Angel Oak has increased its originations of non-qualified mortgages to $2.2 billion in 2018, from $1.1 billion in 2017, increased headcount by 53 percent to 648 people, and completed four mortgage securitizations totaling $1.1 billion.
“In 2018, our lending units saw a distinct rise in the popularity and use of non-QM products as more creditworthy borrowers turned to these innovative options,” said Michael Fierman, managing partner and co-CEO of Angel Oak. “We’ve reached an inflection point for non-QM products, and the industry across the country now sees the strong demand for our products.”
Other highlights from the Angel Oak’s 2018 are as follows:
- Originated over $2.2 billion in non-QM loans, a 118 percent rise on a year-over-year basis. The lending companies reported a 121 percent increase in the fourth quarter of 2018, compared with the same time period in the previous year.
- Launched Angel Oak Commercial Lending LLC, which provides financing to commercial real estate owners, developers and investors. Also, it acquired a controlling interest in Cherrywood Mortgage, a small-balance lender based in California.
- Expanded the Angel Oak Mortgage Solutions unit into four new states, while Angel Oak Home Loans added 18 new branches in four new states.
- Achieved approximately $9 billion in assets under management through public funds, private funds and separately managed accounts--a 12 percent gain over the previous year.
- Issued four securitizations totaling over $1.1 billion, three of which were almost 100 percent non-qualified mortgages issued through affiliated lending companies.
- Raised $291 million in capital commitments for its first private credit fund that invests in non-qualified mortgages.
“The Angel Oak team has been at the forefront of the mortgage industry’s post-crisis growth and we are proud to be one of the largest non-QM lenders and a leader in non-QM securitizations,” said Fierman.
Affiliates of Angel Oak are Angel Oak Capital Advisors as well as Angel Oak Mortgage Solutions, Angel Oak Home Loans, Angel Oak Commercial Lending and Angel Oak Prime Bridge.
