Lender celebrates $10 billion non-QM lending milestone
Angel Oak Companies has hit a momentous milestone, exceeding $10 billion in non-qualified (non-QM) loans as its origination volume surges to pre-pandemic levels.
The firm said that its lending platform – composed of wholesale and correspondent non-QM lender Angel Oak Mortgage Solutions and retail mortgage lender Angel Oak Home Loans – have officially broken past the $10 billion non-QM origination barrier, with over 260,000 loans funded.
To help accommodate higher demand, Angel Oak Home Loans has opened 17 new retail branches nationwide, and Angel Oak Mortgage Solutions has added more than 30 account executives this year alone.
“As the mortgage industry continues to strengthen post-COVID-19, non-QM will keep expanding as a key market sector, and we plan to continue being at the forefront of that growth,” said Mike Fierman, managing partner and co-CEO for Angel Oak Companies. “The pandemic taught our firm so much, and we have truly emerged as a better company. Crossing the $10 billion milestone is a testament to our success and commitment in this space.”
Read more: Non-QM lender Angel Oak Mortgage Solutions on a mission
The record growth in the non-QM space is a result of Angel Oak’s multifaceted approach to speed, quality assurance and technology, the firm believes. Over the past year, the company has implemented technology systems to simplify the non-QM lending process for brokers and borrowers. Its lending platform has also seen massive growth year over year, with its head count up by 67% across various roles.
“Our success would not have been possible without the skills and dedication of our growing team,” Fierman said. “The mortgage industry, at its core, is a business about people — providing homeowners with the right solutions, connecting originators with new opportunities and ensuring that the Angel Oak mission is present in all of our team’s practices. Our team has paved new roads for non-QM, which has helped us cross the $10 billion threshold and will continue to support our company moving forward. We fully expect to continue this momentum and foresee August being our largest month ever to date.”
