Rates Are Up, But It’s Not All Bad News: Non-QM Is Still Going Strong
On Wednesday, the Federal Reserve increased interest rates again, a move that was bad news for the mortgage industry — but there are still some bright spots. For the non-qualified mortgage sector, business is strong, and it’s predicted to continue reaching record-breaking heights well into the future.
Angel Oak Companies recently announced that it had surpassed $1.1 billion in non-QM originations during 2017, the highest volume in its history. The Atlanta-based company is also building a new operations center in the Dallas-Fort Worth metro as part of its expansion in Texas and the West Coast.
Tom Hutchens, senior vice president of Angel Oak Mortgage Solutions, said the rapid growth reflects a new era for non-QM, a market that is projected to hit $100 billion in the coming years.