Non-QM specialist Angel Oak Mortgage Solutions is the latest player in the space to cut a sizable chunk of its workforce amidst widespread market volatility.

The company issued pink slips to 75 employees last week, about 20% of its workforce, citing the “current economic environment that has challenged the entire mortgage market.” 

“The reduction was done to ensure that the company maintains the proper staffing level required to meet current and anticipated non-QM demand,” a spokesperson for the Atlanta-based lender said. 

Non-QM loans aren’t government-backed and aren’t eligible for purchase by Freddie Mac or Fannie Mae. As a result, they present a greater details ⇒

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