With record originations, an increase in staff and a major acquisition, Angel Oak is growing by leaps and bounds
(1).jpg)
Angel Oak Companies set a record for non-QM mortgage lending in the second quarter, with its affiliated lenders – Angel Oak Mortgage Solutions, Angel Oak Home Loans and Angel Oak Prime Bridge – posted a combined $512 million in non-QM originations.
The figure represents a 52% spike in volume from Q1, the previous record for originations in a single quarter, and a 90% increase over the second quarter of 2017, Angel Oak reported. When broken down by company, each affiliate lender posted its own record origination numbers for the quarter. The company also grew its staff by 25%, opened new offices and completed a major acquisition.
“Our growth over the past few quarters has been incredible, but Q2 stands out as a true milestone for our company and the industry,” said Mike Fierman, co-CEO of Angel Oak Companies. “It’s not just industry insiders who recognize the growth of non-QM anymore. Loan officers, borrowers and realtors across the country are seeking out Angel Oak because they know we offer the best non-QM products and service in the industry.”
Angel Oak Capital Advisors, the investment-management affiliate of Angel Oak Companies, ended the quarter with about $9.1 billion in assets under management. It also completed the largest non-QM securitization on company history – a $402 million securitization composed almost entirely of non-QM residential mortgages sourced through Angel Oak Mortgage Solutions, Angel Oak Home Loans and Angel Oak Prime Bridge. The securitization was Angel Oak’s seventh non-QM securitization.
Angel Oak’s affiliates added 104 new staff members in the second quarter, bringing the companies’ total headcount to 527. Angel Oak Mortgage Solutions has completely filled its new operations center in Dallas and is searching for additional space. Retail affiliate Angel Oak Home Loans opened new offices in North Carolina, while Angel Oak Prime Bridge expanded its footprint to 16 states. Angel Oak Commercial Lending completed its acquisition of Los Angeles-based Cherrywood Mortgage.
“We’re growing in every aspect of our business,” Fierman said. “We don’t see that slowing anytime soon. In fact, we believe this is only the beginning.”
Related stories:
Angel Oak sees record quarter as non-QM heats up
Angel Oak expects to more than double non-QM originations in 2018
