Atlanta-based non-QM lender Angel Oak Cos., through its mortgage-backed securities conduit Angel Mortgage Trust, has unveiled its sixth private-label securities (PLS) offering of 2022, even as fast-rising interest rates have jumped far ahead of the lower-rate legacy loans securing the deal.

The average coupon is 5% for the pool of 795 non-qualified (non-QM) mortgages backing the current offering — dubbed AOMT 2022-6, valued at $389.3 million, according to a bond-presale report by Fitch Ratings. 

Because non-QM, or non-prime, mortgages are deemed riskier than prime loans, in a normal market they generally command an interest rate about 150 basis points above prime agency rates, according to details ⇒

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