Non-QM leader Angel Oak Mortgage Solutions released a new HELOC for the self-employed.
The Bank Statement HELOC allows qualified borrowers to retain their first mortgage while accessing their homes’ equity. It uses trailing 12- or 24-month bank statements as the deciding factor and provides a line of credit with no restrictions on usage.
This offer is available for owner-occupied homes, second homes, or investment properties.
American homes currently have $32 trillion in equity built up, a record high. Angel Oak says about 16 million people are self-employed, many of whom own homes they can’t extract wealth from through traditional avenues.
“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.”
At the same time, the company announced six new account executives: Brenton Boulware, Suzie De Leon, Jessica Irwin, Glen Murphy, Jerry Tackett, and Lisa Lee.
These new additions serve Northern California, North Carolina, Utah, Indiana, and Rhode Island.
“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,” Lee, a returning employee, said.
Angel Oak is a leading non-QM lender. It 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.
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