Angel Oak Mortgage debuts bank statement HELOC

Lender also expands its line-up to meet growing demand in non-QM lending market

Angel Oak Mortgage debuts bank statement HELOC

Wholesale non-QM lender Angel Oak Mortgage Solutions has launched a Home Equity Line of Credit (HELOC) offering for self-employed homeowners.

Angel Oak’s new bank statement HELOC product, which assesses borrowers’ eligibility based on 12- or 24-month bank statements, offers a flexible line of credit for owner-occupied residences, second homes, or investment properties.

“Angel Oak’s commitment to alternative mortgage solutions has allowed us to establish our reputation as a leader and innovator within the non-QM industry,” said Tom Hutchens, executive vice president of production for Angel Oak.

“Bringing our new bank statement HELOC product to the market is a testament to our dedication to meeting the evolving needs of borrowers nationwide. The introduction of this product and the growth of our team position our firm to better support the originators and borrowers we serve while scaling our services to align with the momentum in the market.”

In response to its growth and the introduction of new products, Angel Oak is also expanding its team with six new account executives.

These professionals, including Brenton Boulware, Suzie De Leon, Jessica Irwin, Glen Murphy, Mike Tackett, and returning employee Lisa Lee, will serve various regions across five states. Their addition is expected to strengthen Angel Oak’s national presence and improve client services.

Read next: Angel Oak’s mortgage ETF surpasses $100 million milestone

“I am thrilled to be back with Angel Oak and to leverage the technology and tools the firm has developed to best serve our clients,” Lee said in the company’s media release. “Angel Oak has shown a clear commitment to innovation, and I look forward to working with the team to deliver on our mission to support the underserved borrowers and homeowners we work with.”

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