By Karl Benjamin, Executive Vice President of Third Party Origination, Cardinal Financial®
Karl Benjamin is a nationally recognized mortgage executive with over two decades of leadership in wholesale lending and third-party origination. He spearheads wholesale strategy, broker partnerships, and revenue growth—helping scale the division to over $6 billion in production since launch and earn a top national ranking. Known for launching innovative lending channels and leading high-performing teams, Karl brings deep operational expertise and a market-driven mindset to his role. His leadership is focused on empowering partners through advanced technology, reliable support, and a shared commitment to success. A dynamic force in the industry, he was once named one of the “40 Most Influential Mortgage Professionals Under 40” and holds the prestigious Certified Mortgage Banker (CMB) designation, the highest credential awarded by the Mortgage Bankers Association.
I didn’t get into the mortgage business because I had some grand vision of changing an industry. I got into it because I was a broke college kid at Arizona State, standing in a gym parking lot, watching a guy pull up in a BMW M5. I asked him what he did for a living. He said, “Mortgages.” That was it.
The car was nice. But what’s kept me here for the long haul is something bigger.
This business is competitive. It’s demanding. And it rewards people who are willing to show up, grind, and figure things out when conditions aren’t perfect—which, let’s be honest, is most of the time.
That’s why I don’t buy into a lot of the panic narratives floating around right now. One of my more unpopular opinions is that the so-called “rate lock-in” crisis is overblown. Rates are rates. Life still happens. People get married, divorced, have kids, start businesses, and relocate for work. Homes aren’t just investments—they’re homes. And as long as that’s true, there’s business to be done for brokers who adapt instead of waiting for the market to save them.
The real issue isn’t demand. It’s whether brokers have lending partners built for the borrowers they’re actually serving today.
One of my more unpopular opinions is that the so-called “rate lock-in” crisis is overblown. Rates are rates. Life still happens.
Where Traditional Lending Starts Breaking Down
Too much of the industry is still set up to say no by default.
Traditional lending leaves qualified borrowers behind because it doesn’t allow for nuance. If something doesn’t line up perfectly, the process slows down, or it stops. For brokers, that’s not just frustrating. It’s risky.
Non-QM should be the solution, but without the right partner, it can feel like walking on thin ice. Brokers worry about pricing changes late in the game. Execution issues. Deals dragging on longer than they should. And when turn times slow or communication breaks down, it’s the broker—not the lender—who takes the hit. That’s how credibility gets chipped away.
When brokers don’t have clarity or visibility into a deal, confidence disappears fast. And once confidence is gone, everything gets harder.
Non-QM Isn’t Risky: Bad Execution Is
Non-QM, when done right, isn’t dangerous. It’s necessary.
This isn’t about stretching guidelines or reliving the subprime days. The safeguards are real. The structures are stronger. And the borrowers are very real: Self-employed borrowers with solid cash flow. Asset-based borrowers who don’t show income the traditional way. Investors building long-term portfolios. Credit-challenged borrowers who are still absolutely capable of owning a home.
These aren’t edge cases anymore. They’re core business. And brokers who can serve them consistently are the ones who will continue to win. But product alone doesn’t close loans. Execution does.
Speed Isn’t a Luxury, It’s Table Stakes
Speed matters. Period.
Borrowers don’t just want approvals. They want certainty, and they want it quickly. When brokers are chasing updates, guessing where a loan stands, or explaining delays they don’t control, trust erodes fast.
At Cardinal Financial, speed doesn’t mean cutting corners. It means removing friction. Fewer unnecessary touches. Fewer follow-ups. Systems that keep loans moving instead of stalling them.
When brokers know deals are progressing without constant babysitting, they can focus on originating instead of managing chaos.
Certainty Is What Brokers Actually Sell
Certainty is what allows brokers to stand behind their recommendations.
Real approvals and real numbers matter—especially in Non-QM. Brokers need to be confident that what they’re presenting to borrowers and referral partners is real, not hypothetical.
Late-stage changes kill deals. They kill trust. And they put brokers in an impossible position.
Clear, live status and transparent workflows eliminate guesswork. When brokers know what’s done, what’s missing, and what’s next, they stay in control of the conversation. That’s where professionalism shows up.
Flexibility Has to Exist Until the Very End
Borrower scenarios change. That’s reality, especially with Non-QM loans. Income shifts. Assets move. Loan structures evolve. Systems that force a full restart every time something changes don’t reflect how this business actually works.
Flexibility right up to close isn’t a “nice to have.” It’s essential—especially for complex borrowers. The ability to adapt without blowing up the process saves time, protects relationships, and keeps deals alive.
Why Real Partnership Makes the Difference
When you put all of this together—Non-QM capabilities, speed, certainty, visibility, and flexibility—it fundamentally changes how brokers operate.
With Cardinal Financial as a partner, brokers can confidently serve borrowers who don’t fit the traditional mold without sacrificing execution. The combination of strong people and smart technology removes friction instead of adding to it.
And that’s the part that matters most: the people.
Technology is a tool. Our tech is impressive. But it’s just one more way we build what really drives success: The relationship. When brokers know they have a partner who’s accountable, accessible, and invested, everything else just works better.
Turning Complexity Into Confident Closes
At the end of the day, when brokers have a lending partner built for speed, certainty, and flexibility, more borrowers move forward, and more brokers move ahead.
At Cardinal Financial, we’re not about hype or shortcuts. Our partnership is about showing up, executing, and helping brokers turn complex scenarios into confident closes. It’s about trust. It’s that simple.
Non-QM, when done right, isn’t dangerous. It’s necessary.
