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As a national mortgage lender with a focus on non-qualified (Non-QM) loans, Defy Mortgage announced on Tuesday that it had begun operations.
situated in Nashville, Tennessee. According to Defy, it provides special lending options for trustworthy borrowers with unusual sources of income and asset types.
Despite the company’s claims to be a nationwide mortgage lender, the Nationwide Multistate Licensing System (NMLS) shows that it only holds licenses in six states at the moment: Colorado, Florida, Montana, Oregon, Tennessee, and Texas.
Co-founders Todd Orlando, who serves as CEO, and Stephen Light, who serves as chairman, established the business in May 2022.
At Inntum Financial, a Boca Raton, Florida-based company, Orlando also serves as managing director. which provides investment advice.
He previously held positions as a market manager for Wintrust Mortgage and a private banker for First Republic Bank, according to his LinkedIn profile.
Light describes himself as an entrepreneur and the co-founder of two additional businesses in his LinkedIn profile, including the IT company Pharicode and the service management consulting firm Glidefast Consulting.
To stand out in the current economy, according to company leadership, Defy must challenge traditional mortgage lending standards.
It claimed that by concentrating specifically on customers who have embraced alternative sources of income, it aims to raise homeownership across the nation.
It claimed that with the rise of the gig economy, it is evaluating a home buyer’s entire asset portfolio, including cryptocurrencies like bitcoin, using a “holistic approach.”.
According to Orlando, Defy Mortgage understands the need for a creative, more open way to lend money to customers with alternative forms of income in the wake of a global economic shift in employee preference for remote work.
They are the best source for entrepreneurs and solopreneurs to obtain a mortgage loan backed by different types of collateral.
Millions of would-be homeowners, according to Defy, are excluded because their income is not accepted as conventional.
According to the company, most mortgage lenders have not made the necessary adjustments to reflect the shift from a single income stream to multiple sources of income, and mortgage lending standards are out-of-date.
Consumers today are more self-employed and want more financial flexibility than ever before, which Defy Mortgage is cognizant of.
Light asserted that Defy has upended the conventional lending paradigm. Options that are suited to each person’s specific requirements must be available to anyone with the means to pay a mortgage.
Reference Source: National Mortgage Professional
