A&D Mortgage Review 2026: Scotsman Guide #1 Non-QM Lender 2024 ($2.247B), Wholesale-Only, Mr. Cooper TPO Acquisition Closed April 2025

Why this review exists

Most online A&D Mortgage reviews fall into one of two categories: (1) broker-recruitment pages on aggregator directories (HardMoneyHome, ZoomInfo) that summarize program specs without forensic verification, or (2) self-reported PR releases that don't triangulate against KBRA presale reports, Fitch servicer ratings, or Scotsman Guide's published methodology. Neither category surfaces the most important institutional facts for an investor trying to understand what A&D actually is in the non-QM ecosystem.

A&D was mentioned in our Best DSCR Loan Lender 2026 forensic comparison and the Best Fix-and-Flip Lender 2026 forensic comparison — but never reviewed standalone. This standalone forensic review corrects that. Primary sources used: A&D Mortgage's own product pages at admortgage.com/programs/dscr/ and admortgage.com/programs/foreign-nationals/, the published Scotsman Guide 2024 Top Non-QM Lenders ranking, KBRA presale reports for ADMT 2024-NQM6 / ADMT 2025-NQM1 / ADMT 2025-NQM3, Imperial Fund Asset Management deal-closing press releases for ADMT 2025-NQM2 / 2025-NQM4 / 2025-NQM5, BusinessWire and GlobeNewswire primary releases for the Mr. Cooper acquisition close (April 1, 2025), Fitch Ratings affirmation (March 14, 2024), Atlas Merchant Capital JV (September 2024) and Canyon Partners commitment (2025), NMLS Consumer Access record for company NMLS #958660, A&D Mortgage's published state licensing disclosures at admortgage.com/important-disclosures/, BBB profile, Trustpilot review aggregate, and Glassdoor employee-review aggregate.

We have no affiliate relationship with A&D Mortgage. There is no consumer affiliate program — A&D is wholesale-only, and even broker-partner enrollment is not an affiliate revenue stream we participate in. We earn nothing if you contact a broker partner of A&D Mortgage. Every link to admortgage.com in this review is a generic destination URL.

Institutional facts

The wholesale-only model matters and is the single most important structural fact to understand. A&D Mortgage does not lend directly to retail consumers. Every DSCR loan, every bank-statement loan, every foreign national loan, every conventional loan flows through one of 8,500 broker partners. This is structurally different from Visio Lending (which originates through both retail and wholesale channels), Kiavi (direct-to-consumer fintech), and even Velocity Financial (which markets directly to brokers but also to institutional investors). A retail real-estate investor reading this review can only access A&D through a mortgage broker — there is no consumer application portal.

Origination scale and Scotsman Guide ranking

Verified 2024 Scotsman Guide ranking: #1 Top Non-QM Lender — $2,247,617,534 submitted volume.

Scotsman Guide publishes annual top-25 rankings sorted by submitted non-QM volume. We verified the published ranking directly on scotsmanguide.com/rankings/top-mortgage-lenders/2024-top-non-qm-lenders/ — A&D's position and dollar figure are unambiguous. The metric is submitted volume (loans submitted for underwriting / closing through the program), not funded volume — a critical distinction many aggregator reviews fail to draw. Submitted volume is the broader denominator; funded volume would be smaller because some submissions don't fund.

A&D's progression on the Scotsman Guide Non-QM list:

A&D additionally placed #2 Top DSCR Lender 2024 and #2 Top Bank Statement Lender 2024 in their debut years on those Scotsman lists — meaning A&D is not just a single-product Non-QM platform but a multi-product non-QM platform that competes on DSCR specifically against Visio Lending (which placed #1 on Scotsman's 2024 Top DSCR Lenders at $854.6M submitted volume — meaning A&D's #2 DSCR is significantly behind Visio in DSCR-specific volume, but Visio is dramatically behind A&D in total non-QM volume because Visio is single-product DSCR and A&D is multi-product).

Note on the apparent gap. The $2.247B Scotsman 2024 non-QM submitted figure is smaller than the $10B+ combined 2024 origination because: (1) the $10B figure is total origination including conventional/agency/government, not just non-QM; (2) the $10B figure is combined A&D legacy plus the acquired Mr. Cooper/Flagstar TPO platform whose origination predated A&D's ownership; and (3) Scotsman's $2.247B is specifically non-QM submitted volume during the calendar year that determined the 2024 ranking. The two numbers measure different things, and aggregators that conflate them are wrong.

DSCR / non-QM product details

The core DSCR program is the focus of this review. A&D also runs Bank Statement, ITIN, Foreign National, Jumbo Non-QM, Conventional (Fannie / Freddie), FHA, VA, and USDA programs. We focus on DSCR and Foreign National DSCR as the products most directly relevant to a Best DSCR Loan Lender 2026 reader.

A&D Mortgage DSCR (admortgage.com/programs/dscr/)

The "DSCR as low as 0" floor is genuinely differentiating. Visio Lending has a stated 1.0 DSCR floor with sub-1.0 available case-by-case; Kiavi's published floor sits in the 1.0-1.1 range. A&D explicitly publishes a DSCR-as-low-as-0 underwriting box, conditioned on a 680 FICO floor — meaning a property with no positive cash flow at acquisition can still qualify if the borrower has 680+ FICO. This is a meaningful competitive advantage for value-add deals where current rents are below market or for stabilization-period acquisitions. Aggregator reviews that describe A&D's DSCR floor as 1.0 are wrong.

The 40-year amortization term is unusual. Most non-QM DSCR programs cap amortization at 30 years; A&D's 40-year option meaningfully reduces the qualifying PITIA payment, which improves DSCR mechanically. Visio Lending does not publish a 40-year option; Kiavi does not publish a 40-year option on its core DSCR product.

A&D Mortgage Foreign National DSCR (admortgage.com/programs/foreign-nationals/)

The Foreign National DSCR program is materially more flexible than competitors. Visio Lending does not offer a foreign national program (US citizens / permanent residents with SSN only). Velocity Financial caps foreign national LTV at 65% per published guidelines. Quontic Bank offers 80% LTV foreign national but at a $2M cap and slower closing pace. A&D's 75% CLTV at $3M, with no US credit history required and condotels eligible, is the most institutional-quality foreign national DSCR product we surface in our affiliate review universe.

Securitization history — A&D Mortgage Trust (ADMT) shelf

A&D's capital-markets spine is the A&D Mortgage Trust (ADMT) non-QM securitization shelf. The shelf is dual-rated by S&P Global Ratings and KBRA (Kroll Bond Rating Agency), making A&D one of the few non-QM originators with split AAA-rated tranches from both major non-QM-active rating agencies. As of December 2025, ADMT 2025-NQM5 was the 28th securitization issued with A&D-originated collateral — meaning the shelf has been issuing at roughly 5-7 deals per year for the past five years.

Underwriter rotation. Imperial Fund Asset Management acts as the residential-mortgage capital-markets advisor; ATLAS SP Partners (the Apollo-majority-owned securitized products platform that absorbed Credit Suisse's ABS group) acted as exclusive financial advisor to Imperial Fund and Atlas Merchant Capital on the Canyon Partners commitment. KBRA presale reports for ADMT 2025-NQM1, NQM3, and NQM5 confirm dual-AAA ratings with subordination and excess-spread credit enhancement.

Capital partner structure (verified):

1. Imperial Fund Asset Management — co-founded by Max Slyusarchuk; serves as RMBS capital-markets advisor and named sponsor on every ADMT deal. This is a related-party relationship that A&D discloses but that aggregator reviews routinely fail to flag. Imperial Fund's economic interest in ADMT deals is in residual / subordinate tranches; A&D originates and sells loans to the trust.
2. Atlas Merchant Capital — NYC/London alternative investment firm. Joint venture with A&D Mortgage and Imperial Fund announced September 17, 2024 to expand A&D's $7B securitization platform. First sponsored deal closed August 26, 2024: $370 million of A&D-sourced mortgage collateral. Atlas A&D Opportunity Fund III is the active investment vehicle (ADMT 2025-NQM5 was the 8th deal sponsored by Atlas A&D Fund III).
3. Canyon Partners — $28 billion global alternative-investment manager. Announced strategic partnership in 2025 committing $250 million to enable approximately $5 billion in non-agency mortgage securitizations with A&D Mortgage and Imperial Fund. ATLAS SP Partners (Apollo) served as exclusive financial advisor to Imperial Fund and Atlas Merchant Capital on the Canyon transaction.

The institutional-capital depth here exceeds Visio Lending's shelf (11 S&P-rated Visio Trust deals approximately $2 billion lifetime) and is in a different league than Kiavi's LHOME shelf in terms of dual rating agency coverage and breadth of institutional partners. The single biggest structural risk is the related-party Imperial Fund relationship; the single biggest structural advantage is the Canyon $5B commitment that gives A&D forward-funded origination capacity through 2026-2027.

Leadership

The leadership thesis at A&D is founder continuity — exactly the opposite of Visio Lending, where both co-founders retired in January 2025 and every senior executive is under 18 months in role.

• Max Slyusarchuk — Founder, President and CEO since 2005. 20+ year mortgage and banking industry veteran. Began at United Financing as VP of Operations; moved to A&D Financial as VP of Operations in 2005; founded A&D Mortgage. Co-founder of Imperial Fund Asset Management. Vice chairman and shareholder of Home Federal Bank of Hollywood (separate FDIC-insured federally chartered savings bank — not the same legal entity as A&D Mortgage LLC). Featured on the 2021 HW Finance Leader list, the 2024 NMP Legends of Lending list, and the 2024 Forbes top-10 non-QM list.
• Svetlana ("Lana") Izgarsheva — Chief Operating Officer; NMLS #331342. 20+ year mortgage banking veteran with a legal background that she leverages for strategic decision-making.
• Michelle Parkison — SVP, Capital Markets. Responsible for the ADMT shelf execution and warehouse-line management.
• Rich Hoffmann — SVP, TPO National Sales Director. Oversees the 8,500+ broker partner channel post Mr. Cooper acquisition.
• Michael Pearson — SVP, Business Development.

No recent leadership transitions or C-suite departures have been disclosed in 2024-2026 primary sources beyond the natural expansion that followed the Mr. Cooper acquisition (300+ ex-Flagstar TPO employees transferred to A&D April 1, 2025). This is structurally a meaningful advantage versus Visio Lending and a meaningful contrast to the average non-QM operating company, where senior turnover during 2022-2024 rate cycles was significant.

Regulatory history

NMLS Consumer Access (company NMLS #958660): No public sanctions, fines, or disciplinary actions surfaced in our primary-source research as of May 14, 2026. The NMLS portal for A&D Mortgage LLC shows active state licenses across all 50 states + DC + Puerto Rico + USVI with no listed regulatory actions.

Florida Office of Financial Regulation (Florida DBPR / OFR): A&D operates under Florida Mortgage Lender Servicer License #MLD858. No public enforcement action against the Florida license surfaced.

CFPB: DSCR and Non-QM business-purpose investor loans are statutorily exempt from CFPB's Ability-to-Repay rule and TILA/RESPA Integrated Disclosure rules (12 CFR §1026.3(a) exemption). Consequently CFPB Consumer Complaint Database has minimal-to-zero coverage of A&D borrowers as a structural matter, not because complaints are suppressed. Bank Statement and ITIN consumer-purpose products would be subject to CFPB jurisdiction; we could not identify a public CFPB enforcement action against A&D in our research.

State enforcement: No public state AG action, consent order, or summary revocation against A&D Mortgage LLC surfaced in research across California DFPI, Florida OFR, New York DFS, or Texas SML licensee databases. [UNVERIFIED] — exhaustive state-by-state regulator-portal review (50 jurisdictions) was not feasible inside the scope of this single review; we recommend any borrower or broker counterparty conduct a final state-specific check before relying on A&D for material funding.

SEC enforcement: None against A&D Mortgage LLC. ADMT trust entities file routine 15G ABS disclosures.

Civil litigation: No class action or named-plaintiff lawsuit against A&D Mortgage LLC surfaced in our PACER / Justia research for 2024-2026 with sufficient prominence to flag here. [UNVERIFIED] — single-plaintiff commercial disputes routinely exist for any 20-year-old multi-billion-dollar mortgage operating company and would require full PACER docket pull to enumerate.

Fitch Ratings (servicer): Affirmed with Stable Outlook on March 14, 2024. Specific rating tier (e.g., RPS3 / RPS3+) was not disclosed in A&D's public press release on the affirmation. Servicing portfolio at affirmation date was $7.2B / 18,573 loans, up from $6.1B / 15,460 loans seven months earlier — a 18% portfolio growth pace that Fitch validated as consistent with their continuing Stable Outlook.

The compounded regulatory profile is meaningfully cleaner than Lima One Capital (which has a 2020 California DFPI Order Summarily Revoking and a July 2020 Consent Order under CFL 60DBO-45834), comparable to Visio Lending's clean record, and structurally cleaner than Quontic Bank's three open enforcement orders (2018 OCC, 2022 OCC C&D, 2023 Fed Written Agreement).

Borrower and broker reviews

A&D is a wholesale-only lender, so the review aggregate primarily reflects broker satisfaction with A&D as a TPO counterparty rather than direct retail-borrower experience. This is a structural quirk worth flagging.

Trustpilot — admortgage.com: 4.8 stars across approximately 73 reviews. Positive themes around named account executives, fast turnaround times, and broker-portal usability (AIM, ADwise). Negative themes are sparse and most volume of reviews praises specific A&D individuals by name.

BBB — A&D Mortgage LLC profile: Profile is active under Hollywood / Fort Lauderdale jurisdiction. Not BBB-Accredited per public profile inspection. Individual complaints on the BBB profile include at least one detailed complaint that A&D did not honor a rate lock and applied force-placed insurance — a serious-if-true allegation that would warrant any broker partner asking specific account-executive escalation questions. Specific 3-year complaint count not extractable due to BBB-side rate limiting. [UNVERIFIED] — we recommend final manual verification at the BBB profile before relying on this section.

Birdeye review aggregate: Approximately 1,179 reviews across the broker-facing Hollywood / Fort Lauderdale profile.

Indeed + Glassdoor (employee reviews): Glassdoor 4.0/5 across 92 reviews; 72% recommend to a friend. Indeed reviews skew positive on compensation and account-executive autonomy; negative themes center on operational pace and intensity, consistent with a wholesale shop processing $10B+ annual volume.

Compared to Visio Lending (Trustpilot 4.6/5 across approximately 150 reviews), A&D's higher per-review rating with fewer reviews is consistent with a wholesale-only model where the universe of reviewers (broker partners + the occasional borrower-with-broker-relationship) is structurally smaller than a retail lender's. Compared to Velocity Financial (also wholesale BPL), A&D's review aggregate is roughly comparable.

How A&D compares to Visio Lending

Both A&D and Visio Lending are top Scotsman Guide non-QM specialists, but they are structurally different businesses serving overlapping investor profiles via different channels.

Who wins on what:

• DSCR product flexibility (sub-1.0 floor, 40-year amortization, foreign national): A&D wins.
• DSCR submitted volume (Scotsman Guide-verified): Visio wins by significant margin on the DSCR-specific ranking.
• Total non-QM scale: A&D wins by significant margin ($2.247B vs Visio not on top non-QM list).
• Channel access for retail investors: Visio wins (retail channel exists; A&D wholesale-only).
• State coverage: A&D wins (50 + DC + territories vs 41 + DC).
• Founder/leadership stability: A&D wins (Slyusarchuk continuous since 2005 vs Visio entire C-suite under 18 months).
• Loan size: Visio wins ($5M vs $3.5M cap).

For a US-citizen retail investor shopping directly, Visio is the easier choice. For an investor working with a mortgage broker who has A&D account access, A&D wins on product flexibility and product breadth (foreign national, 40-year, sub-1.0 DSCR). The two are not direct substitutes — they serve overlapping but distinct segments.

How A&D compares to Velocity Financial

Velocity Financial (NYSE:VEL) is the only publicly traded business-purpose wholesale lender in the United States. The comparison to A&D is structurally important because both are wholesale-only non-QM/BPL platforms.

Who wins on what:

• Transparency (public-filer disclosure): Velocity wins — quarterly 10-Q filings, annual 10-K, conference-call transcripts publicly available.
• DSCR flexibility (sub-1.0 floor, 40-year, foreign national LTV): A&D wins.
• Small-balance multifamily / commercial bridge depth: Velocity wins — A&D's multifamily caps at 8 units, Velocity originates beyond that into small-balance commercial.
• Non-QM total scale: A&D wins on 2024 origination per Scotsman ranking.
• Capital-markets depth: Roughly comparable. Velocity has the advantage of public-equity issuance capacity; A&D has the depth of Imperial / Atlas / Canyon institutional commitments.

A&D and Velocity are arguably each other's most direct structural competitors in the wholesale non-QM/BPL category — and the choice between them often comes down to (1) does the broker have an account with both, (2) what is the specific deal structure (sub-1.0 DSCR favors A&D; small-balance multifamily commercial favors Velocity), and (3) does the borrower's risk preference favor transparency (Velocity's public filings) or product flexibility (A&D's broader product matrix).

Comparison to Kiavi (AI-underwriting fix-and-flip + DSCR)

Kiavi is the largest fintech BPL lender by 2024 originations ($7.8B in 2025) and serves a structurally different segment than A&D. Kiavi closes DSCR loans in under 21 days through AI/ML underwriting; A&D's broker-channel timeline is materially slower because the broker handles file submission and document chase. Kiavi wins on speed; A&D wins on product breadth (foreign national, 40-year, sub-1.0 DSCR, bank statement, ITIN, agency).

A real-estate investor who values speed-to-close above all else — who is doing 20+ deals per year and needs predictable, AI-underwritten DSCR turnaround — should look at Kiavi first. An investor who needs flexible underwriting (foreign national, sub-1.0 DSCR, 40-year amortization, condotels, mixed-use) should access A&D through a broker partner.

Verdict

A&D Mortgage is the most institutionally embedded non-QM origination platform in the United States in 2026. The combination of Scotsman Guide's #1 2024 Non-QM ranking at $2.247 billion submitted volume, 28 dual-rated ADMT securitizations through December 2025, the Canyon Partners $250M commitment enabling approximately $5B in non-agency RMBS, the April 2025 closing of the Mr. Cooper TPO acquisition (formerly Flagstar wholesale), founder continuity since 2005, and a Fitch-affirmed Stable Outlook servicer rating against a $7.2B servicing portfolio adds up to a structural quality that exceeds every other non-QM lender we have reviewed.

The honest constraint for our reader is that A&D is wholesale-only. A retail real-estate investor reading this review cannot apply directly. The product flexibility — sub-1.0 DSCR floor with 680 FICO, 40-year amortization option, 75% CLTV foreign national DSCR with no US credit required, 50-state coverage including Puerto Rico and the US Virgin Islands — is genuinely industry-leading, but accessible only through one of 8,500 broker partners. If your broker has an A&D account, you have access to the best institutional non-QM product matrix in the country. If your broker does not, you are realistically choosing between Visio Lending (retail + wholesale, 41 states, $5M max, no foreign national), Kiavi (retail fintech, fast close, AI underwriting), or Velocity Financial (NYSE:VEL — public-filer transparency, small-balance commercial depth).

For a US-citizen DSCR investor with a deal in the $250K-$1M loan size, a property that currently shows DSCR under 1.0 but will stabilize, and a 680+ FICO — A&D through a broker is the product-flex answer. For a foreign-national investor buying a condotel or short-term rental — A&D is essentially the only institutional answer at this scale. For an investor whose broker doesn't have A&D access and who values fastest-possible close — Kiavi is the answer. For an investor who values public-filer transparency above all else — Velocity Financial.

Our overall rating of A&D Mortgage is 3.8 / 5. We deduct from a higher rating for (1) the wholesale-only channel constraint that removes retail-investor access, (2) the related-party Imperial Fund Asset Management relationship that warrants ongoing arms-length disclosure monitoring, (3) the specific BBB complaint alleging rate-lock non-honor that warrants account-executive-level diligence, and (4) the servicer rating tier non-disclosure in the Fitch affirmation press release. We add to a baseline rating for the unambiguous Scotsman Guide #1 verification, the dual S&P + KBRA shelf rating discipline, the Canyon / Atlas / Imperial institutional capital depth, the founder continuity since 2005, the breadth of product matrix including foreign national and 40-year DSCR, and the 50-state-plus-territories licensing footprint.

This review will be updated as A&D publishes its 2025 full-year volume, ADMT 2026 securitizations close, and any 2026 leadership or regulatory developments emerge.

Related coverage

• Best DSCR Loan Lender 2026: Forensic Comparison
• Best Fix-and-Flip Lender 2026: Forensic Comparison
• Visio Lending Review 2026 (Scotsman Guide #1 DSCR Lender 2024)
• Velocity Financial Review 2026 (NYSE:VEL — only public BPL lender)
• Kiavi Review 2026 (AI-underwriting fix-and-flip + DSCR)
• Quontic Bank DSCR Review 2026 (only FDIC-insured DSCR lender)
• Lima One Capital Review 2026
• LendingOne Review 2026

Sources

• A&D Mortgage corporate site
• A&D Mortgage DSCR program page
• A&D Mortgage Foreign National DSCR program page
• A&D Mortgage important disclosures + state licensing
• A&D Mortgage About page
• Scotsman Guide 2024 Top Non-QM Lenders ranking
• Scotsman Guide Names A&D Mortgage No. 1 Non-QM Lender (Yahoo Finance / Newsfile)
• A&D Mortgage Officially Completes Acquisition of Mr. Cooper Wholesale & Non-Delegated Correspondent Business (BusinessWire, April 1, 2025)
• A&D Mortgage to Acquire Wholesale Mortgage Origination Business (BusinessWire, January 16, 2025)
• Atlas Merchant Capital Announces Strategic Partnership With A&D Mortgage (September 17, 2024)
• Canyon Partners $250M Non-Agency RMBS Strategic Partnership with A&D Mortgage and Imperial Fund (PRNewswire, 2025)
• Imperial Fund Asset Management + A&D Mortgage close $417.15M ADMT 2025-NQM5 (December 2, 2025)
• Imperial Fund + A&D Mortgage close $435.4M ADMT 2025-NQM4
• Imperial Fund + A&D Mortgage close $445.5M ADMT 2025-NQM3
• Atlas Merchant Capital + A&D Mortgage + Imperial Fund close $426.67M ADMT 2025-NQM2
• A&D Mortgage launches $458 million non-QM securitization (Mortgage Professional America)
• KBRA Assigns Preliminary Ratings to ADMT 2024-NQM6 (BusinessWire, December 12, 2024)
• KBRA Assigns Preliminary Ratings to ADMT 2025-NQM3
• Fitch Ratings Affirmed A&D Mortgage Servicer Rating with Stable Outlook (March 14, 2024)
• A&D Mortgage Expands into New Fort Lauderdale Headquarters
• A&D Mortgage Launches AIM AI-Enhanced Partner Portal
• A&D Mortgage AIM page
• A&D Mortgage Launches Exclusive AUS for Non-QM Loans (NMP)
• HousingWire — How A&D Mortgage Grew Origination Volume in 2022
• Max Slyusarchuk Crunchbase profile (Founder, President and CEO)
• The Exchange: Max Slyusarchuk CEO Interview (The MortgagePoint, February 2026)
• Max Slyusarchuk 2021 HW Finance Leader profile (HousingWire)
• Atlas Merchant Capital company page
• Trustpilot — A&D Mortgage reviews
• BBB profile — A&D Mortgage LLC (Fort Lauderdale)
• Glassdoor — A&D Mortgage employee reviews
• AD Mortgage Releases Mortgage Professionals Pulse Report and 2026 Outlook (GlobeNewswire, December 18, 2025)
• NMLS Consumer Access — search company NMLS 958660

This review is independent research. We have no affiliate relationship with A&D Mortgage LLC. We earn nothing if you or your broker contacts them. A&D Mortgage operates a wholesale-only origination channel and does not run a consumer affiliate program. Last updated May 14, 2026.