Skip to main content

Fitch Rates Angel Oak Mortgage Trust's 6th Non-QM Offering

David Krechevsky
Sep 23, 2022
Angel Oak Mortgage REIT Logo

This is Angel Oak’s sixth private-label securities offering this year.

Fitch Ratings said this week it has assigned expected ratings to Angel Oak Mortgage Trust 2022-6 (AOMT 2022-6), Angel Oak’s sixth private-label securities offering this year.

The certificates are supported by 795 loans with a balance of $389.3 million as of the cut-off date, Fitch said. The certificates are secured by mortgage loans mainly originated by Angel Oak Mortgage Solutions LLC, Greenbox Loans Inc., and Angel Oak Home Loans LLC. All other originators make up less than 10% of the loan pool, Fitch said.

Of the loans, 64.3% are designated as non-qualified mortgage (Non-QM) loans, and 35.7% are investment properties not subject to the Ability-to-Repay (ATR) Rule.

The borrowers have a strong credit profile: 737 FICO and 41.3% debt-to-income (DTI) ratio, as determined by Fitch, along with relatively moderate leverage, with an original combined loan to value (CLTV) ratio of 71.5%,, which translates to a Fitch-calculated sustainable LTV (sLTV) of 76.7%.

Of the pool, 62% represents loans for which the borrower maintains a primary or secondary residence; the remaining 38% comprises investor properties based on Fitch's analysis and the transaction documents, it said.

The pool contains 78 loans over $1 million, with the largest amounting to $3 million.

Fitch assigned the expected ratings as follows:

  • A-1: AAA (sf)
  • A-2: AA (sf)
  • A-3 A (sf)
  • M-1: BBB- (sf)
  • B-1: BB (sf)
  • B-2: B (sf)
  • B-3, A-IO-S, XS, R: Not rated

The full report is available at www.fitchratings.com.

Published
Sep 23, 2022
More from
Non-QM
Fitch Assigns Expected Ratings To Non-QM Offering Verus 2022-8

The residential mortgage-backed notes are supported by 748 loans with a balance of $471.3 million..

Non-QM
Oct 06, 2022
Angel Oak Mortgage Shakes Up Leadership

Sreeni Prabhu replaces Robert Williams as CEO and president after two quarters of losses.

Non-QM
Sep 29, 2022
KBRA Rates Non-QM Offering NRMLT 2022-NQM5

The preliminary ratings are for mortgage-backed notes, with all loans originated by NewRez LLC or Caliber Home Loans.

Non-QM
Sep 28, 2022
MAXEX Launches New Non-QM Liquidity Programs

Programs are intended to meet the needs of originators and loan buyers in the Non-QM market.

Non-QM
Sep 28, 2022
KBRA Rates Non-QM Offering From Onslow Bay Financial

AmWest Funding Corp., others originated the 765 loans in the $397.5 million non-prime RMBS transaction.

Non-QM
Sep 22, 2022
Newfi Lending Offers New Non-QM Loan

The Pinnacles Step-Up Mortgage gives Non-QM borrowers a way to lower their initial monthly payments.

Non-QM
Sep 14, 2022