Skip to main content

Angel Oak Mortgage Solutions Announces Massive Layoffs

NationalMortgageProfessional.com
Mar 27, 2020
Photo credit: Getty Images/tadamichi

According to a report by Bloomberg, non-QM specialist Angel Oak Mortgage Solutions (AOMS) has cut nearly 70 percent of its workforce as the COVID-19 pandemic further impacts the housing sector. Sreeni Prabhu, co-chief executive officer of Angel Oak Mortgage Solutions’ parent company, Angel Oak Companies, announced that AOMS dismissed 200 of its 275 employees amid the Coronavirus pandemic.
 
Non-QM specialist Angel Oak Mortgage Solutions (AOMS) has cut nearly 70 percent of its workforce as the COVID-19 pandemic further impacts the housing sector“The world has dramatically changed,” Prabhu told Bloomberg. “We have to slow down and re-underwrite in the new world that we’re in. That’s going to take some time.”
 
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. Meanwhile, Angel Oak Mortgage Solutions funded approximately $3.3 billion in non-QM loans in 2019.
 
A majority of non-QM borrowers are self-employed, and as the Coronavirus pandemic grips the nation, the U.S. Labor Department announced that 3,283,000 Americans filed for unemployment last week as a result of the pandemic, an increase of 3,001,000 from the previous week's revised level.
 
Earlier in the week, Flagstar Bancorp ceased funding non-QM loans, and Citadel Servicing Corporation, another top non-QM lender, said it was halting originations for 30 days.
 


 
Published
Mar 27, 2020
Federal Regulators Race To Address Cryptocurrency Risks

Cryptocurrency is quickly morphing into a volatile but widely embraced innovation, and federal regulators are racing to address the potential risks to consumers and the market. 

Industry News
Sep 24, 2021
MBA Initiative Seeks To Close Racial Homeownership Gap

Says its advocacy, partnerships & connections will help increase opportunities for minority borrowers

Industry News
Sep 24, 2021
Guaranteed Rate Opens New Branch In Southwestern Michigan

Guaranteed Rate expanded its presence in Southwester Michigan, after opening a new branch in St. Joseph

Industry News
Sep 22, 2021
Chinese Property Giant Evergrande Falters, Threatening U.S. Investors

On Monday, investors across three continents dumped their stocks, mainly out of fear that the world’s two largest governments — the United States and China — would undercut the beginnings of a global economic recovery. 

Industry News
Sep 22, 2021
Compass Mortgage Expands In Four Additional States

Compass Mortgage is now licensed in Virginia, Washington, North Carolina and South Carolina.

Industry News
Sep 22, 2021
Enact Holdings Completes IPO

Genworth Financial Inc. announced the completion of the initial public offering for its subsidiary Enact Holdings Inc.

Industry News
Sep 21, 2021