Congratulations to Steve Sugarman, former Banc of California founder and co-founder Jeffrey Seabold, including the team of Mario De Tomasi, CEO, Ted Ray, President and Angie Miranda, Chief Risk Officer having achieved approval by the California Infrastructure & Economic Development (“IBank”) as a participating member financial institution. Commerce Home Mortgage is able to leverage California’s capital access programs to expand its direct lending efforts to homeowners and business owners.
The mortgage lender, Commerce Home Mortgage, LLC is a wholly owned subsidiary of The Capital Corps, LLC and the only non-bank member of the Federal Home Loan Bank of San Francisco (FHLB). Founded in 1994, Commerce Home Mortgage, LLC is a national mortgage company certified by the U.S. Department of the Treasury as a Community Development Financial Institution (CDFI), the only CDFI-certified lender in the nation and licensed seller/servicer with Fannie Mae, Freddie Mac and Ginnie Mae. Commerce is one of the few, if not the only non-bank, prime lenders in the U.S. with the regulatory, financial, and operational capability to serve diverse borrowers with non-traditional documentation.
The IBank was created in 1994 to finance public infrastructure and private development that promote a healthy climate for jobs, contribute to a strong economy and improve the quality of life in California communities.