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Angel Oak Mortgage Solutions Expansion Facilitates Non-prime Mortgage Loan Activity across the Country

Sub-prime mortgage financing has changed. Due to relative inactivity in non-prime mortgage origination, the last few years have created opportunity in the non-prime housing market for non-agency wholesale mortgage originators willing to innovate in the alternative mortgage space. In recent years, non-agency lending has become a significant channel of development offering opportunity for non-qualified wholesale mortgage brokers and alternative wholesale mortgage originators. Angel Oak’s flexible programs offer wholesale non-QM mortgage loans at a point when non-qualified mortgage seekers are finding that obtaining these non-prime mortgage loans is difficult. Innovating in this non-qualified mortgage origination space allows Angel Oak Mortgage Solutions to expand across the country, hiring rapidly and facilitating an increase in non-prime wholesale mortgage origination activity.

Angel Oak Mortgage Solutions continues to develop new solutions and ways of addressing client needs, ranging from wholesale alternative mortgage loans for non-prime mortgage brokers and non-conforming residential mortgage products geared toward helping secondary consumer mortgage seekers. Non-agency wholesale lending allows mortgage brokers looking for non-prime mortgage solutions the option to finance non-conforming mortgage loans. non-prime mortgage products allow brokers to offer non-prime mortgage borrowers the ability to obtain non-agency mortgage loans even after a foreclosure, short-sale, or bankruptcy. Without this option, the subprime mortgage market would be, and is still, underserved by mortgage professionals and mortgage originators.

Angel Oak Mortgage Solutions recently added the ability for third party non-agency mortgage lenders to obtain alternative mortgage wholesale loans through a mini-correspondent channel. This channel allows non-QM wholesale mortgage providers to offer Angel Oak Mortgage Solutions products while still utilizing the mortgage company’s brand. The Angel Oak Mortgage Solutions mini-correspondent program offers the same non-QM wholesale mortgage products expected from an innovative mortgage lender.

Mini-correspondent channels allow non-conforming mortgage bankers to take advantage of mortgage loans in a new way. Mortgage companies can originate non-agency wholesale mortgage loans while controlling the financial details of these secondary mortgage loans. The three percent cap on points and fees for non-qualified mortgages, which includes the compensation for the brokerage, is the responsibility of the mini-correspondent lender to monitor, and there is no need to disclose yield spread. There is little change on a day-to-day basis when using a mini-correspondent channel to obtain non-agency mortgage loans.

Allowing non-conforming residential mortgage applicants to obtain alt-A mortgage loans they could not before brings life back into the alternative lending space. Leading up to the launch of the non-prime program at Angel Oak Mortgage Solutions, stringent requirements prevented worthy alternative home owners from obtaining non-prime mortgage loans, even when they were credit-worthy borrowers.

As a result, Angel Oak Mortgage Solutions is quickly becoming one of the fastest growing non-prime mortgage originators in the business. Angel Oak Mortgage Solutions looks to expand its non-Agency wholesale mortgage origination volume and has recently opened a number of offices across the country allowing it to originate alternative wholesale mortgage loans more broadly. Angel Oak Mortgage Solutions is hiring in these new locations located in California, Texas, and the Southeast, seeking to bring access to its flexible programs in the space of alt-A mortgage lending to all. To those who benefit from the alternative mortgage lending products Angel Oak Mortgage Solutions provides, it seems like lending made easy through the use of common sense.

Angel Oak Mortgage Solutions offers a number of non-prime wholesale mortgage solutions for low credit borrowers.
Learn more about our non-prime program