Ratings agencies OK Angel Oak’s nonprime originations

by Ryan Smith08 Feb 2017
Angel Oak has become one of the industry’s first nonprime originators to be reviewed by a ratings agency, according to a news release.

The mortgage origination platforms of Angel Oak Mortgage Solutions and Angel Oak Home Loans have been reviewed for quality by the ratings agencies Fitch and DBRS. Both ratings agencies confirmed the quality of Angel Oak’s non-agency, non-qualified mortgage originations.

“The Fitch and DBRS reviews serve as yet another milestone for Angel Oak,” said Tom Hutchens, senior vice president of sales and marketing at Angel Oak Mortgage Solutions. “This third-party validation of the quality of our mortgage products is a testament to what we’re all about. As an industry leader in non-qualified mortgages, we pride ourselves on creating high quality origination products that position our firm for long-term success.”

Fitch and DBRS performed on-site operational risk reviews of Angel Oak’s management, controls, origination practices and technology, according to the release. Fitch’s review noted that “the companies’ seasoned management team has extensive non-prime experience, a comprehensive sourcing strategy, and strong underwriting and risk management practices.”
 

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