Angel Oak Companies reports that its affiliates funded a company-record $891 million in non-QM originations in Q32019. This represents a 31% increase in origination volume over Q2 2019 and a 41% gain compared with Q3 2018. Led by affiliated lenders Angel Oak Mortgage Solutions, LLC, and Angel Oak Home Loans, LLC, this brings the total year-to-date non-QM volume to $2.1 billion, a 52% increase over the first three quarters of 2018.
Along with the record volume, both lenders have grown their presence. Angel Oak Home Loans added 15 new branches this year, for a total of 33 branches servicing 18 states. Angel Oak Mortgage Solutions tripled the size of its Dallas facility this year to accommodate employment growth, expanded its Atlanta headquarters and solidified its correspondent lending channel, furthering its initiative to set the industry standard for innovation in the non-QM market.
“The growth in all facets of our business serves as a testament to the future of mortgage lending and Angel Oak’s leadership in the space,” said Mike Fierman, co-CEO of Angel Oak Companies. “Angel Oak has led the revitalization of quality nonprime lending through a focused approach to making the process as easy and efficient as possible. The service our incredible team provides is the reason our success continues, and we are looking forward to the future.”
Angel Oak Capital Advisors, LLC, the investment management affiliate of Angel Oak Companies, ended Q3 with approximately $10.6 billion in assets under management (AUM) after crossing the $10 billion AUM mark in June. During this same period, it completed a $558 million non-QM securitization, its fourth securitization for 2019, bringing the firm’s total year-to-date issuance to approximately $2.2 billion. Since 2015, Angel Oak Capital Advisors has completed 12 non-QM securitizations totaling approximately $4.1 billion, backed largely by mortgages originated through its affiliated mortgage lenders.
“Angel Oak’s securitizations have established significant investor demand because of our frequent issuance, execution and consistent quality,” said Sreeni Prabhu, Angel Oak Capital Advisors co-CEO and CIO. “Our vertically integrated model is a pillar of this success, as we continue to set the standard in all areas of the non-QM industry from origination to securitization.”