Angel Oak Mortgage Inc. (NYSE: AOMR), a leading real estate finance company focused on acquiring and investing in unqualified first mortgage loans and other mortgage related assets in the US mortgage market, announces the closing of a 386 securitization, $ 9 million (AOMT 2021-7) backed by a pool of residential mortgages. This was the company’s seventh securitization and its second unique securitization since its initial public offering, as well as the 28th residential securitization in total carried out under the AOMT department of its subsidiary.
âThis securitization is further proof that we are executing our securitization strategy consistently,â said Brandon Filson, CFO of AOMR. âWe are pleased with the execution as investors continue to appreciate Angel Oak’s non-QM assets and track record of delivering high quality transactions. We believe that our loan purchase volume and the securitization market will allow us to continue to execute our core funding strategies through 2022 and beyond. ”
The company has placed residential mortgage-backed securities with a face value of $ 373.3 million at a weighted average financing cost of 2.09%. The residual value and the economic return on the collateral will be retained by the company. The loans underlying the securitization had a weighted average coupon of 4.89%. At the close of the transaction, AWM 2021-7 consisted of 944 loans, almost all of which originated from Angel Oak subsidiaries. The securitization had an average credit score of 738, a loan-to-value ratio of 72.2% and a debt-to-income ratio of 31.9%. The transaction was rated by Fitch, with the senior tranche receiving an AAA rating.
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About Angel Oak Mortgage Inc.
Angel Oak Mortgage Inc. is a real estate finance company focused on acquiring and investing in non-QM senior loans and other mortgage related assets in the US mortgage market. The Company’s goal is to generate attractive risk-adjusted returns to its shareholders through cash distributions and capital appreciation throughout the interest rate and credit cycles. The company is managed and externally advised by a subsidiary of Angel Oak Capital Advisors LLC, which, collectively with its subsidiaries, is a leading alternative credit manager with a vertically integrated mortgage origin platform. Additional information about the company is available at www.angeloakreit.com.