ATLANTA--(BUSINESS WIRE)--Angel Oak Mortgage Solutions LLC, the nation’s leading nonbank wholesale and correspondent non-qualified mortgage (“non-QM”) lender, proudly announces the launch of the Angel Oak Bank Statement Home Equity Line of Credit (“HELOC”) solution, a product that allows self-employed homeowners to tap into their home equity while retaining their first mortgage. In addition, in response to Angel Oak’s growth, the firm is pleased to welcome six new account executives.
The latest data from the St. Louis Federal Reserve shows that American homeowners are sitting on record levels of equity — approximately $32 trillion — in their homes. The U.S. Bureau of Labor Statistics reports that there are approximately 16 million self-employed individuals in the U.S. and many of them are homeowners who have struggled to tap into their home equity through traditional financing solutions.
To meet the needs of this underserved but important group of homeowners, Angel Oak has launched the innovative Bank Statement HELOC, which enables qualified self-employed borrowers to leverage their home’s equity while retaining their first mortgage. This unique offering, which qualifies borrowers based on trailing 12- or 24-month bank statements, provides a line of credit with no restrictions on usage, similar to traditional HELOC offerings. Borrowers can qualify for this product with owner-occupied homes, second homes or investment properties.
“Angel Oak’s commitment to alternative mortgage solutions has allowed us to establish our reputation as a leader and innovator within the non-QM industry,” says Tom Hutchens, executive vice president of Production for Angel Oak Mortgage Solutions. “Bringing our new Bank Statement HELOC product to the market is a testament to our dedication to meeting the evolving needs of borrowers nationwide. The introduction of this product and the growth of our team position our firm to better support the originators and borrowers we serve while scaling our services to align with the momentum in the market.”
Due to Angel Oak’s growth, the firm has welcomed six new account executives: Brenton Boulware, Suzie De Leon, Jessica Irwin, Glen Murphy, Mike Tackett and returning employee Lisa Lee. These professionals serve Northern California, North Carolina, Utah, Indiana and Rhode Island, further enriching Angel Oak’s national presence and bringing exceptional client service to potential borrowers in these states.
“I am thrilled to be back with Angel Oak and to leverage the technology and tools the firm has developed to best serve our clients,” says Lee. “Angel Oak has shown a clear commitment to innovation, and I look forward to working with the team to deliver on our mission to support the underserved borrowers and homeowners we work with.”
Despite challenges in the housing market, Angel Oak has sustained strong growth, including achieving a non-QM origination volume of $9.4 billion since 2020. Angel Oak has originated $14.2 billion in non-QM loans over the past five years and more than $18.6 billion in non-QM loans since its inception in 2013, solidifying the firm as an industry leader in non-QM.
With the expansion of its product offerings and the development of its team, plus an anticipated easing of interest rates in 2024, Angel Oak is poised to capitalize on growth opportunities in the year ahead.
About Angel Oak Mortgage Solutions LLC
Angel Oak Mortgage Solutions LLC (NMLS ID #1160240), a leader in alternative lending solutions, is the top nonbank wholesale and correspondent lender of non-QM loans in the nation. Its team of mortgage experts has pioneered a commonsense approach to overcoming today’s mortgage lending challenges. The team, which operates in 46 states, offers a breadth of non-QM products that expand the pool of borrowers, giving partners more opportunities to grow their businesses and better serve their customers.
For more information about Angel Oak’s products and licensing, please visit angeloakms.com.
