A new leadership team is coming in at
John Jeanmonod, the regional vice president of sales, is moving into Hutchens' former post. Additionally, Alysse Prosnick will become EVP of operations, while Travis LaLonde moves up to EVP of credit.
This is part of a reorganization at the company, Hutchens said in an interview.
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"It's really preparing us for continued growth, and we anticipate big and fast growth, so we just want to have the right leadership," he explained.
Angel Oak Mortgage Solutions has seen large growth in its non-QM business this year. Its affiliate under the Angel Oak banner has performed seven securitizations so far this year, or about one a month.
"These organizational changes are a testament to the in-house talent at Angel Oak and commitment of these four individuals in driving our broader success," said Mike Fierman, managing partner and co-CEO of Angel Oak Cos., the parent of the third-party originator.
"These moves not only recognize the well-deserved achievements and contributions of these executives but also position us to thrive as we continue to expand our non-QM solutions and partner network."
Before joining
All of the new EVPs have also been with Angel Oak for some time, Hutchens noted. Jeanmonod also joined in 2014, Prosnick has been with the company for nine years and LaLonde for more than six years.
These promotions are rewarding them for their success in building Angel Oak Mortgage Solutions, Hutchens said.
The reorganization allows them to focus on very specific roles at the company, Hutchens said, using LaLonde as an example. Most recently LaLonde was the Dallas regional manager and "was just involved in a lot of different pieces."
Now being in charge of credit, "he has a very clear and focused direction of responsibilities," said Hutchens.
The
Helping is the fact that in the past two years, as the conforming market shrank, Angel Oak saw the most submissions from people who never previously originated a non-QM loan.
"A lot of loan officers changed their business strategies and started incorporating non-QM into their product offerings," Hutchens said. "So going into this next cycle of improved rates, improved activity and improved number of transactions, they're going to keep non-QM as part of their offerings, which is good for our space for sure."
The company will remain strictly in the wholesale and correspondent channels. A
Angel Oak has been adding to its product menu as of late, with the addition of a bank statement
"It has gone extremely well, and we expect even as rates ease, that the demand for HELOCs will continue to be strong just based on record owner equity, record credit card debt and record low first-lien rates that people have locked in" to their current properties, he continued.