What change lending does

Change Lending, LLC (dba Change Wholesale) is a U.S. wholesale mortgage lender headquartered in Anaheim, California, specializing in non-qualified mortgage (non-QM) residential loan products. The company originates and funds mortgage loans exclusively through a network of licensed mortgage brokers and loan officers, who must complete credentialing and approval processes to access the product suite via the company's broker portal. Its products target creditworthy borrowers who cannot meet traditional income documentation requirements, including self-employed individuals, gig workers, foreign nationals, investors, and underserved communities (Black, Latino, and low-to-moderate income households). Reported scale includes $25B+ in cumulative loans funded, 75K+ borrowers served, and $1B+ in total assets.

The product portfolio centers on the proprietary Community Mortgage — described as the only owner-occupied mortgage that does not require income or employment verification — supplemented by Alt-Doc (bank statement, W-2 only, and DSCR-based qualification), Investor, Liquid 360 (asset-based qualification), Foreign National, Agency/government, Closed End 2nd, and the Full Doc Reserve add-on powered by Asset Assist. The platform emphasizes "no overlays" and a streamlined three-step underwriting process (confirm LTV, confirm FICO, verify reserves) that allows closings in days rather than months. The underlying technology comprises proprietary underwriting guidelines and a self-service broker portal with Quick Pricer rate lookup tools, training resources, and rate sheet distribution.

The business model is transaction-based mortgage origination: Change Lending earns revenue through loan origination fees, interest income on held loans, and sale of loans into the secondary market. Capital for loan funding is sourced through partnerships with more than 100 banks, insurance companies, asset managers, and Wall Street institutions. The company is a subsidiary of The Change Company CDFI LLC (a Community Development Financial Institution), holds NMLS ID #1839, and operates under mortgage lender licenses in Arizona, California, Colorado, Georgia, Illinois, Minnesota, New Jersey, Ohio, and Rhode Island. Change Lending is recognized as the nation's #1 non-QM lender in the Scotsman Guide Top Mortgage Lenders ranking.

Name

change lending

Legal name

Change Lending, LLC

Website

https://commercetpo.com

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

Change Lending (dba Change Wholesale) is a U.S. wholesale non-QM mortgage lender that originates agency, government, and proprietary residential loan products exclusively through a licensed broker network, serving self-employed borrowers, gig workers, and underserved communities.

Ownership category

akta.pro rank

Product category

Non-QM Wholesale Mortgage Lending

NAICS

Real Estate Credit (522292), Consumer Lending (522291)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Cash-Out Refinance Origination (FSALAAAF)

Keywords

• Non-QM mortgage lending
• Wholesale mortgage lending
• Alternative documentation loans
• Residential mortgage products
• Non-qualified mortgage programs

Headquarters

HQ city

Anaheim

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Mortgage Loan Origination: Change Lending originates and funds non-QM mortgage loans through its wholesale broker channel. The company creates proprietary mortgage products and partners with over 100 banks, insurance companies, asset managers, and Wall Street institutions to ensure a steady stream of low-cost capital for creating affordable loan products. Revenue is generated through loan origination fees, interest income on held loans, and sale of loans into the secondary market.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Change Lending is a wholesale non-QM mortgage lender that originates and funds prime residential loans—including the proprietary Community Mortgage, Alt-Doc, Investor, Liquid 360, Foreign National, Agency, and Closed End 2nd products—exclusively through a credentialed nationwide network of licensed mortgage brokers and loan officers. Loan pricing and eligibility are delivered through a proprietary broker portal featuring Quick Pricer and a Self-Service Center for training and product guidelines.

Product overview

Change Lending operates as a non-qualified mortgage (non-QM) wholesale lender offering a diversified portfolio of prime mortgage products through its Change Wholesale platform. The company functions as a single platform with multiple product modules, anchored by its proprietary flagship Community Mortgage (the only owner-occupied mortgage requiring no income or employment verification), complemented by Alt-Doc (alternative documentation products including bank statement, W-2 only, and DSCR-based qualification), Investor, Liquid 360 (asset-based lending), Foreign National, Agency (government loans), Closed End 2nd, and the add-on Full Doc Reserve feature powered by Asset Assist. The platform serves mortgage brokers and loan officers nationwide, emphasizing no overlays and streamlined underwriting to close loans faster than competitors.

Differentiator

Problem solved

Functional benefit

Brands

• Community Mortgage: A groundbreaking owner-occupied mortgage product that does not require the borrower to verify income or employment, enabling brokers to close prime loans that competitors cannot.

Products and services

• Community Mortgage Groundbreaking owner-occupied non-QM mortgage that does not require borrowers to verify income or employment; enables brokers to close prime loans for creditworthy borrowers who cannot meet standard documentation requirements in days, not months, via a three-step process (confirm LTV, confirm FICO, verify reserves).
• Alt-Doc Alternative documentation non-QM mortgage suite enabling self-employed, freelance, and gig-economy borrowers to qualify using personal bank statements (100% deposits), W-2 only (no YTD paystub required), or DSCR as low as 0.75 for refinance transactions using current rent.
• Investor Non-QM mortgage products designed for borrowers purchasing non-owner-occupied investment properties.
• Liquid 360 Asset-based non-QM lending product utilizing eligible retirement and asset accounts to strengthen borrower qualification and reserve documentation.
• Foreign National Non-QM mortgage product designed for foreign national borrowers seeking U.S. residential real estate financing.
• Agency Agency and government loan products distributed through the Change Wholesale platform alongside the proprietary non-QM suite.
• Closed End 2nd Closed-end second mortgage product for borrowers seeking additional financing on their primary residence, offered through the wholesale channel.

Quantifiable outcome

• 25B+ in loans funded
• +2 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• The Change Company CDFI LLCcoreOthersThe Change Company CDFI LLC (NMLS #2486868) is the parent company of Change Lending, LLC. As a Community Development Financial Institution, it supports the mission of expanding financial access to homeownership for underserved communities.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• PRMG (Paramount Residential Mortgage Group): National wholesale and retail mortgage lender with a broad product suite including non-QM and government. Comparable as a mid-to-large wholesale lender competing for similar broker production and self-employed borrower segments.
• Angel Oak Mortgage Solutions: Non-QM wholesale mortgage lender offering alt-doc, bank-statement, and investor products through a broker network. Direct competitor in the same non-QM wholesale channel serving similar self-employed and non-traditional borrowers.
• Nations Lending Corporation: Independent mortgage lender operating retail, wholesale, and correspondent channels with non-QM and government products. Comparable mid-sized lender targeting similar self-employed and specialty borrower profiles through wholesale distribution.
• Plaza Home Mortgage: Wholesale and correspondent mortgage lender with a stated focus on non-QM and specialty products (bank statement, DSCR, foreign national). Closely comparable in product mix and wholesale-only distribution.
• Newfi Wholesale: Non-QM wholesale lender specializing in self-employed, investor, and foreign national products. Direct competitor with overlapping product suite and broker distribution.
• Caliber Home Loans: Non-bank mortgage lender with a meaningful non-QM and bank-statement product suite, distributed through wholesale and retail. Direct comparable in alt-doc product focus and self-employed borrower segment.
• Verus Mortgage Capital: Non-QM wholesale lender and securitizer focused on business-purpose and investor non-QM products. Highly comparable in distribution model (wholesale) and product focus (DSCR, investor, alt-doc).

Broad incumbents

• loanDepot Wholesale: Wholesale channel of loanDepot, a top-10 U.S. mortgage originator. Competes for broker production across QM and non-QM and represents a scaled incumbent alternative to Change Lending for brokers.
• Rocket Pro TPO: Wholesale division of Rocket Mortgage, the largest U.S. mortgage originator. After acquiring Homepoint, Rocket Pro TPO has expanded aggressively into non-QM, making it a scaled incumbent competing directly with Change Lending's broker channel.
• United Wholesale Mortgage (UWM): Largest U.S. wholesale mortgage lender offering QM and expanding into non-QM. Operates the same wholesale broker channel and is the largest incumbent competing for broker production that Change Lending relies on.

Market position

Strengths1 record

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/change-wholesale

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about change lending