AnnieMac Home Mortgage, a nationwide lender based in Mount Laurel, New Jersey, is expanding its mid-Atlantic reach through its acquisition of OVM Financial.
Terms of the deal were not disclosed. OVM is headquartered in Virginia Beach, Virginia and has branches in that state and in Florida, North Carolina and Texas, with 220 employees total. It has already been rebranded as OVM Financial Team Powered By AnnieMac Home Mortgage.
This deal fits in with the other mortgage lender merger and acquisition transactions in June that are aimed at filling in gaps in existing operations.
OVM was known as Old Virginia Mortgage when two of its four owners, George Temple Jr. and Chip Simkins, acquired the company. In 2011, as part of its expansion into other states, it shortened its name to OVM Financial.
Temple Jr. and Simkins, along with the other two owners, Matt Beckwith and Ben Temple, plus CEO Adam Newman and Vice President of Sales Brian Hill, are taking active leadership roles at AnnieMac.
The OVM leadership team connected with AnnieMac when they were exploring ways to provide more financing options for borrowers, and as the relationship between the two developed, the potential for greater alignment became apparent, a post on the OVM website said.
“As we spent more time with the AnnieMac Home Mortgage executive team, we realized that we share the same vision for what a great mortgage company looks like,” Beckwith said in the posting. “We’re aligned at the core of our corporate culture.”
AnnieMac, whose formal name is American Mortgage Acceptance Co., has over 1,000 employees and more than 60 branch locations nationwide. It is also a wholesaler.
AnnieMac also owns The Mortgage Company, an Allentown, Pennsylvania-based branch. Annie Mac also operates under the name LoFi Direct.
“In a rising rate environment, growth, scale and culture are more important than ever,” AnnieMac President Ryan Kube said in a press release. “OVM brings that to AnnieMac in spades.”
AnnieMac was advised on the transaction by Sterling Point Advisors, with legal counsel provided by Johnston Thomas PC and Morritt Hock LLP.