Angel Oak becomes one of the first non-prime mortgage originators to be reviewed by a third-party ratings agency
February 07, 2017 – ATLANTA–(BUSINESS WIRE)–Angel Oak Mortgage Solutions LLC and Angel Oak Home Loans LLC (“Angel Oak”), announce that their mortgage origination platforms have been reviewed for quality by ratings agencies Fitch and DBRS. Both ratings agencies affirmed the acceptable quality of the company’s non-agency, non-qualified mortgage originations. As a result, Angel Oak becomes one of the first non-prime mortgage originators to be reviewed in the entire industry.
“The Fitch and DBRS reviews serve as yet another milestone for Angel Oak,” says Tom Hutchens, senior vice president of sales and marketing at Angel Oak Mortgage Solutions. “This third-party validation of the quality of our mortgage products is a testament to what we’re all about. As an industry leader in non-qualified mortgages, we pride ourselves on creating high quality origination products that position our firm for long-term success.”
The rating agencies performed an on-site operational risk review of Angel Oak’s company, management, controls, origination practices and technology and deemed them to be an acceptable originator for rated transactions. The review from Fitch noted that, “the companies’ seasoned management team has extensive non-prime mortgage experience, a comprehensive sourcing strategy, and strong underwriting and risk management practices.”
“When you start with higher quality originations, you add significant value to the securitization platform,” says John Hsu, head of capital markets at Angel Oak Capital Advisors. “Rated deals price better than non-rated deals, which lowers the cost of capital and ultimately benefits the issuance platform.”
The full Fitch review is available on their website at http://www.fitchratings.com.
For more information on Angel Oak Mortgage Solutions and Angel Oak Home Loans, please visit their respective sites at www.angeloakms.com and www.angeloakhomeloans.com.