Quontic is a Member FDIC bank, headquartered in New York City and located in a growing number of states. We're all about customer service. We're here to help the community. We strive to make banking easy and the home mortgage process hassle-free. We are authorized by the U.S. Department of Housing and Urban Development (HUD) to make Federal Housing Authority (FHA)-insured mortgage loans in all fifty states. Quontic Bank has earned a coveted 5-star rating from BauerFinancial, the nation’s premier independent bank rating firm, each quarter since Q3 2015. In 2016, Quontic Bank ranked No. 88 of the 6,199 federally insured banks in the U.S., according to DepositAccounts.com, a website that monitors and informs consumers of how well financial institutions perform.
Quontic, a bank headquartered in New York City, refers to itself as an "adaptive digital bank." Ever since CEO Steven Schnall purchased the former Golden First Bank in 2009, the entrepreneur and former mortgage banker has been molding the bank to reflect his vision. "Part of the thesis when I bought the bank was that brick-and-mortar retail bank branches were ultimately going to die out, and people, consumers in particular, would want to bank online," he said. The bank, a certified community development financial institution (CDFI), started off with a focus on nonqualified mortgage lending, Schnall said.
Quontic, the adaptive digital bank, is proud to announce the re-launch of its non-qualied mortgage products (non-QM) for one-to-four family owner-occupied home loans, along with non-QM loans for one-to-four family investors using a non-traditional debt service coverage ratio (DSCR). Quontic's unique non-QM loans are immediately available through its Wholesale Lending Division. The COVID crisis has required that most non-QM lenders pull out of the market due to liquidity constraints, capital losses or other reasons with little hope of reentry. While Quontic paused non-QM activity to assess risk during the pandemic, the bank has a strong balance sheet and is now aggressively offering its unique non-QM product line with favorable rates and terms to keep non-traditional borrowers and investors in the home buying market.
Podcast: Sells, American Banker's Digital Banker of the Year, explains how he encouraged his team to take risks on projects like a three-minute account opening process and a system that analyzes core data in real time to help set deposit prices. Read American Banker's profile on him here.