The planned $681.0 million issuance will top a $609.2 million deal Invictus issued in May.

Higher-priced mortgages are a regulatory designation based on the comparison of the annual percentage rate on a mortgage with the average prime offer rate, which tracks rates offered to prime borrowers.

Angel Oak issued two non-QM MBS earlier this year that each topped $600 million. The new offering is sized at $353 million.

Industry analysts attribute the rise to a search for yield by investors along with increased acceptance of non-QMs in the investor community.