Steven Schnall, who built a large mortgage company serving New York’s immigrant communities while also working as a boutique condominium developer as CEO of Quontic Bank, was killed in a motorcycle accident while returning from a cycling trip to Canada. He was only 55 years old. He is survived by Schnall’s wife and two children.
Schnall later graduated from the University of Florida with an accounting degree at age 22, but resigned ten months later from a home loan company. With the help of a friend who loaned him $15,000 in money, he started his mortgage brokerage and arranged residential real estate for borrowers. New York Mortgage auctioned off its shares to the general public in 2004.
When cracks began to appear in the market, Schnall decided to sell his mortgage company in 2007. But he returned to Quontic after the crash and saw immigrants, seniors and casual workers struggling to get loans.
In his most recent effort, Schnall acquired a lender in 2009 and renamed it Quontic Online Bank. This company invented digital banking products such as a ring on the finger that served as a debit card and the possibility of paying interest in Bitcoin. Since Quontic’s inception, Schnall has played a vital role in its expansion and growth. He has built the bank into a profitable, well capitalized, philanthropic digital financial institution operating in all 50 states. Quontic’s ability to host the US was one of Schnall’s most significant achievements.
Schnall revealed in a podcast last year that he made his first deal in high school, selling cinnamon toothpicks and slingshots made from discarded phone cords. Later, he focused on relatively large apartment complexes that lacked basic, low-tech security measures and went door-to-door selling peepholes.
He was involved with the Young Presidents Organization and Urban Angels, a food charity he founded, and this year, he was a finalist for the EY “entrepreneur of the year” award.
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Reference from wepublishnews.com