Despite the overall downturn across the industry, a new national mortgage lender, appropriately named Defy Mortgage, has launched.
The new lender will primarily focus on underserved, thin-credit-file borrowers – in particular, the self-employed.
“We are the best resource for entrepreneurs and solopreneurs to secure a mortgage loan supported by various forms of collateral,” says Todd Orlando, co-founder and CEO of Defy Mortgage, in a release.
“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 says.
With the rise of the gig economy, Defy takes a holistic approach to evaluating a homebuyer’s entire asset portfolio including cryptocurrency and bitcoin, the company says.
The new lender aims to help the millions of potential homeowners who are sidelined from the housing market because their income is not recognized as traditional.
“Defy has disrupted the traditional lending model,” says Stephen Light, co-founder and chairman of Defy Mortgage. “Anyone with the financial means to pay a mortgage must have options tailored to meet their individual needs.”