![]() An integral part of the business is to grow and solidify a referral base and we can help with that through in-person presentations or webinars.Ī significant time-saver for clients is our bank statement review team who will review, analyze and calculate income upfront for bank statement deals. We have presentations ready to go and we are happy to present with you as the expert on non-QM at any Realtor or referral partner meeting. Add your company logo, contact information and download to send out. One example is our marketing flyers available for approved brokers to use. We try to do the heavy lifting so our clients can focus on prospecting and closing deals. Housing Wire: What is Angel Oak doing to make the process easier for brokers? The only way to do that is to be ingrained in local communities, knowing our clients and understanding their challenges. Our goal is to support originators the best we can and to continue to educate on non-QM with valuable information that moves the needle for our clients. We are often the preferred non-QM partner for trade shows and events across the country. ![]() For instance, I serve on the board of directors for the North Texas Association of Mortgage Professionals (NXTAMP) and Eric Morgenson, business development, sits on the board for the Orange County chapter of the California Association of Mortgage Professionals (CAMP). We belong to and sponsor every major trade organization coast to coast and many of our account executives serve on the board. We have 70 plus account executives across the country covering local markets. ![]() JJ: We take great pride in our efforts focused on supporting brokers in local communities. HW: How does Angel Oak support the broker community at the local level? Your reputation and protecting your referral base depends on the right alignment. These are important factors to consider when choosing a non-QM lender. These unique individuals know every aspect of non-QM because our main focus is on non-QM lending. It means originators are getting the top account executives in the country and an underwriting team incomparable to others. Working with Angel Oak Mortgage Solutions means working with the leader in non-QM. Originators don’t have to worry about whether or not we can issue these loans – we are not held to a loan cap restriction. This means that we are not held to the GSE’s 7% volume cap for investment properties or second home loans. In addition, we don’t sell our non-QM loans to Fannie Mae or Freddie Mac. We work very closely with our affiliate company Angel Oak Capital Advisors and when we say a loan is cleared to close – that’s it. The entire process from prequalification, underwriting to securitization occurs here at Angel Oak. We do not have to get approval or position anything with an outside party who could request changes and delay closings. One of our biggest differentiators from other lenders is the fact that we are the end investor. Some non-QM lenders must get approval from outside investors that could result in delays. JJ: It’s the difference between getting non-QM loans closed quickly and seamlessly versus working with a lender that doesn’t. HW: Why is choosing the right non-QM lender so important? Originators without non-QM offerings risk losing deals and jeopardizing volume growth. This two-out-of-three elimination rule creates a bigger demand for non-QM and results in a growing number of borrowers who do not fit in the GSE box. The three high-risk scenarios are: LTVs over 90%, DTI at 45% or above, or credit scores lower than 680. If borrowers meet two out of the three risks on the list, they won’t qualify. They have limited the percentage of loans they will do based on criteria they have set for what they consider to be high-risk loans. This is simply because more borrowers will not qualify for Agency loans.įannie Mae and Freddie Mac have imposed tighter restrictions making the government box smaller and smaller. Agency business alone will not bridge the gap to sustain volume growth. In fact, the Mortgage Bankers Association (MBA) reports a decline in refinance applications almost weekly. It was projected in Q4 of 2020 that refinance volume would be cut in half in 2021 and we are definitely seeing the slowdown. For one, refinance volume that has filled the pipeline for many originators over the past year is declining. John Jeanmonod: There are a number of factors making non-QM essential in today’s market.
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