Brian O’Shaughnessy, the former co-CEO of Rama Capital Partners, launched ARDRI to provide a mix of the latest technology and customer-focused operations for non-QM mortgage brokers.
Toorak Connect is an underwriting platform that uses artificial intelligence and machine learning to score loans based on risk. It has been used to underwrite more than $5 billion in business-purpose loans since its launch in 2022.
Brookfield to acquire majority stake in Angel Oak; Dominion Financial launches AI chatbots; Carrington Mortgage’s correspondent channel goes fully non-QM; Sachem Capital takes loss in 2024.
The correspondent share of nonconforming originations returned to the double digits in the fourth quarter of 2024. Though for the full year, correspondents lost market share.
Loan originators are looking to bank statement and DSCR loans to boost production in a higher-for-longer interest rate environment, according to Tom Hutchens, president of Angel Oak Mortgage Solutions.
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