Innovation

Quontic Bank Serves The Underserved On The Latest Mortgage Outlook

Founder Appears On YouTube Series To Explain What Makes Quontic Tick

Eric C. Peck

May 13, 2020

Steven Schnall, CEO and chairman of Quontic Bank

Tuesday’s edition of the Mortgage Leadership Outlook series featured Steven Schnall, CEO and chairman of Quontic Bank, and host Andrew Berman, head of engagement and outreach for National Mortgage Professional magazine, a sister publication of Banking New York, chatting about the state of the industry as the coronavirus pandemic continues to impact the nation.

Schnall joined Berman while hunkered down with a handful of senior execs in Quontic’s 20,000-square-foot offices in Manhattan’s desolate Rockefeller Center, the epicenter of the coronavirus outbreak.

“Banks are deemed essential so we are allowed to be open,” said Schnall. “We are one of the first banks to deploy a totally remote workforce. We purchased about 100 laptops early on, and as soon as the pandemic started to gain speed, we sent everybody home and we executed pretty well. It’s business as usual.”

Schnall’s Quontic Bank earned the U.S. Department of the Treasury’s designation as a Community Development Financial Institution (CDFI), a certification that allows Quontic to empower low-income and underserved people and communities to enter the financial mainstream.

And while one generally would not consider the Big Apple "low-income," Quontic Bank’s NYC location is among a low-income Census tract, therefore qualifying the bank eligible as a CDFI.

“Believe it or not, Times Square in New York is a low-income Census track,” said Schnall. “There may be billion dollar skyscrapers, but there are also tenements and rent-stabilized housing where people of modest means live. In upwards of 70% of the loans we were making were to people with household incomes of less than 80% of AMI [area medium income] or were from a low income Census tract.”

Read more and see the interview about Quontic Bank.

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