We love the hosts at NREP because they keep us updated on the market in the liveliest and most optimistic way. They are truly fun to watch. They were so disappointed to have to give us really bad news on the state of the mortgage market. Basically, every segment is down based on the Mortgage Bankers Association weekly report. Mortgage applications in October 2018? Down 7.1% week over week. Refinance activity? Down 39% from total applications week over week.
The word on the street seemed pretty dismal until they announced the one segment that is not down but setting records in growth week over week, month over month, and year over year. That segment is non-QM and Angel Oak is the company with $1.5 billion in origination this year and not slowing down!
Non-QM is still dominating the market. To quote the boisterous NREP hosts, “If you don’t have Angel Oak as an option, it’s a choice!” The proof of the success of non-QM in the market is in the numbers.
Watch the video and hear the bad news. Then chin up! You will also hear about Angel Oak’s non-QM products created for many borrower’s unique circumstances. The loans perform as evidence by our record-breaking numbers. Stop missing the “just missed” borrower. Why work with anyone but the best in the non-QM space?