David Adamo has been in the mortgage industry since the 1980s, starting between his freshman and sophomore years at New York University. It started as a summer job, but by the time he graduated from college he was running a company.
Adamo then founded Luxury Mortgage in 1996 to target the upper end of the market (hence the word “luxury” in the name). After concentrating on this segment for the first 12 years or so of its shop, the company made some changes in the wake of the housing crisis during the Great Financial Crisis. In 2013, Tiptree Financial acquired a majority stake in Luxury Mortgage. However, Adamo repurchased 100% of its shares and interests in luxury mortgages in 2023. The company shortly thereafter completed a recapitalization with Barings & Massachusetts Mutual Life Insurance.
Luxury Mortgage remains headquartered in Stamford, Conn., and currently has a presence in 36 states through wholesale, correspondent and conduit channels.
Adamo specializes in non-QM products and has special insight into the growth potential in this often overlooked segment of the market. Below, he details how likely he sees it in the coming months and years.
The following description has been edited for length and clarity.
