Growth in non-QM home lending has driven quarterly mortgage production at Angel Oak Companies to an all-time high.
The origination of loans that didn’t meet Qualified Mortgage
requirements came to $0.664 billion during the three months that concluded on Sept. 30, Angel Oak reported Thursday.
Third-quarter non-QM loan production turned out to be the biggest quarter on record for the Atlanta-based mortgage banking organization.
Angel Oak noted that business increased 30 percent from the second quarter, putting prior-period originations at around $0.511 billion.
Compared to the same three months in 2017, volume skyrocketed by 153 percent. That put third-quarter 2017 originations around $0.262 billion.
During the first nine months of 2018, total production — which was generated through affiliates Angel Oak Mortgage Solutions LLC, Angel Oak Home Loans LLC and Angel Oak Prime Bridge LLC —
amounted to $1.53 billion.
The hiring of 108 employees by Angel Oak during the third quarter brought total headcount to 576.
“The entire mortgage industry has come to recognize the potential and significance of non-QM,” Angel Oak Co-Chief Executive Officer Mike Fierman said in the announcement. “It has rebounded incredibly well and has become the primary driver of growth in all aspects of the business.”