Angel Oak Mortgage Solutions LLC is looking to double its origination of home loans that don’t meet Qualified Mortgage requirements, and it is turning to the correspondent channel to achieve this.
Last year, the Atlanta-based mortgage banking firm generated
$1.2 billion in non-QM production, according to an announcement Monday.
This year, entities associated with Angel Oak are expected to originated double the amount of 2017 production. It is already on its way to this as first-quarter lending was up 62 percent from a year earlier.
Angel Oak said it will
achieve the expansion by increasing its efforts in the non-QM correspondent lending space.
“Today, non-QM originations total roughly $20 billion per year, but we believe the non-QM market will grow to over $100 billion in the coming years,” Angel Oak Mortgage Solutions Senior Vice-President of Sales and Marketing Tom Hutchens said in the statement. “We are seeing a lot of demand in the non-agency market especially as more national lenders enter the space after seeing the value these products bring to the table.
