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Quontic's impact on the underprivileged

Quontic's status as a US Treasury-certified Community Development Finance Institution and our adaptable mortgage lending products, such as our Community Development Loans, are helping us make an impact with low-income families and small business owners.

Our mission as a CDFI, or Community Development Finance Institution, has an impact that cannot be measured by numbers alone. But we can certainly try. We, of course, report on units, loans, and dollars that support our mission. But how do you measure the impact we can have on people's lives? This is priceless.

Much of what we do revolves around providing mortgage loans to low-income families - not just low-income families, but low-income families as well.

The second subset of people we also help fall into another box: the needy. Notably, this includes offering loans to small entrepreneurs who especially needed assistance during the pandemic.

So what affects a life, in terms of home or property?

For the most part, for low-income, low-wealth families, we offer government-backed FHA loans up to 96.5% of the home's purchase price. And, for qualified borrowers, we can also add a 3.5% forgivable second mortgage to fill the entry gap for those who don't have enough funds. We then use a Quontic grant or grant to cover some of the closing costs. The last piece of this puzzle, the thread that binds it all together, is home ownership and counseling. Our theory is: if we can't help someone right away, we can at least provide education. Therefore, we work with the Neighborhood Housing Service to bring people of color and low-income people into homes.

We found that a far-reaching story is that customers who were heard "no problem" by a loan officer at a major bank looking to earn a commission are tied and then denied. So they come to us and we fix it. Let's help people increase their credit and give them advice. And often when we do that, we find that people still don't understand their eligibility to buy a home.

Changing that perception is a game changer. Higher home ownership rates result in higher high school graduation rates, lower crime levels, and more wealth for the family and neighborhood.

The main loan we offer in order to serve the first subset of customers, low-income and unbanked individuals, is called the Community Development Loan. Our CDL has been instrumental in providing home loans to self-employed borrowers, especially during the pandemic. These borrowers are people who have the right credit score to buy a house and a reasonable down payment of savings or family contributions, but they face a common problem: other banks require their last 2 years of tax return. And for many people, 2020 was just not a good year. Even though they had their best year in 2019, last year may have pulled them back. It's not their fault, obviously. People were not allowed to enter retail establishments for a long time. But we were able to help these companies. For our clients, we were able to provide a mortgage allowance. And as our economy starts to recover, we are helping many more small businesses to recover.

For example, we recently helped a small business owner named Daniel, who had a startup that was losing money, but another company got it right. Well, when regular banks look at his two businesses, one successful and one troubled, he doesn't qualify. He was discouraged because he tried to get another loan from another bank, and they initially told him "no problem". After months, it didn't work out. He came to Quontic and we fixed it for him. We were able to close his order in 12 days. That kind of impact is good.

Even during the pandemic, history proves that our Community Development Loan makes sense. Of the 1,000 loans we've made over the years, less than 1/10 of 1% has defaulted. We won't lose any significant money on those, considering how much equity our borrowers typically have in their homes. The program is working exceptionally well and our volumes are growing rapidly. The sky is the limit.

We may be the only bank in the country that makes loans like this, but it's working. When others look at us, they marvel at what we're doing because it's so unconventional. It may seem risky on the surface and believe me, we know why. The reason we can securely take out these loans is because we can trust our customers and see all of our customers' financial circumstances beyond what appears on their tax returns. The data speaks for itself.

Like Daniel, we know so many self-employed workers who can afford to commit to a home, whose small businesses are highly viable queand who deserve credit - these are great indicators of ability to pay, despite any income volatility shown in the tax. . And we know how to help our customers make the right decisions. The program works and is great for so many different people.

This makes an impact. And that is what matters.