Angel Oak Companies, an investment management firm that focuses on mortgage credit and made its name providing residential mortgages that don’t fit into the Qualified Mortgage box, has grown its business significantly over the last several years.
The growth has come across the company’s various subsidiaries and business lines, which include Angel Oak Mortgage Solutions, Angel Oak Home Loans, Angel Oak Commercial Lending, and Angel Oak Prime Bridge.
And now, the company is set to grow again.
Angel Oak announced this week that it is planning an expansion of its correspondent lending channel, which is conducted under the Angel Oak Mortgage Solutions umbrella.
But as part of the growth plan, Angel Oak’s correspondent lending program will now carry its own brand, Angel Oak Correspondent.
Overall, the Angel Oak companies have seen substantial growth in non-QM lending recently. In the first quarter, Angel Oak’s non-QM originations were up 82% from the same period a year ago.
In Q1 of 2019, the Angel Oak lending entities originated a record $563 million, the company said.
And now, the company is plotting to grow its non-QM correspondent lending platform as well.
“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.”
Speaking of that team, Angel Oak Correspondent recently welcomed four new executives to lead the planned growth effort.
According to Angel Oak, Andy Steben joined the company as senior vice president of correspondent lending; Dave Ryan joined as vice president of operations and credit, correspondent lending; Dan Bayer joined as vice president of correspondent sales; and Bill Franks joined as director of training.
The quartet brings a combined 68 years of mortgage industry experience to Angel Oak Correspondent.
Overall, the Angel Oak lending platform and its affiliates hired 70 new employees during the second quarter, bringing its total workforce to 675. And the company expects that growth to continue, in its correspondent lending channel and beyond.