Angel Oak Mortgage Solutions, LLC is enhancing its correspondent lending channel with new technology, infrastructure and high-level talent that reflect the growth in the non-qualified mortgage marketplace. The company has officially branded this channel as Angel Oak Correspondent to solidify its position in the correspondent lending space. The enhanced channel will allow Angel Oak to further its dominance of the non-QM market. Over the past few years, Angel Oak has consistently originated more non-QM loans than any other non-bank lender. With the enhanced correspondent channel, the firm is positioned to nearly double its production this year.
Angel Oak Correspondent furthers Angel Oak’s initiative to set the industry standard for innovation in the non-QM market. Following its most successful Q1 ever, with non-QM originations up 82% from the same period a year ago, the company is now exploring new frontiers. Angel Oak Correspondent brings non-QM products to lenders all across the industry.
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“Angel Oak continues to pave the way for non-QM lending,” says Tom Hutchens, EVP of Production at Angel Oak Mortgage Solutions. “More national lenders are catching on to the non-QM trend we’ve seen all along. Our correspondent team brings a new level of expertise to keep us ahead of the competition.”
Angel Oak Correspondent Lending welcomes four new executives to lead this initiative:
- Andy Steben, Senior Vice President of Correspondent Lending
- Dave Ryan, Vice President of Operations and Credit, Correspondent Lending
- Dan Bayer, Vice President of Correspondent Sales
- Bill Fanks, Director of Training
These four executives bring 68 years of combined mortgage industry experience to Angel Oak Correspondent. That experience is already being leveraged in the development of new technology and infrastructure that enable Angel Oak to deliver an unmatched level of customer service.
In addition, Angel Oak Correspondent is launching a new website, angeloakcorr.com. Future expansion of the site will include a version of its proprietary QuickQuote engine specifically for correspondents as well as a portal for marketing materials.
“The Angel Oak family of companies has industry-leading experience in every aspect of the non-agency market,” says Andy Steben, Senior Vice President of Correspondent Lending. “We integrated the best aspects of our non-QM underwriting, lending and securitization practices to provide a similar opportunity for correspondents.”
Angel Oak has a proven track record of success in the non-QM industry. Its vertical integration in the lending, origination and securitization space provides a unique perspective as the company refocuses on underserved areas of the market. In Q1 of 2019, the Angel Oak lending entities originated a record $563 million. The Angel Oak lending platform and its affiliates also hired 70 new employees during this quarter, bringing its total workforce to 675. Angel Oak Correspondent will be a catalyst for significant growth in 2019 and beyond.
