The company is rapidly approaching a billion-dollar quarter, top exec says
As the market for non-QM loan products expands, Angel Oak Mortgage Solutions continues to set records.
“We just finished Q3 funding $891 million, so we’re rapidly approaching a billion-dollar quarter,” said Tom Hutchens, executive vice president of production for Angel Oak. “That was a 41% increase over the third quarter of last year.”
Hutchens said the number also reflected a 31% quarter-over-quarter jump.
“All signs point to a great deal of growth,” he said. “We’ve ramped up our staffing – a year and a half ago, we opened up a second operations center in Dallas, and we’ve doubled the footprint in size at that office. We continue to create tools that help originators be more efficient in originating non-QM loans. We’re also using technology to help us process those loans more efficiently.”
Hutchens said that he credits the growth in the non-QM sectors to increasing awareness and acceptance of non-QM products by loan officers.
“To me, the most exciting part about our third-quarter growth is that it was in the midst of an agency refi boom,” he said. “That can’t be over-emphasized. A lot of times in the past, if there were refi booms or agency rates moved downward, that had a negative impact on non-QM originations. But this current boom hasn’t had the same adverse impact. To me, that just confirms that non-QM is now mainstream. It’s part of a lot of originators’ mainstream offerings, day in and day out.”
Hutchens said that now was the time for originators thinking about getting into non-QM to take the plunge.
“Refi booms are temporary in nature, and nobody can predict how long they’re going to last,” he said. “But non-QM is like an untapped market – so at the end of the day, loan originators who understand non-QM – and go out and market it – are having success.”
Angel Oak Mortgage Solutions will be at the Mortgage Bankers Association’s annual conference in Austin, Texas, Oct. 27-30. Attendees who would like to find out more about non-QM can email [email protected] to schedule a meeting.
