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Legacy thinking fades as innovators seize the market

While veterans cling to a fading playbook, a new wave of mortgage leaders is rewriting the rules in real time

Tyler Bohn

Deephaven Mortgage

Industry experts

Eddy G. Perez Jr.

EPM

Tyler Bohn is the managing director of national accounts with Deephaven Mortgage. He is a proven sales executive with demonstrated success in contributing to bottom-line impact through rapid revenue acceleration. Bohn has more than a decade in leadership roles, leading several successful multi-channel and cross-functional teams. His career background includes serving as senior vice president and national sales director at Solidifi as well as leadership roles at Incenter, First American Mortgage Solutions, and Option One Mortgage. He holds a bachelor’s degree in communications from the University of California in San Diego.

Deephaven Mortgage

Tyler Bohn

Eddy G. Perez Jr., CMB, is the founder and CEO of EPM, where he has grown the company into a national leader since 2008. A first-generation Cuban American, Perez draws inspiration from his father’s journey to freedom and entrepreneurship. With experience spanning finance, retail, and wholesale lending, he has closed thousands of loans and championed broker advocacy nationwide. Perez has held a seat on the Mortgage Bankers Association board of directors since 2017. Recognized in multiple industry publications, he is committed to mentorship, innovation, and empowering people through homeownership.

EPM

Eddy G. Perez Jr.

“Every six months I hear, ‘The refis are coming! The refis are coming.’ I don’t think it’s going to be this gushing 14 million units like we saw in 2020 and 2021 that everybody’s expecting”

Eddy Perez, Equity Prime Mortgage

By the close of 2025, the mortgage industry found itself between recalibration and reinvention. Volume had stabilized but not surged, rates remained elevated by recent standards, and originators across the country faced a stark divide between those waiting for a market revival and those adapting to win in the environment as it is − not as it was. In a recent roundtable with MPA, Eddy Perez, founder and CEO of Equity Prime Mortgage; Mike Kortas, CEO of NEXA Lending; and Tyler Bohn, managing director of strategic and national accounts at Deephaven Mortgage came together to discuss the past 12 months and debate where the market is headed in the new year and beyond. “It’s been a year that was predicted,” began Perez. “One of the things that people are having challenges with is that they don’t want to believe the numbers that’re getting posted out there. The market sets the conditions − from there, you have to run your business inside of those parameters.”

“The old guard should have a tremendous amount of pride in how many families you helped get into a home under five percent. You’ve already invested in building rapport and trust with them because they’ve done a deal with you”

Tyler Bohn, Deephaven Mortgage

For Perez, 2025 hasn’t been a poor year; rather, it has simply required recalibrating to the pace and shape the market now dictates. “I don’t think it’s been a down year per se,” he said. “It’s been a year that was very much predicted when it came to units and volume. You have to adjust to that − you can’t force it. One of the challenges that we’re seeing out there is people keep trying to force it, thinking a refi boom is coming when 70 to 80 percent of people are below five percent. That’s a really tough market to create a refi boom in. It’s about playing to what the market has given our hand.” Bohn agreed, adding that at Deephaven his team believes that you can find success in any market. “2025 has been a pretty fortunate year,” he told MPA. “[It’s been] a second or third year in a row of good fortune in non-QM, which is where we specialize in and [where we] bring our expertise to the table. We’re going to have another banner year in our category and as a company.”

Read on

Deephaven Mortgage, the pioneer in non-QM, was founded in 2012 to provide mortgages to the millions of Americans who cannot qualify for a traditional loan. We continuously innovate new mortgage products that put homeownership within reach of millions of borrowers and investors who need and deserve financing. We offer our loans through a network of 1,000+ independent mortgage brokers. We also buy loans from more than 200+ correspondent partners. Our longevity and strength in the non-QM space has allowed a significant number of borrowers to achieve homeownership who otherwise would not have.

EPM is a national independent mortgage lender founded in 2008. Headquartered in Atlanta, EPM partners with brokers, correspondents, and consumers nationwide, offering a full suite of lending solutions with a focus on accessibility, education, and transparency. Guided by the belief that homeownership is the American Gift, EPM has become a recognized leader in wholesale lending and industry advocacy. With a culture rooted in service, innovation, and accountability, EPM is dedicated to helping families achieve freedom through homeownership.

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M&A Insights 2021

Insurance Business America uncovers the answers to brokers’ biggest questions about mergers and acquisitions, with expert insight from MarshBerry, Baldwin Risk Partners and Relation Insurance

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Timothy J. Hall

Relation Insurance

Gerard Vecchio

MarshBerry

Industry experts

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Mashberry

Gerard Vecchio

Relation Insurance

Timothy J. Hall

In Partnership with

M&A Insights 2021

Insurance Business America uncovers the answers to brokers’ biggest questions about mergers and acquisitions, with expert insight from MarshBerry, Baldwin Risk Partners and Relation Insurance

Read on

Timothy J. Hall

Relation Insurance

Gerard Vecchio

MarshBerry

Industry experts

Relation Insurance

Timothy J. Hall

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Gerard Vecchio

Published December 4, 2025

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He emphasized that at Deephaven they are not waiting for the “good old market” to return − they’re forging success in the current one. “The product innovation we’ve been thoughtful of over the last couple years has really opened the doors to continue to sidestep any of the negativity or the reduction in transactions that we saw in 2022 and 2021,” he said. Perez agreed, adding that success here hinges on really embracing the “new world order,” so to speak. He was also quick to point out that the “old guard” is made up of those entrenched powers who want to preserve a model that Perez simply doesn’t think is sustainable for today.

Shifting to meet the market“You have to understand what the market has given you,” Perez told MPA. “One of the biggest things is people have got to get on video. I don’t really care if it’s just on your cellphone − I don’t care if it looks terrible − it’s better than not doing anything. You have to be a brand; people want to know who you are not just what product you provide − they want to know who you are as a character.” Perez likened the legacy expectation of a refinance wave to a defeated war cry, adding that he jokingly calls it the “Paul Revere syndrome.” “Every six months I hear, ‘The refis are coming! The refis

are coming,’” he quipped. “I don’t think it’s going to be this gushing 14 million units like we saw in 2020 and 2021 that everybody’s expecting. “As well as, with so many baby boomers getting to the later stages of life, there’s going to be so much wealth that transfers. This is such a golden opportunity − this isn’t the post-crash Dodd Frank model, this is normal interest rates.” ‘Look at the numbers’When the question turned to how they work with end-borrowers when headlines scream rate cuts, Perez said he instructs his team to hone their focus on what really matters. “I tell my loan officers to look at the numbers. If you want to really predict rates, watch inflation or treasuries… The problem is so many loan officers don’t actually know every aspect of this business − but good loan officers rise to the top in those categories.” Bohn agreed, adding that the difference between a good loan officer and a great one is that they’re not strapped to one value proposition for their customers. “If you’re going to make your strategic trajectory based on rates, in the long run you’re going to lose. There’s always going to be someone out there with a better rate. While it is click bait, and maybe it can create some lead gen, I wouldn’t advise a loan officer to get on the phone and start a conversation around rates. “If you’re talking to a new homebuyer, a first-time homebuyer, where the rates are today actually creates a little better positioning due to less competition of buyers. If you find the right property, the gain in equity based off of our inventory levels will actually offset 25, 45, 75 basis points over the next few years.”

Referencing once again the struggle between the old guard and the new, Bohn stressed the need to understand what products are driving the market, adopt them early, and become an expert. “For the old guard, you should have a tremendous amount of pride in how many families you helped get into a home under five percent,” he said. “And you’ve already invested in building rapport and trust with them because they’ve done a deal with you. They are phenomenal referral sources in this market. To be able to call them back and say, ‘Hey, your kids were in high school when we did this loan. Are they going to college? Do you need to help pay for that college? Are you prepared for that?’ They can shift and begin a wealth conversation. “Rather than chasing the five percent of real estate that controls 90 percent of the listings, you’re actually opening up an opportunity and reinvesting in a relationship that you already started while providing them with access to capital through using home equity products which are driving the market today.” That insight directed attention to product strategy, with the three experts digging deeper into the kinds of products brokers should be looking at right now − and Bohn offering concrete guidance.

“We’re fairly well diversified within non-QM, by definition,” he said. “A second lien is a non QM product − and I think a lot of people forget about that. But it’s the second-fastest-growing product over the last 12 months. A large portion of those folks [with sub-five percent loans] are not leaving their home anytime soon. They’re going to want to reinvest in that property. There’s a tremendous opportunity to leverage actually a really good cost of capital with a second lien and get into an investor strategy.” Perez reinforced that if you look at the top one percent of all of his loan officers, the vast majority of them are focusing heavily on the DSCR transactions and they’re utilizing HELOCs in a format to get those. “You can tap into the equity that you had in those things” he told MPA. “I’m actually really concerned that one day people aren’t going to have many other options to rent because so many DSCR loans are now being done at such a heavy level that the people who get it − the loan officers who educate their consumers to get it − those investors get it, they’re not always the largest loan amounts.”

‘Culture is everything’ Amid the product-forward conversation came a deeper chord: culture. It’s one thing to have the right strategy; it’s another to have the organization anchored in the right mindset and environment. Perez put it bluntly: “Culture is absolutely everything to growing a sustainable long-term or large organization. If you don’t have the right culture, somebody will leave for the stupidest thing. I tell my folks all the time, even my biggest producers, I will not trade money for culture − ever. Because if I have the right culture, the money will always come.” Bohn weighed in, agreeing that with culture, it’s not enough to assume that you have a strong one − you really need to demonstrate it on a day-to-day basis. “Culture is important,” he said, “because you’re taking stress and you’re removing it off somebody else’s plate so that you can have a common unity toward a goal bigger than themselves.” And as the conversation turned to new-home construction, fix-and-flip, and inventory constraints, the trio identified the upstream half of mortgage opportunity. “It’s a four to five million home gap that we need to make up in the short run,” added Bohn. “I think it’s closer to 18 million relative to demographic forecasts. If you can partner up with the right investor, builder, developer, that’s going to bring you a cascade of additional borrowers − you’ll be the recommended specialist to help with that final loan.”

Kortas agreed, adding that he often gets frustrated at loan officers on the brokerage side. “We have a much better product for these builders,” he told MPA. “But the brokers aren’t doing enough to reach out to them. Builders can see the value in the brokers, but the brokers aren’t doing enough.” He emphasized that broker-lenders must treat builder relationships the same way they treat real estate agents: proactively, consistently. “The institutional builders only represent about 35 percent of the production; 65 percent is happening from localized rehab through fix-and-flip programs, which is the opportunity for most brokers in their community. “We just brought on a big-time builder loan officer – we’re

going to use his model and build something out so that other brokers can actually get into that space.” His vision? A blueprint for wholesale brokers to plug into builder/rehab financing, not just traditional purchase or refinance. “There’s a huge opportunity especially for the wholesale community,” he said, “if they’re willing to take the time to invest in it.” Creating an online presence When the topic shifted to online presence and how loan officers should participate, Perez offered a practical yet often overlooked suggestion. “There was a 30-day challenge, 30 videos for 30 days – and if you do a video for 30, people will want to know who you are. One of my best videos was me out feeding the chickens − and everybody loved it. So you can have some fun here. Dogs are key − animals are critical, they work every time. “An online presence really is this generation’s way of building that rapport with clients that you may never shake hands with in person. It’s probably the lightest-weight or most efficient way to build out a lead platform for yourself. If you’re not on LinkedIn by now, if you’re not on Facebook and Instagram, you’re missing a tremendous opportunity.” Kortas chimed in with a forward-looking observation here too – that your smaller size may actually give you an advantage over the mega financial institutions.

“Brokers can have a slight edge on this because they don’t work for the big banks with compliance departments,” he said, adding, “Depending on where technology goes, if AI can actually take over this side of the business, your online presence will become everything. You will have a 20-year-old TikToker who is just destroying the production levels of the entire industry and killing the old guard because they’re able to reach so many people. All you’re going to need is an NMLS license and a good AI platform, and the loan will do itself damn near in the future.” A glimpse into the future of the mortgage landscape With that, MPA asked the final, and perhaps most important, question: what’s your bold prediction for 2026? Perez didn’t hesitate: “I think the transition of originators from retail to wholesale is going to go up another five percent.” Kortas agreed, adding that he thinks there’ll be at least a five percent growth overall in that market.

Source: Deephaven

Our mission is clear and simple: To provide innovative mortgage products to the millions of borrowers underserved by the traditional mortgage industry. Deephaven champions those mortgage borrowers whose independence, entrepreneurial drive, and determination are often the very reason they can’t qualify for a traditional loan. Using ingenuity, supported by common-sense underwriting, we continuously and responsibly innovate new mortgage products and programs that put homeownership within reach of millions of borrowers and investors that need and deserve financing.

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There’s also been a growth in the ARM market here, Perez pointed out. “A lot of what you’re seeing out there is the five to one ARM and the three to one ARM for a first time homebuyer, the interest rates on those five to one ARMs are like one and a half, almost two percent lower. However, if your budget is this amount, then just enjoy that time period. We don’t need 2008 again.”

“By 2030, it’s going to be over 50 percent of the market,” he said. Bohn considered the non-agency world in his response, explaining, “We’re in a market that’s going to show three to four hundred billion dollars with a non-agency product and there’s a good chance that that doubles again into next year.” What does all this amount to? The mortgage industry is not waiting for history to repeat itself − it is evolving. The fixed-rate refinance era may be in the rear-view mirror, but capital will still move, business will still grow − and the winners will be those who reposition themselves thoughtfully.

Mike Kortas

NEXA Lending

Mike Kortas is the chief executive officer of NEXA Lending. With more than 20 years of mortgage experience, Kortas has served multiple roles, from loan originator to team leader, branch manager, regional manager, and vice president in previous positions before serving the loan officers of NEXA Lending. He has been recognized as a top loan originator with volume that places him within the top one percent nationwide. Building teams and other company ventures is something that Kortas has excelled at.

NEXA Lending

Mike Kortas

Eddy G. Perez Jr.

EPM

Eddy G. Perez Jr., CMB, is the Founder and CEO of EPM, where he has grown the company into a national leader since 2008. A first-generation Cuban American, Eddy draws inspiration from his father’s journey to freedom and entrepreneurship. With experience spanning finance, retail, and wholesale lending, he has closed thousands of loans and championed broker advocacy nationwide. Eddy has held a seat on the Mortgage Bankers Association board of directors since 2017. Recognized in multiple industry publications, he is committed to mentorship, innovation, and empowering people through homeownership.

EPM

Eddy G. Perez Jr.,

Eddy G. Perez Jr.

EPM

Eddy G. Perez Jr.

“Depending on where technology goes, if AI can actually take over this side of the business, your online presence will become everything”

Mike Kortas, Nexa Lending