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Since its first securitization in 2015, Angel Oak has completed 29 non-QM securitizations, including the first non-agency social bond securitization and seven others in 2021, for a total issuance of $2.9 billion this year alone, according to the company.
“Reaching the $10 billion milestone serves as a reminder of the importance — and prevalence — of non-QM lending and investor appetite for these loans,” said Sreeni Prabhu, group chief investment officer at Angel Oak.
AOMT 2021-8 is backed primarily by non-qualified mortgages originated by Angel Oak Mortgage Solutions and Angel Oak Home Loans. The senior tranche received a triple A rating from Fitch Ratings and Kroll Bond Rating Agency. The underlying collateral consists of 841 residential mortgages, the bulk of which are bank statement loans; the remainder are primarily mortgages for investment properties. The borrower profile is strong, with an average 738 FICO score and a 31% debt-to-income ratio.
“We’ve seen a marked increase in institutional investor participation in our securitizations year-over-year, as investors seek opportunities that can provide attractive risk-adjusted returns,” said Namit Sinha, Angel Oak’s chief investment officer of private strategies. “Additionally, investors have come to recognize the advantages Angel Oak provides through our unique vertical integration and access to data, which help drive our investment decision-making and deliver for investors.”