Lender set to top $1 billion in non-QM originations this year

As non-prime continues its comeback, this lender is growing its business and expanding its footprint

Lender set to top $1 billion in non-QM originations this year

The lending platform of Angel Oak Companies is set to top $1 billion in non-QM originations by the end of 2017, the company has announced.

Read more: Non-prime comeback is still going strong

The company has taken advantage of its success by hiring an additional 65 employees for its lending platforms this year, as well as broadening its reach into Seattle, Portland, Philadelphia, Minneapolis, Columbus, Las Vegas, Houston and New Jersey. It’s also established a correspondent lending channel.

“The market’s acceptance of our non-QM products shows that the mortgage lending environment has changed,” said Mike Fierman, co-CEO of Angel Oak Companies. “Originating over $1 billion in non-QM loans puts us at the forefront of the industry. Clearly, investors, brokers and consumers are feeling more comfortable with these products.”

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“We’ve worked really hard to develop an innovative product line that helps credit-worthy borrowers obtain financing,” said Steven Schwalb, managing partner of Angel Oak’s lending platform. “Originating $1 billion in non-QM loans is an important milestone that demonstrates the market’s confidence in these products and our work in the non-QM space.”