Page 57 How the company started: Alight Inc. was founded in 2006 by Rand Herr, the creator of Pillar Corporation (a tech start-up that was subsequently acquired by Hyperion and Oracle), with an eye toward reinventing how companies run enterprise financial management. A pioneer in the financial planning and analysis space, Rand believes that financial management should be done in real-time, all the time, with input from management and teams in all parts of the enterprise, from CEO and CFO, to operations, technology, marketing, sales and HR. And that those inputs could provide a real-time view on the financial and operational health of the enterprise. Alight spent the beginning of its history in intensive research and development, leading to its current technology platform and product lineup that spans a number of different verticals, including mortgage, mining and technology. How the company has changed the mortgage industry: Alight is changing the way businesses are run. Our applications let executives manage the future by comparing multiple scenarios and taking action in real-time. We’re doing this one industry at a time. Alight Mortgage Solutions provides real-time, industry-specific enterprise financial management applications to the mortgage banking industry. The roots of Alight Mortgage Solutions are firmly planted in the tech sector and in mortgage banking. We understand how to improve the way mortgage banking businesses are run and we have the technical expertise to make it work. Alight Mortgage Lending, is the mortgage industry’s only application for real-time, multiple scenario analysis under any market conditions. It allows management teams to put their hands on critical financial and operational information from anywhere in the enterprise, and then evaluate multiple courses of action and the potential financial ripple effects on

pro-forma operating and financial metrics including P&L, cash flow and balance sheet. Alight provides real-time, any-time access to metrics that matter: Interest rate changes and the effects on warehouse loans, staffing, etc.; change in loan volumes or the mix between purchases and refinances; optimal staffing levels, including productivity and future workload; product profitability; and potential impact on P&L and cash positions based on shifts in the industry. Alight Mortgage Lending connects all the critical, live event-driven information from across the enterprise–including data from your ERP, LOS and G/L–and lets management run limitless what-if scenarios to evaluate the potential ripple effects that changing market conditions and business decisions will have across the enterprise, before, during and after events take place. Delivering up-to-the-minute intelligence to key metrics-driven data from across the enterprise … that means running the business from anywhere, any time and any device. Critical, decision-making information is always available and at the fingertips of those who need it most. Anywhere, anytime, any device. That’s something only Alight can do.


How the company has changed the mortgage industry: Angel Oak Mortgage Solutions has played a part in the evolution of the mortgage industry since late 2013, when the firm first began offering its nonagency, specialized mortgage products. Since then, Angel Oak has focused primarily on educating the entire industry on “the new sub-prime” and other alternative mortgage solutions for consumers. The new sub-prime—or as we refer to them, non-prime/non-qualified mortgage/non-agency/alt-A—products are sensible and safe options for borrowers who would not generally qualify for agency programs. The safety of these programs is inspired by three main concepts: Ability-toRepay (ATR), Appraiser Independence Requirements (AIR), and “skin in the game.” Despite popular belief, ATR applies not only to agency products, but to all products provided by Angel Oak Mortgage Solutions. AIR ensures that the loan-to-value (LTV) that we lend on is fair and accurate. And, finally, with “skin in the game,” borrowers are required to

make at least a 10-20 percent downpayment for all loans, as borrowers are significantly less likely to walk away after putting so much equity into their home. Since 2013, the market has taken off. Lenders and borrowers are catching wind of non-prime product availability, fueling supply and demand for non-prime products. In 2015 alone, Angel Oak Mortgage Solutions closed loan volume more than tripled 2014 volume, and its network of broker companies has more than doubled. Angel Oak Mortgage Solutions has proven to be the unrivaled expert and market leader in the non-prime market, and will continue to bring much-needed liquidity back to the U.S. mortgage market.

n National Mortgage Professional Magazine n APRIL 2016

How the company started: Dedicated specifically to providing alternative lending solutions, Angel Oak Mortgage Solutions began in late 2013 as a small Wholesale Division of Angel Oak Home Loans. The firm’s founders identified a need for different types of loans–such as non-prime and Alt-A mortgage programs–in the market as they were not generally available at the time. Angel Oak Mortgage Solutions separated from Angel Oak Home Loans in October of 2014, and has continued to grow rapidly since. Originally licensed in only seven states, Angel Oak Mortgage Solutions has expanded to 25 states as of March 2016. The firm has tripled its non-agency production each year since inception and continues to establish itself as the market leader in the non-prime space by providing specialized mortgage solutions for brokers and consumers with unique flexibility when applying for home loans.

National Mortgage Professional Magazine April 2016  
National Mortgage Professional Magazine April 2016