Angel Oak doubled its originations of nonqualified mortgages from $1.1 billion in 2018 to $2.2 billion, and increased its head count by 53%. Now, the mortgage company is set to reach even greater heights, with lending unit expansions and added new staff and office space for both Angel Oak Home Loans and Angel Oak Mortgage Solutions.
“We have clearly become the industry leader in non-QM lending and couldn’t be more excited about the growth and success of Angel Oak,” said Steven Schwalb, Managing Partner of the Angel Oak lending platform. “Despite a challenging mortgage lending environment, Angel Oak has consistently set new records for growth. That growth is a credit to both our products and our people. In fact, we’re continuing to hire top talent because we see continued growth in non-QM for years to come.”
Angel Oak Mortgage Solutions improved and expanded its Dallas facility, tripling the size of the previous space to now offer capacity for more than 100 staff members, and also increased the size of its Atlanta headquarters.
“We’re setting the standard in the non-QM space by hiring only the best people and providing only the highest-quality products,” said Mike Fierman, co-CEO of Angel Oak companies. “Our expertise, unique structure and commitment to quality set Angel Oak apart from the competition. All non-QM loans originated by Angel Oak are also securitized by Angel Oak. As the issuer, investor and owner, we must be very careful to select only high-quality loans. Our constant focus on quality defines us and will always guide our mission.”
As Angel Oak continues to thrive even in an increasingly complex market, EVP of Production, Tom Hutchens said that the non-QM space – for years a tiny corner of the mortgage market – continues to grow as originators become more aware of the advantages of non-QM. “Angel Oak has really differentiated itself as being the easiest non-QM lender to work with.”
ANGEL OAK MORTGAGE SOLUTIONS CAN HELP
Angel Oak Mortgage Solutions stands out by being the #1 non-QM lender in the nation as of last year. We offer correspondent alternative mortgage lending programs to help your borrowers who may not meet general agency financing guidelines, and with our guidance, you’ll be able to expand your product offering and grow your business with our tailored programs. We offer a number of alternative mortgage lending programs geared toward correspondent mortgage lenders.
A non-qualified mortgage (non-QM) is any home loan that doesn’t comply with the Consumer Financial Protection Bureau’s existing rules on qualified mortgages (QM). Usually this type of correspondent mortgage loan accommodates people who are not able to prove they are capable of making the mortgage payments.
Just because it is a non-QM correspondent mortgage loan does not necessarily mean it’s high risk or subprime mortgage risk, and in many cases these correspondent mortgage loans require a high FICO score but simply do not check all the boxes associated with a correspondent QM loan. The main difference between the two types of correspondent mortgage loans is that correspondent non-QM loans for mortgages are protected by the lender against any type of lawsuit should you become unable to afford the mortgage loan.
ABOUT ANGEL OAK MORTGAGE SOLUTIONS
Angel Oak Companies is an industry leader in delivering innovative mortgage credit solutions. Through our integrated platform, we deliver solutions across asset management, mortgage lending and capital markets.
Angel Oak Mortgage Solutions offers a breadth of alternative lending products to allow our clients to grow their business and better serve their customers. We re-connect qualified home buyers with the investor community to create a win/win/win for the borrower, originator and investor. As a highly entrepreneurial organization, we are able to quickly adapt to the needs of our clients and embrace a strong service-based culture.
Angel Oak Mortgage Solutions currently offers alternative correspondent mortgage lending services across Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, Nevada, North Carolina, North Dakota, Oklahoma, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.