OCMBC, Inc. Addresses Baseless Lawsuit from Home Mortgage Alliance Corporation

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Jun 06, 2024, 07:52 ET

IRVINE, Calif., June 6, 2024 /PRNewswire/ -- OCMBC, Inc. acknowledges the dramatized lawsuit filed by Home Mortgage Alliance Corporation (HMAC) last Friday, announced by Alfred Hanna, who claims to be the company's founder. According to the Federal Housing Finance Agency (FHFA) document linked below, all parties involved in the downfall of Affiliated Funding Corporation (AFC) appear to be suspended from future participation with regulated entities such as warehouse banks.

The FHFA suspension order details AFC's misconduct, leading to a directive for regulated entities to cease any business relationship with AFC indefinitely from July 2017. As of the date of this publication, it appears HMAC currently holds several warehouse lines of credit, with regulated entities. Given the association of key individuals from AFC with HMAC, the motivations behind this lawsuit become even more questionable.

HMAC's lawsuit is baseless, lacks merit and represents a clear attempt to engender fear and distract from the true motivations behind the lawsuit. OCMBC firmly denies all allegations. The use of confidential information is categorically untrue and amounts to propaganda. Employees have every right to choose their place of work, and their transitions to OCMBC were made independently and lawfully. Furthermore, OCMBC maintains robust procedures to ensure brokers, who are publicly available for solicitation, are fully aware they are engaging with OCMBC, regardless of any trade names filed. OCMBC would derive no benefit from any affiliation with HMAC.

OCMBC has not violated any California laws; this situation merely involves the routine transition of at-will employees to a new company. All DBAs operated by OCMBC are properly filed and marketed in compliance with county laws and NMLS requirements. This lawsuit is a groundless attempt by a less reputable entity to extract financial gain. OCMBC is committed to robustly defending itself and maintaining its stellar reputation in the industry.

OCMBC, Inc. provides a comprehensive solution for wholesale lending sales groups aiming to join a larger, well-managed company equipped with extensive corporate resources, enhanced technology, structured broker training, and top-tier products and pricing. OCMBC currently collaborates with three such groups and has no need to seek or utilize information from other companies. As reported by Scotsman Guide, OCMBC is a top 5 wholesale lender, active in all loan products, and the nation's #2 NonQM originator. For more information, please visit www.OCMBC.com.

Links: FHFA Document on Affiliated Funding Corporation Suspension

OCMBC, Inc. (NMLS #2125) is a leading mortgage lender and servicer, proudly recognized as a Fannie Mae and Freddie Mac Seller/Servicer. Approved by the Department of Housing and Urban Development, the Department of Veterans Affairs, and USDA, OCMBC boasts one of the nation's largest NonQM origination channels. Licensed and approved in 47 states and the District of Columbia, OCMBC provides a wide range of mortgage products and services to meet the diverse needs of its clients. For more information, visit www.ocmbc.com.

SOURCE OCMBC, Inc.