Non-QM lender Angel Oak Home Loans has opened five new branches in three states, the company announced.
South Carolina now has three additional branches, one in Charleston, led by Ed Powell, SVP of Angel Oak Home Loans’ Consumer Direct Division; one in Columbia, led by Drew Church; and one in Cheraw, also headed by Church.
The other two locations are in San Marcos, CA, led by Sean Casey, SVP and Western Regional Sales Manager, and Jacksonville, North Carolina, led by Brian Mitchell, Regional Sales Manager.
Angel Oak now has 52 offices across 43 states. These five new branches add to a time of growth for the company, which opened four new offices just last month.
“Angel Oak is well equipped to serve borrowers in need of traditional and customized loan products that can help them achieve homeownership,” said Casey.
”Housing markets across the country have changed over the past several months and adaptive solutions are essential. Angel Oak’s diverse products allow us to continue to deliver for homebuyers in different market conditions.”
The company’s expansion into the Carolinas and California is a strategic move, as South Carolina and California already have highly competitive markets and North Carolina may soon see the same.
“Angel Oak’s unique products and resources deliver fast results, turning prospective homebuyers into homeowners,” Church said.
“It’s a privilege to be able to help qualified borrowers achieve their dreams of homeownership. That’s what really makes Angel Oak unique in the marketplace and we’ll only continue to enhance those services and abilities going forward.”
Angel Oak offers both traditional and non-QM loans, ideal for buyers who do not meet the strict lending standards of traditional agencies and banks.
Angel Oak’s expansion shines a good light on the company at a moment when non-QM companies are struggling. Non-QM lender Sprout Mortgage shut down completely this month, while Kiavi had to layoff 7% of its workforce.
Flagstar Bank has introduced additional scrutiny for loans originating from sixteen non-QM companies, including Angel Oak, though it says it will continue funding them.