The borrowers in the pool have a non-zero weighted average original credit score of 740 and demonstrate substantial equity in their properties, with a weighted average combined loan-to-value (CLTV) ratio of 70.7%.
The loans are secured by various property types, including single-family residential properties, planned unit developments, condominiums, town homes, two- to four-family residential properties, condotels, mixed-use properties, manufactured housing, and five- to 10-unit multifamily residences.
The pool consists of 1,055 loans, which include qualified mortgage (QM) safe harbor, QM rebuttable presumption, ability to repay-exempt loans, and non-QM/ability to repay-compliant loans.
The non-QM segment of the mortgage market is expected to continue growing, according to Angel Oak Mortgage Solutions president Tom Hutchens.
He noted that a large number of originators have entered the non-QM space in recent years, indicating growing interest in this market segment.
