NMP - April 2017 - 40

heard
street
on the

Our Heard on the Street column
is a chronicle of events, changes
and passages in the lives of the people
and companies shaping
the mortgage industry.

Angel Oak Capital
Announces $146 MillionPlus Securitization

APRIL 2017 n National Mortgage Professional Magazine n

NationalMortgageProfessional.com

40

Angel Oak Capital Advisors LLC
has announced that it has
completed AOMT 2017-1, a
$146.4 million securitization rated
by both the Fitch and DBRS
rating agencies.
This transaction, backed by
non-qualified mortgages (nonQM), marks Angel Oak's third
securitization since 2015,
accounting for more than $430
million in total securitized assets.
All three securitizations are
backed by mortgages originated
through the firm's two affiliated
residential mortgage lenders-
Angel Oak Mortgage Solutions
LLC (wholesale) and Angel Oak
Home Loans LLC (retail).
"This securitization is a true
cross-section representation of
the Angel Oak mortgage
company's production," said
Mike Fierman, co-CEO of Angel
Oak Capital Advisors. "We are
able to show that we can finance
and securitize our production
through the coordinated efforts
of our affiliated companies.
Having the capability to
securitize our originated
mortgages shows that the broad
market has accepted what we
do."
Angel Oak's loan production
reached an all-time high in 2016
of more than $1 billion from
loans originating in 33 states.
"Angel Oak will continue to be
a leader in non-QM space
because of our highly selective
securitization parameters,"
Fierman said. "Thanks to new
regulations that have
strengthened this market, the
quality of collateral today is very

different than in previous years.
We're committed to the
continued revitalization of this
market by providing high quality
securitizations to meet investor
demand."
Lenders Compliance Group
Launches New Mortgage
Servicer-Focused Group

Lenders Compliance Group
(LCG), a nationwide risk
management and compliance
support firm, has announced the
establishment of Servicers
Compliance Group, a new
practice area devoted to
mortgage servicing compliance.
The unique feature of the new
practice area is its concentration
on interacting with clients on a
monthly basis, continual
compliance maintenance, and
fulfillment of compliance
management system
requirements. Additionally, this
practice area offers a full range of
project initiatives involving audits,
due diligence, risk assessments,
subject matter expertise, "mock"
regulatory examinations,
assistance as "first responders"
for those institutions that may be
experiencing negative actions
from regulators, and support with
business start-up for servicing.
Servicers Compliance Group
has appointed Michelle Leigh,
CRCM, MBA, as executive
director and Michael Pfeifer Esq.
as director. Together, they will
offer regulatory compliance

support for providers of
residential mortgage servicing,
subservicing and masterservicing. Both Leigh and Pfeifer
will also continue to hold their
current positions at Lenders
Compliance Group, respectively,
as director of Internal Audits and
Controls, and director of Legal &
Regulatory Compliance.
"We provide guidance, audits,
due diligence reviews, and
examination preparation for
transactional matters involving
residential mortgage servicing,"
said Leigh. "In addition, we also
assist clients with proactive and
remedial efforts to enhance
servicing compliance policies,
procedures, practices and
internal controls, including risk
assessments and preparation
and review of policies and
procedures."
Jonathan Foxx, Ph.D., MBA,
president and managing director
of Lenders Compliance Group
and Servicers Compliance
Group, said, "Michelle is a
uniquely informed professional,
with a wide range of knowledge,
experience, and expertise in
virtually all areas of mortgage
banking compliance. Throughout
her career, Michelle has
supported leading banks and
non-banks in the industry at
executive levels. She has worked
with every regulator within the
mortgage industry, both state
and federal. In the majority of her
appointments, she has managed
the exam management areas of
such institutions and has one of
the highest track rates in volume,
having worked with the CFPB in
an exam management role to

date and, specifically, within the
mortgage servicing compliance
area. Her career and credentialed
background provide exceptional
perspective on how to establish
and maintain the most effective
compliance mandates in
mortgage servicing. Michelle is a
true leader in our profession and
will be an invaluable asset to the
clients of Servicers Compliance
Group."
Pfeifer is currently counsel to
the California Mortgage Bankers
Association, having served on its
board of Directors for nine years,
and has nearly 40 years of
experience in representing both
bank and non-bank lenders,
mortgage servicers, investors
and industry service providers.
He will support the firm's clients,
consulting on their regulatory
compliance needs.
"With all the changes that have
occurred in the mortgage
industry in recent years, I am
excited to join this new practice
area," said Pfeifer. "We
understand that mortgage
servicers must have access to
experienced, but also
independent expert guidance.
Servicers Compliance Group
offers compliance solutions for
those who seek value, but refuse
to compromise on the quality of
their compliance programs."
According to Foxx, the
decision to team up Leigh with
Pfeifer was based on an enduring
commitment to offer the very
best compliance support in the
country to mortgage servicers.
"Michael is a highly
experienced legal professional
within the mortgage industry,
having distinguished himself as a
stalwart representative of his
clients facing government
scrutiny," said Foxx. "His career
involves nearly all aspects of the


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