“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.
