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Non-QM Drives Angel Oak to Record Q2
Angel Oak Companies has set a record for non-qualified mortgage (non-QM) lending in the second quarter of 2018, as the affiliated lenders, Angel Oak Mortgage Solutions, Angel Oak Home Loans and Angel Oak Prime Bridge, combined for more than $512 million in non-QM originations. That figure represents a 52 percent increase in volume from the first quarter of 2018 (the previous record for originations in a single quarter) and a 90 percent increase over the second quarter of 2017. When this total is broken out by unit, each affiliate produced its own record origination numbers this quarter. In addition to record-setting volume, the company also grew its staff by 25 percent, opened new offices and completed a major acquisition.
“Our growth over the past few quarters has been incredible, but Q2 stands out as a true milestone for our company and the industry,” said Mike Fierman, Co-Chief Executive Officer of Angel Oak Companies. “It’s not just industry insiders who recognize the growth of non-QM anymore. Loan Officers, borrowers and Realtors across the country are seeking out Angel Oak because they know we offer the best non-QM products and service in the industry.”
In addition to record lending volume, Angel Oak Capital Advisors, the investment management affiliate of Angel Oak Companies, ended the quarter with approximately $9.1 billion in assets under management (AUM). It also completed the largest non-QM securitization in company history–a $402 million securitization almost entirely comprised of non-QM residential mortgages sourced through affiliated mortgage lenders, Angel Oak Mortgage Solutions, Angel Oak Home Loans and Angel Oak Prime Bridge. Since 2015, Angel Oak Capital Advisors has successfully completed seven non-QM securitizations, accounting for approximately $1.6 billion in total securitized residential loans largely backed by mortgages originated through its affiliated mortgage lenders.
Angel Oak Companies’ record-setting performance has also led to growth across all affiliates, both in staff and geographic reach. Angel Oak affiliates added 104 new employees in Q2 and now employ 527 staff members. Angel Oak Mortgage Solutions completely filled its new operations center in Dallas, Texas, and is searching for additional space to support the fast-growing demand for its products. Retail affiliate Angel Oak Home Loans opened new offices in North Carolina, expanding its presence in one of the hottest markets in the country. Similarly, Angel Oak Prime Bridge expanded its footprint to 16 states. Finally, Angel Oak Commercial Lending completed the acquisition of Los Angeles-based Cherrywood Mortgage, further expanding the wholesale small-balance commercial lending arm of Angel Oak Companies.
The recent success has earned notable accolades for Angel Oak Companies and its employees. National Mortgage Professional Magazine named Angel Oak Companies a “Legend of Lending” and presented wholesale executive Steve Arnold a 2018 Account Executive MVP Award.
“We’re growing in every aspect of our business,” said Fierman. “We don’t see that slowing anytime soon. In fact, we believe this is only the beginning.”
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