Angel Oak Home Loans Cuts 15% Of Staff

It’s been a rough couple of weeks for the staff at Angel Oak Companies.

Friday, the Atlanta-based company’s Angel Oak Home Loans unit laid off 57 employees, or about 15% of its staff. Based on that, the company had 380 employees before the cuts, including 200 mortgage loan originators, according to NMLS. 

A company spokesperson confirmed the layoffs in an email Tuesday, but did not say what specific jobs were affected.

"Angel Oak Home Loans, a full-service, retail residential mortgage lender, reduced its headcount by 57 employees or 15% of its workforce to better position itself as it manages through the headwinds currently facing the mortgage industry,” the spokesperson said. “Angel Oak Home Loans continues to serve home buyers across the country and maintains staffing levels to meet the changing dynamics of the residential mortgage market."

The company also did not provide any information on whether affected employees were offered a severance package.

Friday’s layoffs followed those made by Angel Oak Mortgage Solutions, which on Sept. 23 laid off 75 people, or about 20% of its staff. At the time a spokesperson said the cuts were “due to the current economic environment that has challenged the entire mortgage market.”

According to NMLS data, Angel Oak Home Loans’ overall mortgage origination volume is almost flat, but purchase volume was up over 12% so far this year.

Angel Oak Home Loans is a full-service lender providing a variety of traditional and non-traditional (Non-QM) mortgage products. Based in Atlanta, it is licensed in 47 states.