TPO stands for third-party origination, and it is the only way Defy does business. You originate; we underwrite, price and fund. There is no retail arm competing with you for your borrower, and there is no consumer-direct funnel quietly re-soliciting your closed loans.
In third-party origination the loan is originated by someone other than the lender that funds it. The originator — a licensed mortgage broker or loan officer — takes the application, collects the documents and structures the deal. The TPO lender prices it, underwrites it to its guidelines and funds it.
Defy Wholesale is a broker-direct wholesale and TPO lender. It works exclusively with licensed mortgage professionals and does not lend directly to consumers. That is not a channel we run on the side. It is the whole company.
The three channels differ in who owns the borrower relationship and who carries the loan through closing. For a broker, the practical difference is whether the lender on the other end of the file is also your competitor.
Third-party originators come to us for the files that fall outside agency boxes: DSCR on investment property, bank statement and P&L income, asset depletion, foreign national, ITIN, 5-9 unit and mixed-use, second liens and blanket portfolios.
The figures below are program caps, not quotes. Confirm any scenario in PriceIQ before you quote it.
The tooling matters as much as the guidelines. Price a scenario, structure it and submit it without waiting on a rep to call you back.
Approval is one online broker package: seven steps and about 15 minutes for most shops. You will need your NMLS number, your officers and an authorized signer.
Most partners are approved in as fast as 24 hours after submitting the package. There is no minimum volume and no commitment, and you can price scenarios in PriceIQ with guest access before you are approved.
Defy Wholesale works only with licensed mortgage professionals, and every file is originated by a licensed broker or loan officer.
Defy Wholesale offers investor business purpose lending in 39 states: AL, AR, CA, CO, CT, DE, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MS, MO, NE, NH, NJ, NM, NY, NC, OH, OK, PA, RI, SC, TN, TX, VA, WA, WV, WI, WY. Primary and second home transactions are available in AL, CA, CO, FL, GA, TN and TX. Ineligible states: AK, AZ, ID, MN, MT, ND, NV, SD, OR, UT, VT and DC.
LLCs, corporations and trusts are eligible across most non-agency programs, and the Forms Library carries the entity checklist and the other documents you need to submit.
TPO means third-party origination: a licensed broker or loan officer originates the loan and a wholesale lender prices, underwrites and funds it.
Yes. Defy Wholesale is a broker-direct wholesale and TPO lender. It works exclusively with licensed mortgage professionals and does not lend directly to consumers.
In retail lending the lender's own loan officers originate the loan. In TPO lending an outside licensed originator does, and keeps the borrower relationship. Defy has no retail channel.
The broker package takes about 15 minutes and needs your NMLS number, your officers and an authorized signature. Most partners are approved in as fast as 24 hours.
No. There is no minimum volume and no commitment.
Yes. PriceIQ inside DEFY ONE offers guest access with no login, so you can price a scenario before your approval comes through.