ATLANTA--(BUSINESS WIRE)--On the heels of a record-breaking performance in 2018, Angel Oak Companies (encompassing Angel Oak Home Loans LLC and Angel Oak Mortgage Solutions LLC) continued to set the standard in the nonqualified mortgage marketplace during the first quarter of 2019, originating a record $563 million. This represents an astounding 82% increase over non-QM originations in Q1 2018, which had previously set a record. The Angel Oak lending platform and its affiliates also hired 70 new employees during Q1 2019, bringing its total workforce to 675.
“We have clearly become the industry leader in non-QM lending and couldn’t be more excited about the growth and success of Angel Oak,” said Steven Schwalb, Managing Partner of the Angel Oak lending platform. “Despite a challenging mortgage lending environment, Angel Oak has consistently set new records for growth. That growth is a credit to both our products and our people. In fact, we’re continuing to hire top talent because we see continued growth in non-QM for years to come.”
The impressive first-quarter figures build strongly on the significant achievements of 2018, when Angel Oak doubled its originations of nonqualified mortgages from $1.1 billion to $2.2 billion and increased its head count by 53%. The company is now set to reach even greater heights, with lending units, Angel Oak Home Loans and Angel Oak Mortgage Solutions,reacting to accommodate the company’s impressive growth:
- Angel Oak Home Loans added eight new branches, bringing its total branch number to 32, servicing 18 states.
- Angel Oak Mortgage Solutions improved and expanded its Dallas facility, tripling the size of the previous space to now offer capacity for more than 100 staff members, and also increased the size of its Atlanta headquarters.
The growth of the mortgage platform has also led to a very busy quarter for the capital markets team at Angel Oak Capital Advisors, the company’s affiliated investment management firm. Its more than $9.7 billion in assets under management comes from a combination of public funds, private funds and separately managed accounts. Angel Oak Capital Advisors completed two non-QM securitizations in Q1 2019 for a combined $1.23 billion, exceeding the firm’s total securitizations issuance during 2018. Both Q1 securitizations were sourced almost entirely from loans originated by Angel Oak’s mortgage platform.
“We’re setting the standard in the non-QM space by hiring only the best people and providing only the highest-quality products,” said Mike Fierman, co-CEO of Angel Oak Companies. “Our expertise, unique structure and commitment to quality set Angel Oak apart from the competition. All non-QM loans originated by Angel Oak are also securitized by Angel Oak. As the issuer, investor and owner, we must be very careful to select only high-quality loans. Our constant focus on quality defines us and will always guide our mission.”
About Angel Oak Companies LLC
Angel Oak Companies is an industry leader in delivering innovative mortgage credit solutions. Through its integrated credit and investment platform, Angel Oak Companies delivers solutions across asset management, lending and capital markets.
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 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, 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 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 investments, with a specialization in mortgage-backed securities and other areas of structured and corporate credit.
As of March 31, 2019, Angel Oak Capital Advisors had approximately $9.7 billion in AUM through a combination of public funds, private funds and separately managed accounts.
For more information, please visit www.angeloakcapital.com.