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Angel Oak Companies Enjoy Record-Breaking 2017

Feb 27, 2018
Angel Oak Companies announced that it closed 2019 with more than $17 billion in gross assets under management and six non-QM securitizations, totaling approximately $3.1 billion, up from roughly $2 billion in 2018

Angel Oak Companies has announced 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,” said Angel Oak Companies Managing Partner and Co-Chief Executive Officer 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 percent 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 percent in 2017 as more borrowers sought access to mortgage credit.
►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 Magazine 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 percent 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,” said 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.”

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