Investigators asked about remarks by the firm's co-founders concerning how borrower races and ethnicities are recorded on disclosures to the government, the...
The Securities and Exchange Commission has been questioning former employees of California-based Change Lending over whether its mortgages to Black and Hispanic borrowers have been accurately recorded on its government disclosures, according to the former employees.
Change Lending appears to have lost its CDFI certification last week, Barron’s has reported. Its parent company remains on the CDFI Fund’s list of certified businesses, where it is identified as a venture-capital fund, not a lender. The investigators asked them about any remarks that Change co-founders Steven Sugarman and Jeff Seabold may have made about the company’s practices regarding how borrowers’ races and ethnicities were reported on government-mandated loan documents, the two said.
The company said that borrowers self-report their racial and ethnic details and that this information is in most cases collected by third-party brokers, not the company itself.An SEC spokesperson said in a statement to Barron’s that the agency doesn’t comment on the existence or nonexistence of a possible investigation.
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