Angel Oak Exceeds $10 Billion in Lifetime Non-QM Production

The Angel Oak lending platform—comprised of non-qualified mortgage (non-QM) lender Angel Oak Mortgage Solutions and retail mortgage lender Angel Oak Home Loans—has announced these entities have funded more than $10 billion in non-qualified mortgages since their founding, consisting of more than 26,000 loans funded.

“As the mortgage industry continues to strengthen post COVID-19, non-QM will keep expanding as a key market sector, and we plan to continue being at the forefront of that growth,” said Mike Fierman, Managing Partner and Co-CEO for Angel Oak Companies. “The pandemic taught our firm so much and we have truly emerged as a better company. Crossing the $10 billion milestone is a testament to our success and commitment in this space.”

With freelance and non-traditional employment becoming more commonplace, an estimated 50 million Americans are turning to non-traditional work, whether it’s starting their own businesses, freelancing, or being part of the gig economy (with companies like Uber, Airbnb, etc.). Angle Oak’s non-QM offerings are assisting more of this population on the path to homeownership, with the company having achieved more than $700 million in non-QM origination over the two-month span of June and July of 2021 alone, surpassing June and July 2019 volume levels by 38% collectively. Angel Oak lending companies have returned to pre-pandemic-level monthly volumes. In tandem with this growth, the lending platform has increased their head count by 67% year-over-year across a variety of roles.

To facilitate this growth, Angel Oak Home Loans opened 17 new retail branches nationwide since the start of 2020, bringing the total number of retail offices to 44 nationwide. The Angel Oak Mortgage Solutions team has added more than 30 AEs nationwide in 2021 alone to help educate brokers and correspondents on the power of non-QM.

“Our success would not have been possible without the skills and dedication of our growing team,” noted Fierman. “The mortgage industry, at its core, is a business about people—providing homeowners with the right solutions, connecting originators with new opportunities, and ensuring that the Angel Oak mission is present in all of our team’s practices. Our team has paved new roads for non-QM, which has helped us cross the $10 billion threshold, and will continue to support our company moving forward. We fully expect to continue this momentum and foresee August being our largest month ever to date.”