Angel Oak Home Loans Adopts SimpleNexus Platforms for Agency and Non-QM Loans
mortgage lender Angel Oak Home Loans established SimpleNexusall-in-one mortgage app to streamline their loan origination process.
The Atlanta mortgage lender, which offers agency and non-qualified (non-QM) mortgage products, will implement the technology company’s Nexus Origination and Nexus Engagement tools.
A custom loan application developed for Angel Oak Home Loans will support both agency mortgages and non-QM loans “for borrowers from a variety of financial backgrounds,” said Shane Westra, chief product officer at Simple Nexus.
With Nexus Origination, what SimpleNexus calls its flagship point-of-sale system, borrowers can apply for a loan, upload documents, view loan status, pay, and sign disclosures on the app. The mobile-first functionality allows borrowers, lender staff, realtors and settlement agents to use it on any web-enabled device, including iPads and desktop computers, according to the company.
Meanwhile, the Nexus Engagement mobile app, which connects borrowers, loan officers and realtors, aims to capitalize on customers’ pre-application phase to convert more leads into closed loans. Its key features include an integrated home search, loan repayment calculator, and the ability to start a loan application.
SimpleNexus’ single sign-on and point-of-sale feature “uses technology to streamline business processes” and improve the borrower experience “at the very stage of the mortgage transaction,” Richard LaNasa said in a statement.
In recent months, the mortgage lender, part of the Angel Oak family of mortgage companies, has been expanding its presence in the correspondent channel. Beginning in the third quarter of 2021, Angel Oak purchases agency mortgages to provide a one-stop approach to selling, servicing and securitizing all types of homes to lenders, the company said in June, in at the same time as she called on Steven Valladares. as Vice President of Correspondent Sales.
Angel Oak Home Loans, one of Angel Oak’s residential lending businesses, continues to expand its retail presence across the country. In July, it expanded its presence in North Carolina, South Carolina and California by launching five branches, bringing its total number of offices to 52 in 43 states.
SimpleNexus offers five products, including Nexus Closing, which provides an integrated eClose solution supporting hybrid, traditional and all-digital closings, and Nexus Vision, turnkey mortgage software for mortgage lenders. The technology company provides a digital mortgage platform targeting loan originators, real estate partners, mortgage lenders, banks and credit unions, according to its website.