In its first ever non-QM securitization, Angel Oak Mortgage REIT has issued $284.5 million in notes. The company said that this marks an “inflection point” in its business, as it looks to expand its offerings beyond traditional QM loans.
The securitization is backed by a pool of sprung loans, which are loans that do not meet the qualifications for a traditional QM loan. The pool is made up of first-lien, non-owner occupied loans with 30-year terms and an average loan size of $453,000.
Angel Oak said that the securitization will provide it with the “flexibility and ability to continue to originating quality loans” outside of the traditional QM space. The company plans to use the proceeds from the Notes to originating more non-QM loans.
You can read this full article at: https://www.housingwire.com/articles/angel-oak-mortgage-reit-issues-285m-non-qm-securitization/(subscription required)
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