• +1 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Framework HomeownershipcoreStrategic or Co-development Partner · 19 September 2024Change Lending and Framework Homeownership launched a CDFI-compliant course for future homebuyers, providing homeownership education and preparation programs.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Rocket Mortgage: Largest US retail mortgage originator, operating a fully digital direct-to-consumer platform. Comparable to The Change Company's Change Home Mortgage brand in core mortgage origination business, though serving a much broader (and less underserved) borrower base with significantly greater scale.
• United Wholesale Mortgage: The largest US wholesale mortgage lender, focused on the broker/correspondent channel. Directly comparable to The Change Company's Change Wholesale business line, though operating at materially greater scale and serving traditional (rather than CDFI-focused) broker partners.
• Guild Mortgage: National mortgage lender with explicit focus on underserved borrowers, affordable lending programs, and down-payment assistance. Closest peer to The Change Company in combining standard mortgage origination with a mission-driven focus on underbanked and minority homebuyers.
• loanDepot: Large multi-channel mortgage lender operating retail, wholesale, and direct-to-consumer platforms (LDWholesale, loanDepot). Comparable in business model breadth — multiple origination channels plus a servicing platform — though at substantially larger scale and without CDFI focus.
• NewRez (formerly Caliber Home Loans): Top-10 US mortgage originator with significant non-QM, wholesale, and correspondent lending focus. Comparable to The Change Company in serving non-conventional borrowers and operating a multi-channel origination platform, including specialty products similar to Community Mortgage.
• Angel Oak Mortgage Solutions: Non-QM mortgage lender focused on self-employed borrowers, investors, and other non-conventional profiles. Highly comparable risk profile and borrower segment to The Change Company's Community Mortgage program, including flexible income documentation and bank-statement loans.
• Impac Mortgage Holdings: Specialty mortgage originator with focus on non-QM, Alt-QM, and government products serving borrowers who don't fit agency guidelines. Comparable niche positioning in the underserved borrower space, though with a broader geographic footprint and wholesale channel emphasis.
• Self-Help Credit Union / Center for Community Self-Help: North Carolina-based CDFI and credit union with deep focus on community development lending, underserved mortgages, and impact finance. Most mission-comparable peer to The Change Company as a fellow Treasury-certified CDFI providing fair-lending mortgage products in underbanked communities.

Emerging players

• Local Initiatives Support Corporation (LISC): Major national CDFI and community development financial intermediary funding affordable housing, small business, and community development loans. Comparable as a CDFI peer operating in the underserved lending space, with broader programmatic reach but less direct retail mortgage origination capability than The Change Company.
• Coastal Enterprises Inc (CEI): Maine-based CDFI providing small business, housing, and community development financing across rural and underserved markets. Peer comparable as a regional Treasury-certified CDFI focused on impact lending in underserved geographies, though smaller and more regionally concentrated than The Change Company.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/changecompany
• Xx.com/changecompanyhq

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries5 records

Funding overview

Funding rounds7 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Change Company