Angel Oak’s non-QM lending volume rises to $2.1 billion

The company has added 15 new branches so far in 2019

Angel Oak’s non-QM lending volume rose to $2.1 billion in the first nine months of 2019, a gain of 52% from the same period a year earlier, the company said.

Through its affiliates, Angel Oak Home Loans and Angel Oak Mortgage Solutions, the Atlanta-based company in the third quarter funded $891 million in non-QM originations, a company record that’s a 41% gain from a year ago.

Also in the third quarter, the company completed a $558 million non-QM securitization, its fourth securitization for 2019. Since 2015, Angel Oak has completed 12 non-QM securitizations totaling approximately $4.1 billion, backed largely by mortgages originated through its affiliated mortgage lenders.

In recent years, loans that don’t meet Qualified Mortgage standards have been on the rise as lenders and investors become more comfortable with products that don’t fit into the stringent government or government-sponsored enterprise credit boxes. Other companies in the space include New American Funding, Plaza Home Mortgage, and NewRez, the company formerly known as New Penn Financial.

Angel Oak Home Loans added 15 new branches so far in 2019, for a total of 33 branches in 18 states. Angel Oak Mortgage Solutions tripled the size of its Dallas facility this year to accommodate employment growth, expanded its Atlanta headquarters, and grew its correspondent lending channel, the company said in a statement.

“Angel Oak has led the revitalization of quality nonprime lending through a focused approach to making the process as easy and efficient as possible,” said Mike Fierman, co-CEO of Angel Oak Companies. “The service our incredible team provides is the reason our success continues, and we are looking forward to the future.”

Angel Oak Capital Advisors, the company’s investment management affiliate, ended the third quarter with about $10.6 billion in assets under management.

“U.S. residential mortgage credit is an excellent place to be, in our opinion, given the massive deleveraging that we’ve seen from the consumer and the general improvement of mortgage integrity and credit quality in the post-crisis period,” Sam Dunlap, senior portfolio manager at Angel Oak Capital Advisors, told Bloomberg TV last month.

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