CDIF-certified company names new chief financial officer
Change Lending has announced changes to its executive leadership team with the appointment of a new chief financial officer.
The non-QM lender has named Madison Simm (pictured) as its new chief financial officer. As part of the leadership restructuring, Kari Hallowell will assume the role of deputy CFO, supporting Simm in his new position.
Simm, whose mortgage career spans over 25 years, will oversee all financial operations and advise on strategic planning and capital markets activities. He most recently served as president of real estate at Texas Capital Bank and previously held the position of CFO at Pacific Union Financial. Simm’s resume also includes leadership roles at W.J. Bradley Mortgage Capital, Lehman Brothers Holdings, and Wells Fargo.
“Madison’s expertise in developing nationally recognized financial services businesses and managing sound growth will be invaluable to Change Lending as the company continues to expand and innovate,” Change founder Steven Sugarman said in a media release.
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“I am thrilled to join Change Lending as CFO,” said Simm. “This is an exciting time for the company, and I am eager to contribute to its growth and success.”
The leadership change follows a tumultuous period for Change Lending. In August, the company temporarily lost its special mortgage-writing privileges following a Barron’s investigation into whether it was adequately serving the disadvantaged borrowers it was enlisted to help.
This resulted in the loss of its Community Development Financial Institution (CDFI) certification, which had exempted it from certain documentation requirements.
However, Change Lending regained its CDFI certification three months later through a global settlement agreement with the Treasury Department. The company is now deemed compliant with its CDFI lending obligations for 2023 and will not need to reapply for certification until 2025.
Change Lending, licensed to lend in 48 states, has announced plans to launch new loan products to expand its non-QM platform serving underserved homeowners.
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