Fitch Assigns Final Ratings to Angel Oak Mortgage Trust 2021-4

Fitch Ratings – New York – 11 Aug 2021: Fitch Ratings has assigned expected ratings to Angel Oak Mortgage Trust 2021-4 (AOMT 2021-4).

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“USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Fitch was provided with Form ABS Due Diligence-15E (“Form 15E”) as prepared by AMC, Clayton, Infinity and Consolidated Analytics. The third-party due diligence described in Form 15E focused on three areas: compliance review, credit review, and valuation review. Fitch considered this information in its analysis and, as a result, Fitch did not make any adjustment(s) to its analysis due to the due diligence findings. Based on the results of the 100% due diligence performed on the pool, the overall expected loss was reduced by 0.48%.

DATA ADEQUACY

Fitch relied on an independent third-party due diligence review performed on 100% of the loans. The third-party due diligence was consistent with Fitch’s “U.S. RMBS Rating Criteria.” The sponsor, Angel Oak Mortgage Operating Partnership, LP engaged American Mortgage Consultants, Inc., Clayton Services, Consolidated Analytics, Inc. and Infinity IPS to perform the review. Loans reviewed under these engagements were given compliance, credit and valuation grades and assigned initial grades for each subcategory.”