NEW YORK, Oct., 29, 2019 /PR Newswire/ — Quontic, the adaptive digital bank, today announced that it was awarded an expanded national low-income target market by the Community Development Financial Institutions Fund (CDFI), a department of the U.S. Treasury. Quontic has been a certified CDFI since 2015 and had an original target market limited to the boroughs of New York City, along with Nassau and Westchester counties in New York. This honor is in recognition of Quontic’s successful history in providing financing to low-income households across the U.S.
Quontic specializes in making home mortgage loans to people who have a difficult time satisfying the strict income documentation requirements of most other banks; such as immigrants, self-employed, and low income families. The bank strives to fulfill its company mission of providing mortgages to low income households and with this honor Quontic is able to help the underprivileged nationally, and simultaneously serve communities in a positive light. Due to Quontic’s recent geographic expansion, the CDFI expanded its target market nationally. As a result, Quontic can now support more low-income families who are hoping to be homeowners throughout the entire United States. CDFIs have to achieve at least 60% of their lending in both units and dollars to homebuyers in their target low-income markets.
“Quontic customers are able to obtain mortgages when they may have previously thought they were unable to,” said Steven Schnall, CEO of Quontic. “Additionally, loans can be completed online for most of Quontic’s loan products. To date, Quontic is proud to have lent nearly $3 billion to those in need. Quontic is also one of less than 2% of CDFI banks in the U.S. where its customers’ deposits are used primarily to make home loans to low income populations. In this way, Quontic’s mission is consistent with that of its depositors who also highly value the idea of their money being used to facilitate homeownership for those in need. This nationwide roll out and online availability lets us live out our mission of being the adaptive digital bank.”
“As an affordable housing not for profit serving low- and moderate-income NYC residents, NHSNYC relies on dedicated partners like Quontic Bank to make affordable homeownership possible,” says Susan M. Ifill, CEO of Neighborhood Housing Services of New York City. “We are excited to see Quontic expand its CDFI mission nationally, bringing their seamless homebuying process and excellent customer service to more communities across the U.S.”
Quontic is the adaptive digital bank which offers entrepreneurs, immigrants, millennials, low income, seniors, and others innovative banking products and services which embrace to the diversity of circumstances that exist in its customers’ lives while elevating their financial strength. Quontic gives its customers the underdog edge by offering unique products such as its Community Development Mortgage Loan (no tax returns, W2s or pay stubs required), and more. Quontic is a privately held company based in New York, New York. Follow and connect with Quontic on Facebook and Instagram.
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