Angel Oak Mortgage Solutions has officially branded its correspondent lending channel as Angel Oak Correspondent to establish its position in the non-QM market.
The company said the correspondent channel would help Angel Oak to nearly double its production of non-QM loans this year. With its non-QM originations up 82% from the same time last year, Angel Oak Correspondent will deliver non-QM products to lenders across the mortgage industry.
“Angel Oak continues to pave the way for non-QM lending,” said Tom Hutchens, executive vice president of production at Angel Oak Mortgage Solutions. “More national lenders are catching on to the non-QM trend we’ve seen all along. Our correspondent team brings a new level of expertise to keep us ahead of the competition.”
Four new executives will lead Angle Oak Correspondent Lending, including Andy Steben as senior vice president of corresponding lending; Dave Ryan, vice president of operations and credit, correspondent lending; Dan Bayer as vice president of correspondent sales; and Bill Franks as director of training.
Angel Oak also announced the launch of the correspondent channel’s website, angeloakcorr.com. The company said it plans to expand the site and include a version of its proprietary QuickQuote engine for correspondents and as a portal for marketing materials.
“The Angel Oak family of companies has industry-leading experience in every aspect of the non-agency market,” Steben said. “We integrated the best aspects of our non-QM underwriting, lending, and securitization practices to provide a similar opportunity for correspondents.”