David Adamo has been in the mortgage business since the 1980s, starting in between freshman and sophomore years while attending New York University. Though it began as a summer job, he was running the company by the time he graduated college.

Adamo then founded Luxury Mortgage in 1996, targeting the upper end of the market (thus, the inclusion of the word 'luxury' in the name). After concentrating on this segment for the first 12 years or so of the shop's existence, the company made some shifts resulting from fallout on housing during the Great Financial Crisis. In 2013, Tiptree Financial acquired a majority stake in Luxury Mortgage. However, Adamo repurchased 100% of the equity and interests in Luxury Mortgage in 2023. The company completed a recapitalization with Barings and Massachusetts Mutual Life Insurance shortly thereafter.

Luxury Mortgage remains headquartered in Stamford, Conn., currently originating in 36 states through the wholesale, correspondent and conduit channels.

With his specialization in non-QM product, Adamo has a particular insight in the possibilities for growth in this oft overlooked segment of the market. Below he details just how much potential he sees for it in the months and years ahead.

The following discussion has been edited for length and clarity.