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Angel Oak Mortgage Solutions Launches Bank Statement HELOC Product, Welcomes 6 Account Executives

Angel Oak Mortgage Solutions LLC, the nation’s leading nonbank wholesale and correspondent non-qualified mortgage (“non-QM”) lender, proudly announces the launch of the Angel Oak Bank Statement Home Equity Line of Credit (“HELOC”) solution, a product that allows self-employed homeowners to tap into their home equity while retaining their first mortgage. In addition, in response to Angel Oak’s growth, the firm is pleased to welcome six new account executives.

The latest data from the St. Louis Federal Reserve shows that American homeowners are sitting on record levels of equity — approximately $32 trillion — in their homes. The U.S. Bureau of Labor Statistics reports that there are approximately 16 million self-employed individuals in the U.S. and many of them are homeowners who have struggled to tap into their home equity through traditional financing solutions.

To meet the needs of this underserved but important group of homeowners, Angel Oak has launched the innovative Bank Statement HELOC, which enables qualified self-employed borrowers to leverage their home’s equity while retaining their first mortgage. This unique offering, which qualifies borrowers based on trailing 12- or 24-month bank statements, provides a line of credit with no restrictions on usage, similar to traditional HELOC offerings. Borrowers can qualify for this product with owner-occupied homes, second homes or investment properties.

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