OCMBC, Inc, acquired HomeStar Financial Corp. to expand its nationwide footprint. OCMBC is among the largest wholesale mortgage companies in the country, as well as one of the most prolific originators of non-qualified mortgage (non-QM) loans.
Both companies are approved lenders of Fannie Mae, Freddie Mac, and Ginnie Mae, according to a joint press release distributed after the transaction closed on Aug. 29.
“We are thrilled to welcome Wes Hunt and the entire HomeStar Financial team to the OCMBC family,” OCMBC President Serene Vernon said in a press release. “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.”
OCMBC CEO Rabi Aziz said in a statement, “HomeStar is a great fit for the OCMBC of companies. Their dedication to creating strong community relationships and the strength of their team enhances our ability to serve our clients.”
HomeStar Financial was founded in April 2002 as a small local mortgage banking company in Gainesville, Ga., by current CEO Wes Hunt. The company announced in October 2023 its decision to suspend operations due to extreme volatility and margin compression.
“As we head into a period of historically seasonal lows, for protection, with no end in sight for the margin compression or realistic prospects of lower rates, I have decided not to incur further financial risk over the coming months,” Hunt said in a statement released at the time.
With approximately $3.56 billion in wholesale mortgage volume in 2023, OCMBC ranks among the top five wholesale lenders in the country, according to Scotsman Guide. It is also the country’s second-largest originator of non-QM loans.