With an estimated $32 trillion in equity trapped, Angel Oak Mortgage Solutions is getting into the home equity game with a new product and six new hires.
Recognizing the needs of an estimated 16 million self-employed homeowners, Angel Oak introduced the Bank Statement HELOC. This product allows qualified self-employed borrowers to leverage their home's equity while maintaining their primary mortgage. Unlike traditional HELOC offerings, the Bank Statement HELOC qualifies borrowers based on trailing 12- or 24-month bank statements and provides a line of credit with no usage restrictions. Borrowers can qualify for this product whether they own an owner-occupied home, a second home, or an investment property.
“Angel Oak’s commitment to alternative mortgage solutions has allowed us to establish our reputation as a leader and innovator within the non-QM industry,” Tom Hutchens, executive vice president of production for Angel Oak Mortgage Solutions, said. “Bringing our new Bank Statement HELOC product to the market is a testament to our dedication to meeting the evolving needs of borrowers nationwide. The introduction of this product and the growth of our team position our firm to better support the originators and borrowers we serve while scaling our services to align with the momentum in the market.”
As a result of Angel Oak's growth, the company has welcomed six new account executives: Brenton Boulware, Suzie De Leon, Jessica Irwin, Glen Murphy, Jerry Tackett, and returning employee Lisa Lee. These professionals will serve various regions, including Northern California, North Carolina, Utah, Indiana, and Rhode Island.
"I am thrilled to be back with Angel Oak and to leverage the technology and tools the firm has developed to best serve our clients," Lee said.
Angel Oak has originated $14.2 billion in non-QM loans over the past five years and more than $18.6 billion in non-QM loans since its inception in 2013.
It anticipates easing of interest rates in the future, which contributed to its decision to hire.
