Angel Oak Completes Largest Non-QM Securitization in a Decade

Angel Oak Completes Largest Non-QM Securitization in a Decade

January 28, 2019
Angel Oak Capital Advisors LLC has promoted Sam Dunlap and Namit Sinha to chief investment officers of the firm’s public and private strategies, respectively
Angel Oak Capital Advisors LLC has announced the completion of AOMT 2019-1, a $609 million securitization primarily composed of non-QM residential mortgages. The Atlanta-based company said this is the largest non-QM securitization of affiliated originator loans that has been completed since the 2008 economic meltdown.
AOMT 2019-1 was backed almost entirely with loans originated by three of the company’s affiliated mortgage lenders: Angel Oak Mortgage Solutions LLC, Angel Oak Home Loans LLC and Angel Oak Prime Bridge LLC. The securitization consists of 1,752 loans with an average weighted credit score of 710 and an average loan amount is $348,000, with the majority of the loans issued in California, Florida and Georgia. The transaction is Angel Oak’s ninth and largest non-QM securitization, and it brings the company’s total issuance amount to $2.6 billion.
“The size of this deal reflects our strong investor following and leadership in the non-QM market. Angel Oak’s vertically integrated issuer model uniquely positions us in the marketplace because, through our AOMT securitizations, we are able to provide investors with direct exposure to non-QM loans originated by our affiliated mortgage lenders,” said Sreeni Prabhu, Angel Oak Co-Chief Executive Officer and Chief Investment Officer.