Angel Oak Capital Advisors, LLC (Angel Oak) announced it has completed AOMT 2018-3, a $395.8 million securitization composed entirely of mortgages issued by the firm’s three affiliated mortgage lenders: Angel Oak Mortgage Solutions, LLC, Angel Oak Home Loans, LLC and Angel Oak Prime Bridge, LLC. The senior tranche of AOMT 2018-3 received an AAA rating from both Fitch and DBRS.

AOMT 2018-3 is Angel Oak’s largest non-QM securitization of its own affiliate origination collateral to date, and it comes just two months after its largest overall deal, AOMT 2018-2, which was $402 million in size. Angel Oak has been a consistent issuer of securitizations since 2015, accounting for eight non-QM transactions totaling approximately $2 billion in total securitized residential loans.

“We believe that, relative to other recent non-QM transactions, the tight pricing of AOMT 2018-3 demonstrates that investors have the confidence in and demand for the Angel Oak securitization program. The vertical integration of the mortgage origination platform and the asset management securitization program provides additional transparency to the market and has established Angel Oak as a recognized leader in the space,” says Lauren Hedvat, Managing Director of Capital Markets at Angel Oak.

The deal was composed of 966 loans with a weighted average FICO credit score of 712 and an average loan amount of $409,694. The majority of the loans included in the securitization are collateralized by properties located in California, Florida and Georgia.