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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 24 February 2024 I N D U S T R Y U P D A T E "We are thrilled to welcome Draper and Kramer's mortgage division to NAF," New American Funding Co-Founder and CEO Rick Arvielo said. "Their reputation as one of the best mortgage companies in the nation aligns perfectly with our mission to provide top-notch service to our clients. This acquisition is a testament to our focus on growth while helping our customers achieve their dreams." The acquisition will bring a majority of DKMC's loan originators as well as operations and support staff to NAF and enable NAF to fill existing open roles in various departments with experienced personnel from DKMC. Founded in 1893, Draper and Kramer has a long-standing reputation for excellence in the mortgage industry and holds the country's oldest active Federal Housing Administration license. The company's dedication to customer sat- isfaction and ethical business practices aligns with New American Funding's values and mission. "As a company, we are always looking for ways to expand and improve our services," Arvielo added. "This strategic move will allow us to expand our footprint and better serve clients in the Midwest and East Coast regions. We are also excited to welcome the talented loan originators and support staff from Draper and Kramer, who will bring a wealth of knowledge and experience to our team." New American Funding is dedicat- ed to helping individuals and families achieve their dream of homeownership. The acquisition of DKMC is another step towards this goal and solidifies New American Funding's position as a leader in the mortgage industry. ANGEL OAK MORTGAGE SOLUTIONS LAUNCHES BANK STATEMENT HELOC PRODUCT A ngel Oak Mortgage Solutions LLC, a nonbank wholesale and correspondent non-qualified mortgage (non-QM) lender, announced the launch of the Angel Oak Bank Statement Home Equity Line of Credit (HELOC) solution, a product that allows self-employed homeowners to tap into their home equity while retaining their first mortgage. In addition, in response to Angel Oak's growth, the firm is pleased to welcome six new account executives. The latest data from the St. Louis Federal Reserve shows that American homeowners are sitting on record levels of equity—approximately $32 trillion— in their homes. The U.S. Bureau of Labor Statistics reports that there are approximately 16 million self-employed individuals in the Unite States, and many of them are homeowners who have struggled to tap into their home equity through traditional financing solutions. To meet the needs of this under- served but important group of home- owners, Angel Oak has launched the Bank Statement HELOC, which enables qualified self-employed borrowers to leverage their home's equity while retain- ing their first mortgage. This offering, which qualifies borrowers based on trailing 12- or 24-month bank statements, provides a line of credit with no restric- tions on usage, like traditional HELOC offerings. Borrowers can qualify for this product with owner-occupied homes, second homes, or investment properties. "Angel Oak's commitment to alterna- tive mortgage solutions has allowed us to establish our reputation as a leader and innovator within the non-QM industry," says Tom Hutchens, EVP of Production for Angel Oak Mortgage Solutions. "Bring- ing our new Bank Statement HELOC product to the market is a testament to our dedication to meeting the evolving needs of borrowers nationwide. The introduc- tion of this product and the growth of our team position our firm to better support the originators and borrowers we serve while scaling our services to align with the momentum in the market." Due to Angel Oak's growth, the firm has welcomed six new account executives: Brenton Boulware, Suzie De Leon, Jessica Irwin, Glen Murphy, Mike Tackett, and returning employee Lisa Lee. These professionals will serve Northern California, North Carolina, Utah, Indiana, and Rhode Island, further enriching Angel Oak's national presence and bringing exceptional client service to potential borrowers in these states. "I am thrilled to be back with Angel Oak and to leverage the technology and tools the firm has developed to best serve our clients," Lisa Lee said. "Angel Oak has shown a clear commitment to inno- vation, and I look forward to working with the team to deliver on our mission to support the underserved borrowers and homeowners we work with." "The latest data from the St. Louis Federal Reserve shows that American homeowners are sitting on record levels of equity— approximately $32 trillion—in their homes."