Angel Oak debuts correspondent lending channel

by Candyd Mendoza15 May 2019

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.”

 

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