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At the beginning of the pandemic, some lenders avoided non-QM loans because without a government guarantee backing them, they were considered risky. It was also difficult to truly determine a borrower's ability to repay. But now, as the housing market remains stable, non-QM products are making a comeback.
However, while non-QM lending gives lenders the opportunity to diversify their product offerings, there is still some hesitancy across the industry. There are still many originators who do not understand non-QM and count on refinance volume and Agency business to get them through.
Angel Oak Mortgage Solutions offers alternative specialized mortgage solutions for brokers and correspondent lenders throughout the country to grow their business so borrowers who don't fit conventional guidelines can get matched with the right loan.
One of Angel Oak's most popular products is its Bank Statement mortgage loan, which is ideal for self-employed borrowers who can't use tax returns to qualify for a loan. Angel Oak also offers a no-income Investor Cash Flow product specifically for real estate investors– no tax returns or employment information is required. With this loan, Angel Oak qualifies borrowers based on rental analysis to determine the cash flow of the property.
Additionally, Angel Oak offers two Jumbo options – Prime Jumbo and non-QM Platinum Jumbo. The latter serves homebuyers who don't qualify for traditional loans and need more flexibility to purchase their home.
"No need to turn anyone away – when an agency isn't an option, we simply move right into a non-QM product and get it closed," said Mike Fierman, managing partner and Co-CEO. "This is why brokers consider us a go-to resource, because of our innovative non-QM products and our technology that makes the loan process seamless and easy."
Fannie Mae has tightened its guidelines, making it difficult for many borrowers to qualify for agency loans. Jumbo borrowers, self-employed borrowers, real estate investors and those with credit events, in particular, need non-QM options that are quick and easy to close.
"Brokers who work with us know how easy it is to work with us and they have been rewarded with increased referrals due to saving deals for their clients," said Tom Hutchens, executive vice president of Production. "We get them to the closing table quickly and we've proven to them how non-QM helps keep the pipelines full."
At its core, Angel Oak is a vertically integrated alternative credit manager with a focus on the non-QM segment. The mortgages the company generates are based on guidelines they set and are 100% underwritten by Angel Oak underwriters. The loans are then sold to an affiliated asset management company where they are aggregated and securitized on behalf of institutional clients.
A good majority of lenders originate to sell their loans – Angel Oak originates to hold loans. This vertically integrated partnership also yields benefits for Angel Oak wholesale clients through surety of execution.
"Since we are vertically integrated, we can move quickly on guidelines and pricing when needed because the decisions are made exclusively by Angel Oak managers," said Mark Lively, executive vice president of Operations."Our vertical integration with asset management provides a powerful, timely information feedback loop that we can deploy in our origination efforts when market conditions change."
Mike Fierman, Managing Partner and CO-CEO of Angel Oak
Mike Fierman successfully provides strategic direction and leadership to Angel Oak's various businesses focusing primarily on mortgage lending and asset management.
Tom Hutchens, Executive Vice President of Production
Tom Hutchens leads sales for Angel Oak's wholesale and correspondent lending platform with proven success in the expansion of a lending footprint nationwide.
Mark Lively, Executive Vice President of Operations
Mark Lively leads the development of underwriting, policies and procedures, effectively delivering cutting-edge quality control and fraud prevention.
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Source: https://www.housingwire.com/articles/angel-oak-mortgage-solutions-non-qm-products-give-brokers-the-opportunity-to-diversify-their-offerings/