Angel Oak Launches New Bank Statement HELOC Product


Non-QM mortgage lender Angel Oak has launched a new bank statement product that allows self-employed homeowners to tap into their home equity while retaining their first mortgage.

The new Bank Statement Home Equity Line of Credit (HELOC) solution is a unique offering in that it qualifies borrowers based on trailing 12- or 24-month bank statements and provides a line of credit with no restrictions on usage, similar to traditional HELOC offerings, Angel Oak says in a release.

Borrowers can qualify for this product with owner-occupied homes, second homes or investment properties.

The latest data from the St. Louis Federal Reserve shows that American homeowners are sitting on record levels of equity — approximately $32 trillion — in their homes. The U.S. Bureau of Labor Statistics reports that there are approximately 16 million self-employed individuals in the U.S. and many of them are homeowners who have struggled to tap into their home equity through traditional financing solutions.

Angel Oak has launched the iBank Statement HELOC to meet the needs of this underserved but important group of homeowners.

“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.”

Due to Angel Oak’s growth, the firm has welcomed six new account executives: Brenton Boulware, Suzie De Leon, Jessica Irwin, Glen Murphy, Mike Tackett and returning employee Lisa Lee. These professionals serve Northern California, North Carolina, Utah, Indiana and Rhode Island, further enriching Angel Oak’s national presence and bringing exceptional client service to potential borrowers in these states.

Photo: Freepik

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