NMP - November 2019 - 30

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 Records $891M in
Non-QM Q3 Originations

NOVEMBER 2019 n National Mortgage Professional Magazine n

NationalMortgageProfessional.com

30

Angel Oak has reported a
company-record $891 million
boom in non-QM originations
during the third quarter, a 31
percent increase in origination
volume over the second quarter
and a 41 percent spike compared
with the third quarter of 2018.
The Atlanta-headquartered
company added that this volume,
which was led by its affiliated
lenders Angel Oak Mortgage
Solutions, LLC and Angel Oak
Home Loans LLC, brought its total
year-to-date non-QM volume to
$2.1 billion, a 52 percent increase
over the first three quarters of
2018. This year also saw the
opening of 15 new branches this
year, for a total of 33 branches
servicing 18 states.
Angel Oak Capital Advisors
LLC, the company's investment
management affiliate, ended the
third quarter with approximately
$10.6 billion in assets under
management (AUM) after crossing
the $10 billion AUM mark in June.
During this same period, it
completed a $558 million non-QM
securitization, its fourth
securitization for 2019, bringing
the firm's total year-to-date
issuance to approximately $2.2
billion.
"The growth in all facets of our
business serves as a testament to
the future of mortgage lending and
Angel Oak's leadership in the
space," said Mike Fierman, coCEO of Angel Oak Cos. "Angel
Oak has led the revitalization of
quality nonprime lending through a
focused approach to making the
process as easy and efficient as
possible. The service our

incredible team provides is the
reason our success continues,
and we are looking forward to the
future."
Quicken Loans Approved for
eClosings Nationwide

Quicken Loans has become the
first lender to develop the
capabilities to perform electronic
mortgage closings (eClosings) in
all 50 states. Since completing its
first eClosing in November 2017,
Quicken Loans has completed 96
percent of all electronic mortgage
closings in the country, according
to the company's volume
registered with the Mortgage
Electronic Registration Systems
(MERS) eRegistry.
"For more than 30 years, we
have worked tirelessly to improve
the mortgage process. We are
continually researching, building
and implementing new
technologies to streamline the
entire client experience-from
start to finish," said Jay Farner,
chief executive officer of Quicken
Loans. "This is a turning point for
the housing industry and the first
step in reducing one of the
biggest pain points in the
mortgage process. We will not
stop until our clients can close
their home loan from anywhere,
at any time."
There are three ways to
complete a mortgage
electronically: An in-person
hybrid eClosing, an in-person
electronic notarization (IPEN) and
a remote online notarization
(RON). All three are facilitated by
Quicken Loans' sister company,
Amrock-a provider of title
insurance, valuations and

settlement services.
Quicken Loans clients in all 50
states can participate in a hybrid
eClosing, which includes both
traditional and electronically
signed documents. Clients can
digitally sign nearly all of the
documents, having to put pen to
paper on three to five
documents, depending on the
state-as opposed to 17
documents that need to be handsigned in the traditional method.
Since the majority of the
documents are digital, all
completed paperwork is
delivered to the client's Rocket
Mortgage account as soon as the
closing is complete. Quicken
Loans clients qualify for an
eClosing if they are refinancing
into a conventional fixed-rate
loan for a single-family home and
meet the other eligibility
requirements-for example, a loan
using a power of attorney is not
eligible for an eClosing.
"It's important for us to
provide our broker partners with
the latest technology available,"
said Austin Niemiec, executive
vice president of QLMS. "Not
only do we offer competitive
interest rates and the industry's
best mortgage insurance rates at
QLMS, but we give our partners
the technology that will help them
better serve their clients."
ZestFinance Rebrands
as Zest AI

ZestFinance, a provider of
artificial intelligence (AI) software
for credit, has announced the
company's rebrand to "Zest AI."
With the company celebrating its
10th anniversary this year, the
company remains committed to

its original mission: Making fair
and transparent credit available
to everyone. At the same time,
the new Zest AI brand reflects its
evolution into a premium
enterprise software company with
broad capabilities around
automated and explainable
machine learning.
According to a Gartner study,
the business value created by AI
will reach $3.9 trillion by the year
2022. Highly regulated sectors
are especially ripe for innovation,
as the power of machine learning
(ML) has so far been limited over
concerns about using black-box
algorithms. Zest AI's
development of transparent ML
has made the black box problem
obsolete, paving the way for
deeper expansion into financial
services and, in time, to new
industries beyond finance.
"Our new identity makes it
clear that we're an AI software
company dedicated to helping
regulated businesses make better
and faster decisions they can
trust and explain," said Mike de
Vere, chief operating officer of
Zest AI. "We originally picked the
Zest name to bring something
different to financial services, and
the new brand embodies our
bigger plans to come."
In the two years since Zest AI
introduced its flagship product
Zest Automated Machine
Learning (ZAML), the company
has achieved annual triple-digit
percentage growth. Zest AI
powers $500 billion in total
lending by clients in every
geography and credit category,
including credit cards, personal
loans, auto, mortgages and
student loans. With a quartermillion applicants scored every
month, Zest software has helped
10 million more consumers get
access to credit.


http://www.NationalMortgageProfessional.com

NMP - November 2019

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