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…
Lisa Heitzmann has been appointed Chief Operating Officer at non-QM lender Deephaven Mortgage, the company announced in a press release. “I am excited to align Deephaven’s operations to support our positive, pro-borrower culture—where everyone is always looking to say yes. It’s a pleasure to build on this approach, while making it easier for our people and partners to help creditworthy Non-QM borrowers,” said Heitzmann. In this role, Heitzmann will oversee Deephaven’s internal underwriting, wholesale, and correspondent teams. Heitzmann’s background includes credit, risk, compliance, quality, and production. Prior to Deephaven she was a mortgage industry consultant specializing in process assessment and optimization. Her previous positions include Senior Vice President, Home Loans Quality and Operations at Bank of America, and Director, Mortgage…
Angel Oak Mortgage Solutions is focusing on streamlining the process of closing non-qualifying mortgage (non-QM) loans so that it more closely resembles closing an agency loan. “It’s a priority for us,” Angel Oak executive vice president of production Tom Hutchens told the MPA. Angel Oak is reportedly investing in technologies to automate more of the non-QM underwriting process. Non-QM loans are still mostly manually underwritten, while agency lending is almost fully automated. “You think of Rocket Mortgage, where you ‘click a button, get a mortgage,’ and it has almost become the industry norm. It’s not quite that easy. It’s nice to at least make it look like it is,” he said. Non-QMs are sometimes associated with the financial crash of 2008,…
