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- Angel Oak achieved over $700 million in non-QM origination in June and July 2021, topping the same period in 2019 by 38%.
The Angel Oak lending platform said today it has achieved a milestone, funding over $10 billion in non-qualified mortgages (non-QM) as loan origination returned to pre-pandemic levels.
The lending platform, composed of the specialized wholesale and correspondent non-QM lender Angel Oak Mortgage Solutions and the full-service retail mortgage lender Angel Oak Home Loans, have now funded over 26,000 loans, helping thousands of potential borrowers become homeowners through innovative financing solutions and trailblazing the path for non-QM products.
“As the mortgage industry continues to strengthen post COVID-19, non-QM will keep expanding as a key market sector, and we plan to continue being at the forefront of that growth,” said Mike Fierman, managing partner and co-CEO for Angel Oak Cos. “The pandemic taught our firm so much and we have truly emerged as a better company. Crossing the $10 billion milestone is a testament to our success and commitment in this space.”
Angel Oak’s record non-QM growth comes from the firm’s multifaceted approach to speed, quality assurance, and technology. As leaders in the non-QM sector, Angel Oak has strived to make the process simpler for both brokers and borrowers, implementing technology systems that make the non-QM process comparable to the agency loan process. Blend, QuickQuote, the Bank Statement Review team, and other technologies and processes have enabled customers and brokers to enjoy a seamless experience and propelled Angel Oak to the $10 billion milestone.
Combined, Angel Oak achieved over $700 million in non-QM origination in June and July of 2021, topping the volume levels in the same two months last year by 38%. Angel Oak lending companies have returned to pre-pandemic-level monthly volumes, and the lending platform has increased its head count by 67% year over year across a variety of roles.
To help accommodate greater demand, Angel Oak has rapidly expanded its sales function. The Angel Oak Home Loans team has opened 17 new retail branches nationwide since the start of 2020, bringing the total to 44. The Angel Oak Mortgage Solutions team has added over 30 account executives nationwide this year, helping to educate brokers and correspondents on the power of non-QM.
“Our success would not have been possible without the skills and dedication of our growing team,” Fierman said. “The mortgage industry, at its core, is a business about people — providing homeowners with the right solutions, connecting originators with new opportunities, and ensuring that the Angel Oak mission is present in all of our team’s practices.”