ATLANTA--(BUSINESS WIRE)--Angel Oak Companies (Angel Oak) continued to lead the way in the growth of the mortgage credit industry during 2018. The company – which comprises Angel Oak Capital Advisors and lending units Angel Oak Mortgage Solutions, Angel Oak Home Loans, Angel Oak Commercial Lending and Angel Oak Prime Bridge – celebrated a number of achievements and significant growth over the past calendar year. Angel Oak’s achievements include doubling its originations of non-qualified mortgages from $1.1 billion in 2017 to $2.2 billion, increasing headcount by 53 percent to 648 people, and successfully completing four residential mortgage securitizations totaling $1.1 billion. Angel Oak’s accomplishments reaffirm its position as a leader in the non-QM space, while its unique structure positions the company for continued growth throughout 2019.
“In 2018, our lending units saw a distinct rise in the popularity and use of non-QM products as more creditworthy borrowers turned to these innovative options,” said Angel Oak Companies Managing Partner and Co-CEO Michael Fierman. “We’ve reached an inflection point for non-QM products, and the industry across the country now sees the strong demand for our products as well as the quality, speed and service delivered by Angel Oak. We continue to see great potential for this market, and look forward to getting more borrowers into additional homes in 2019.”
During the past year, Angel Oak’s lending units:
- Originated over $2.2 billion in non-QM loans, a 118 percent rise on a year-over-year basis. The lending companies also tacked on another record-breaking quarter in Q4 of 2018, with a 121 percent increase over Q4 2017.
- Successfully launched Angel Oak Commercial Lending, LLC, which provides financing to commercial real estate owners, developers and investors. Angel Oak Commercial Lending also acquired a controlling interest in Cherrywood Mortgage, a small-balance lender based in California.
- Expanded the Angel Oak Mortgage Solutions unit into four new states, while Angel Oak Home Loans added 18 new branches in four new states.
- Earned the “Legend of Lending” award from National Mortgage Professional magazine, and Angel Oak’s Steve Arnold received a 2018 Account Executive MVP Award. Alysse Prosnick, VP of Operations at Angel Oak Mortgage Solutions, was named an Elite Woman of 2018 by Mortgage Professional America magazine. Mary Aston, VP, Director of Corporate Initiatives at Angel Oak Home Loans, was named as one of Mortgage Banking's Most Powerful Women by National Mortgage Professional.
- Ranked by Inside Mortgage Finance Publications as the largest nonbank originator of “expanded credit” mortgages (including non-QM).
In 2018, Angel Oak Capital Advisors reached the following milestones:
- Achieved approximately $9 billion in assets under management via a combination of its public funds, private funds and separately managed accounts – a 12 percent gain over the previous year.
- Issued four securitizations totaling over $1.1 billion, three of which almost fully contained non-qualified mortgages issued by its affiliated lending companies.
- Launched the Angel Oak UltraShort Income Fund (AOUAX) in April, which has already surpassed $100 million in assets under management. The fund’s goal is to provide current income while seeking to minimize price volatility. This fund invests in Angel Oak’s best ideas in structured credit, but on the short-end of the credit curve.
- Raised $291 million in capital commitments for its first private credit fund that invests primarily in non-qualified mortgages.
- Celebrated Lauren Hedvat, Managing Director of Capital Markets at Angel Oak Capital Advisors, as she was recognized as an Elite Woman of 2018 by Mortgage Professional America.
“The Angel Oak team has been at the forefront of the mortgage industry’s post-crisis growth and we are proud to be one of the largest non-QM lenders and a leader in non-QM securitizations,” said Fierman.
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 our clients extract value from the opportunities.
For more information, please visit: www.angeloakcompanies.com
About Angel Oak Capital Advisors, LLC
Angel Oak Capital Advisors is an investment management firm focused on providing compelling fixed-income investment solutions for its clients. Backed by a value-driven approach, Angel Oak Capital Advisors seeks to deliver attractive risk-adjusted returns through a combination of stable current income and price appreciation. Its experienced investment team seeks the best opportunities in fixed income, with a specialization in mortgage-backed securities and other areas of structured credit. As of Dec. 31, 2018, Angel Oak Capital Advisors had approximately $8.9 billion through a combination of public funds, private funds and separately managed accounts.
For more information, please visit: www.angeloakcapital.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 in the nation. Its team of mortgage experts continues to pioneer a fresh, commonsense approach to overcoming today’s mortgage lending challenges. The team operates in 44 states, and their breadth of non-QM 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, it specializes in innovative alternative lending options. Angel Oak Home Loans’ flexible, supportive approach empowers prospective buyers to embark with confidence on a new path to home ownership. Its experienced team of licensed mortgage advisors is leading the way by delivering start-to-finish mortgage support and a superior client experience.
For more information, please visit: www.angeloakhomeloans.com
About Angel Oak Prime Bridge, LLC
Angel Oak Prime Bridge is a commercial 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 spaces. Their lending philosophy is founded on the principle 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
About Angel Oak Commercial Lending, LLC
Angel Oak Commercial Lending is a specialty finance company providing solutions to meet the underserved financing needs of commercial real estate owners, developers and investors. The company provides access to debt markets for value-add transitional and stabilized projects quickly and efficiently. Angel Oak Commercial Lending offers senior mortgage, mezzanine and bridge loans on all commercial asset classes throughout the United States.
For more information, please visit: www.angeloakcl.com
Investors should carefully consider the investment objectives, risks, charges and expenses of the Angel Oak Mutual Funds. This and other important information about each Fund is contained in the Prospectus or Summary Prospectus for each Fund, which can be obtained by calling Shareholder Services at 855-751-4324 or by visiting www.angeloakcapital.com. The Prospectus or Summary Prospectus should be read carefully before investing.
Investing involves risk. Principal loss is possible. The Fund’s derivative investments have risks, including the imperfect correlation between the value of such instruments and the underlying asset, rate or index, which creates the possibility that the loss on such instruments may be greater than the gain in the value of the underlying asset, rate or index; the loss of principal; the possible default of the other party to the transaction; and illiquidity of the derivative investments. The Fund may invest in illiquid securities and restricted securities. Investments in restricted securities could have the effect of increasing the amount of the Fund’s assets invested in illiquid securities if qualified institutional buyers are unwilling to purchase these securities. Changes in interest rates generally will cause the value of fixed-income instruments held by the Fund to vary inversely to such changes. Below investment grade instruments are commonly referred to as “junk” or high-yield instruments and are regarded as predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal. Lower grade instruments may be particularly susceptible to economic downturns. The price paid by the Fund for asset-backed securities, including CLOs, the yield the Fund expects to receive from such securities and the average life of such securities are based on a number of factors, including the anticipated rate of prepayment of the underlying assets. Mortgage-backed securities are subject to the general risks associated with investing in real estate securities; that is, they may lose value if the value of the underlying real estate to which a pool of mortgages relates declines. See the prospectus for a more detailed description of Fund risks.
The Angel Oak UltraShort Income Fund is distributed by Quasar Distributors, LLC.