Angel Oak plots expansion in non-QM correspondent lending

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Angel Oak Mortgage Solutions, LLC is enhancing its correspondent lending channel with new technology, infrastructure and high-level talent that reflect the stunning 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.

Steven Schwalb, managing partner of Angel Oak’s lending platform, for example, believes that they’re on the right track in helping more people get access to homeownership. "Originating $1 billion in non-QM loans is an important milestone that demonstrates the market’s confidence in these products and our work in the non-QM space," he.

"Angel Oak continues to pave the way for non-QM lending," said Tom Hutchens, executive vice president 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."

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Non-QM lender Angel Oak Mortgage Solutions announced on Monday it is boosting its efforts in non-QM correspondent lending following a rise in demand for non-qualified mortgage products.

Non-QM Drives Growth at Angel Oak. Expansion reported. Sept. 26, 2017. By Mortgage Daily staff. 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.

Angel Oak Mortgage Solutions Ramps Up Correspondent Lending. However, following the crisis, the non-QM market disappeared overnight. The result was that many creditworthy borrowers were unable to obtain a mortgage. Now responsible non-QM products are back and the new programs are being accepted as seen in the growing number of industry participants adopting non-agency products.

 · The 30-year fixed-rate mortgage held steady from last week’s average, coming in at 3.82% for the week ending June 13, 2019. A year ago, the rate sat much higher at 4.62%. “Mortgage rates were mostly unchanged from last week due to easing of trade tensions with Mexico which helped stabilize markets,” Freddie Mac Chief Economist Sam Khater said.

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