Skip to main content

Defy Mortgage Announces National Launch Of Non-QM Lending

David Krechevsky
Jan 11, 2023
Defy Mortgage

Nashville-based lender to focus on lending to borrowers with non-traditional income streams.

Defy Mortgage on Tuesday announced its launch as a national mortgage lender with a focus on non-qualified (Non-QM) loans.

Based in Nashville, Tenn., Defy said it offers unique lending solutions for responsible borrowers with non-traditional income streams and asset types.

While the company has announced itself as a national mortgage lender, according to the Nationwide Multistate Licensing System (NMLS) it is currently licensed in just six states: Colorado, Florida, Montana, Oregon, Tennessee, and Texas.

The company was formed in May 2022 by co-founders Todd Orlando, who serves as CEO, and Stephen Light, who serves as chairman. 

Orlando also is a managing director of Inntum Financial, based in Boca Raton, Fla., which offers investment advice. Before that, according to his LinkedIn profile, he worked in private banking for First Republic Bank, and as a market manager for Wintrust Mortgage. In his LinkedIn profile, Light describes himself as an entrepreneur and as co-founder of two other companies — Pharicode, an IT company, and Glidefast Consulting, a service management consulting firm.

Company leadership said Defy’s challenge to conventional mortgage lending standards is a key to differentiating itself in the current economy. It said it intends to increase homeownership across the country by focusing specifically on consumers who have embraced alternative forms of income. 

With the rise of the gig economy, it said, it is taking “a holistic approach” to evaluating a homebuyer’s entire asset portfolio, including cryptocurrency and bitcoin.

“In the wake of a global economic shift in employee preference to work remotely, Defy Mortgage recognizes the need for an innovative, more transparent and open way to lend money to consumers with alternative forms of income,” Orlando said. “We are the best resource for entrepreneurs and solopreneurs to secure a mortgage loan supported by various forms of collateral.”

According to Defy, millions of potential homeowners are sidelined because their income is not recognized as traditional. “Mortgage lending standards are antiquated and most mortgage lenders have not adjusted to the shift from a single income stream to multiple forms of income,” the company said. “Defy Mortgage understands that consumers are working independently and seeking financial flexibility more than ever before.”

“Defy has disrupted the traditional lending model,” Light said. “Anyone with the financial means to pay a mortgage must have options tailored to meet their individual needs.”

Published
Jan 11, 2023
More from
Non-QM
Fitch Rates EFMT Certificates Backed by Non-QM Loans From LendSure, AHL

The certificates are supported by 796 loans with a balance of $330.37 million.

Non-QM
Feb 01, 2023
Fitch Rates Mostly Non-QM Offering Backed By A&D Mortgage Loans

Imperial Fund Mortgage Trust 2023-NQM1 is backed by 974 loans valued at $364.84 million, with 93.8% originated by A&D.

Non-QM
Jan 27, 2023
Fitch Assigns Expected Ratings To AOMT 2023-1 Non-QM Securitization

The securitization worth $580.47 million is Angel Oak Mortgage Trust's first of 2023.

Non-QM
Jan 25, 2023
DBRS Morningstar Rates Velocity Commercial Capital Loan Trust 2023-1

VCC 2023-1 is backed by 695 mortgage loans with a total principal balance of $240,308,194.

Investor Loans
Jan 24, 2023
Fitch Expects To Rate BRAVO Residential Funding Trust 2023-NQM1

Loans in the pool were originated primarily by Acra Lending and LoanStream Mortgage.

Non-QM
Jan 20, 2023
AAMC Hiring New COO For Its Alternative Lending Group

Industry veteran Danya Sawyer will begin in her new role on Feb. 1.

People On The Move
Jan 20, 2023