ATLANTA--(BUSINESS WIRE)--Angel Oak Companies proudly announces a record-breaking year for its three affiliated lending units, Angel Oak Mortgage Solutions, Angel Oak Home Loans and Angel Oak Prime Bridge. In addition to growing staff and expanding geographically, the lending units surpassed $1.1 billion in non-qualified mortgage originations in 2017 – the highest volume in the companies’ history. Angel Oak now sets its sights on meeting growing demand in 2018.
“Our lending growth reflects a new era in mortgage credit,” says Angel Oak Companies Managing Partner and co-CEO Mike Fierman. “The mortgage industry has excluded too many creditworthy borrowers for too long. However, in 2017 the industry finally started to embrace non-QM products in a big way. As we look ahead, a strong housing market and solid economic fundamentals will continue to drive demand for innovative mortgage products. The difference today is that everyone from borrowers to realtors to Wall Street now recognizes the quality of non-QM products from Angel Oak.”
Among the milestones Angel Oak’s lending units achieved in 2017:
- The three lending affiliates combined to originate over $1.1 billion in non-QM loans in 2017.
- Total originations across the lending platform rose by 40% from the year prior, signaling growth in demand and confidence in Angel Oak’s non-QM products.
- Angel Oak increased the number of employees in the lending companies by 40% in 2017 as more borrowers sought access to mortgage credit.
- Angel Oak Home Loans, the retail lending affiliate, moved to meet increased demand in the Southern California market by adding branches in Irvine, Oxnard and Newport Beach. It also began a concerted effort to expand into North Carolina, starting in Wilmington.
- Angel Oak Mortgage Solutions, the wholesale mortgage affiliate, expanded by adding Account Executives in Birmingham, Seattle, Portland, Minneapolis, Columbus (OH), San Antonio, Houston, and Nashville, expanding the company’s geographic footprint to meet demand in some of the country’s hottest housing markets. They also added licenses in five additional states, bringing the total to 38. The plan is to be in 46 states by the end of 2018.
- Angel Oak Mortgage Solutions also established a correspondent lending channel, opening the door to potentially exponential growth as large national lenders seek access to Angel Oak’s non-QM products.
- National Mortgage Professional named Angel Oak Mortgage Solutions a Top Mortgage Employer for the second time.
- Angel Oak Prime Bridge, the investment property lending space expert, expanded to 15 states, matching increased demand from investors. With another seven states planned for 2018, it is primed to match its 300% growth in origination volume from this past year.
“Our growth is the direct result of our people, who offer unparalleled experience and service to our customers. Combine that with our unique product lineup, and it’s easy to recognize why Angel Oak is the leader in the non-prime mortgage industry,” says Steven Schwalb, Managing Partner of the Angel Oak lending platform.
“We believe that the non-QM market will grow from its current size of a few billion dollars per year to over $100 billion in the coming years. Angel Oak has already positioned itself as the leader in non-QM lending, but we see huge potential for future growth. We’re working every day to meet and capture that growing demand,” Schwalb concludes.
About Angel Oak Companies
Angel Oak Companies is a collective of independent and diversified financial services firms, focused on being an industry leader in delivering innovative mortgage credit solutions. Through our integrated credit and investment platform, we deliver solutions across asset management, lending, and capital markets. Focused on identifying dislocations across the markets created by macroeconomic, financial or regulatory events, we create products and services to help out clients extract value from the opportunities.
For more information, please visit: www.angeloakcompanies.com
About Angel Oak Mortgage Solutions, LLC
Angel Oak Mortgage Solutions, a leader in alternative lending solutions, is the top wholesale and correspondent provider of non-qualified mortgage loans. Angel Oak’s team of mortgage experts continues to pioneer a fresh, common sense approach to overcoming today’s mortgage lending challenges. Operating in 38 states, their breadth of Non-Agency products expands the pool of borrowers by offering partners more opportunities to grow their business and better serve their customers.
For more information, please visit www.angeloakms.com
About Angel Oak Home Loans LLC
Angel Oak Home Loans is a full service mortgage lender. In addition to offering traditional mortgage products, Angel Oak Home Loans and the Angel Oak family of companies specializes in innovative alternative lending options. Its flexible, supportive approach empowers prospective homebuyers to embark on a new path with confidence. Angel Oak’s experienced team of licensed mortgage advisors is leading the way by delivering start-to-finish mortgage support and an exceptional client experience.
For more information, please visit: www.angeloakhomeloans.com
About Angel Oak Prime Bridge, LLC
Angel Oak Prime Bridge, LLC is a commercial and residential lender providing financing solutions for today’s real estate investor. The Company was created in 2011 by individuals with extensive lending experience in the residential and commercial lending space. Its lending philosophy is founded upon a tenet of providing innovative portfolio loan programs, while consistently delivering an exceptional client experience, for both borrowers and referral partners.
For more information, please visit: www.angeloakprimebridge.com