Angel Oak's recent $191 million HELOC securitization, featuring loans with a 10.9% coupon rate and an average FICO score of 746, shows strong investor interest, as the tranche was six times oversubscribed. A survey indicates about 30% of U.S. homeowners are considering tapping into their home equity due to current economic uncertainty. The company has been active since 2015, completing over 60 transactions valued at $22 billion in the nonagency mortgage market and plans future HELOC securitizations in conjunction with its non-QM deals.
Angel Oakâs recent $191 million HELOC securitization features loans with a 10.9% average coupon rate and strong credit quality indicators, showcasing investor demand.
With 30% of U.S. homeowners considering home equity products amid economic uncertainty, Angel Oak plans further HELOC securitizations alongside its established non-QM offerings.
Kroll Bond Rating Agency rated the HELOC securitization, which was six times oversubscribed at the AAA tranche, reflecting high investor confidence in these products.
Since 2015, Angel Oak has executed over 60 transactions totaling $22 billion, indicating a robust performance in the nonagency mortgage market.
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