Non-QM powerhouse adds lender to its portfolio
Wholesale lender and non-QM originator OCMBC, Inc. has acquired Georgia-based mortgage company HomeStar Financial Corporation, marking an expansion of its nationwide operations.
The deal, which was finalized on August 29, brings HomeStar’s lending capabilities under OCMBC’s growing umbrella.
HomeStar is a Fannie Mae, Freddie Mac, and GNMA-approved lender. Under the leadership of CEO Wes Hunt, HomeStar was recognized as a top FHA purchase lender in Georgia and a top mortgage originator. It has also been celebrated as a top workplace in the state.
OCMBC president Serene Vernon commented on the acquisition: “We are thrilled to welcome Wes Hunt and the entire HomeStar Financial team to the OCMBC family. Their extensive experience in servicing and their commitment to providing outstanding customer service align perfectly with our values at OCMBC. We look forward to achieving remarkable things together.”
“HomeStar is a great fit for the OCMBC family of companies,” OCMBC chief executive Rabi Aziz said in the company’s media release. “Their dedication to creating strong community relationships and the strength of their team enhances our ability to serve our clients.”
OCMBC, a top-five wholesale lender in the US, is particularly active in the non-QM (non-qualified mortgage) space. The company offers a diverse range of mortgage products, including FHA, VA, and USDA loans, across 48 states and the District of Columbia.
The acquisition comes in the wake of OCMBC’s ongoing legal dispute with Home Mortgage Alliance Corp (HMAC). The lender is currently involved in a countersuit filed in California’s Orange County Superior Court, following HMAC’s allegations of trademark theft and employee poaching.
The lawsuit centers around claims that OCMBC, along with former HMAC executive Michael Turturro, unlawfully took over HMAC’s “Jet Mortgage” brand and misappropriated confidential information.
Read more: OCMBC countersues HMAC over misappropriation claims
While this legal battle continues, OCMBC is moving forward with its growth strategy with the HomeStar acquisition.
Stay updated with the freshest mortgage news. Get exclusive interviews, breaking news, and industry events in your inbox, and always be the first to know by subscribing to our FREE daily newsletter.
