Angel Oak hits non-QM record

by Kim Burgess08 Mar 2018

Angel Oak Companies surpassed $1.1 billion in non-qualified mortgage originations during 2017 – the highest volume in the companies’ history.

Mike Fierman, Angel Oak Companies managing partner and co-CEO, said the numbers reflect a new era for non-QM, a market that is projected to hit $100 billion in the coming years.

“The mortgage industry has excluded too many creditworthy borrowers for too long,” Fierman said. “However, in 2017 the industry finally started to embrace non-QM products in a big way. As we look ahead, a strong housing market and solid economic fundamentals will continue to drive demand for innovative mortgage products.”

From 2016 to 2017, Angel Oak’s total originations across the lending platform rose by 40%. Its three affiliated lending companies – Angel Oak Mortgage Solutions, Angel Oak Home Loans and Angel Oak Prime Bridge – added staff and locations across the country.

  • Angel Oak Home Loans, the retail lending affiliate, opened branches in three Southern California cities –  Irvine, Oxnard and Newport Beach. It is also working to expand into North Carolina, starting in Wilmington.
  • Angel Oak Mortgage Solutions, the wholesale mortgage affiliate, established a correspondent lending channel and hired account executives in Birmingham, Seattle, Portland, Minneapolis, Columbus, San Antonio, Houston, and Nashville. They also added licenses in five additional states, bringing the total to 38, with eight more states planned by the end of 2018.
  • Angel Oak Prime Bridge, the investment property lending space affiliate, expanded to 15 states in 2017, with seven states planned for 2018. The company hopes to match its 300% growth in origination volume from the past year.

“Angel Oak has already positioned itself as the leader in non-QM lending, but we see huge potential for future growth,” said Steven Schwalb, managing partner of the Angel Oak lending platform. “We’re working every day to meet and capture that growing demand.”

 
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