Rapid growth in the origination of home loans that don’t meet the requirements for Qualified Mortgages is driving an expansion at Angel Oak Companies.
The Atlanta-based company reported Tuesday that its businesses are on track to collectively originate more than $1 billion in non-QM loans this year.
Those businesses include Angel Oak Mortgage Solutions, Angel Oak Home Loans and Angel Oak Prime Bridge.
Angel Oak said it is positioning itself as a “clear leader” in non-QM lending.
As it has experienced the growth, Angel Oak reports that it has introduced a diverse array of innovative portfolio products — including a 12-month bank statement program.
It has also established a new correspondent lending channel.
In addition, Angel Oak reports that it has hired 65 employees so far this year throughout the country.
“The market’s acceptance of our non-QM products shows that the mortgage lending environment has changed,” Angel Oak Companies Co-Chief Executive Officer Mike Fierman stated in the announcement.
