AnnieMac Expands Mid-Atlantic Presence, Acquires O…

AnnieMac Expands Mid-Atlantic Presence, Acquires O…


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AnnieMac Expands Mid-Atlantic Presence, Acquires O…

Rising mortgage rates are prompting some lenders to downsize to adapt to changing market conditions. But the market shift is also expected to drive mergers and acquisitions.

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New Jersey-based AnnieMac Home Mortgage has expanded its presence in the mid-Atlantic region by acquiring OVM Financial Inc., a purchase-focused mortgage originator with over 220 employees and offices across Virginia and in North Carolina, Texas and Florida.

The terms of the deal were not announced.

AnnieMac is a “doing business as” or trade name of Mount Laurel-based American Neighborhood Mortgage Acceptance Company LLC which also operates as Lofi Direct. According to the Nationwide Multistate Licensing System, the company is licensed in 48 states — everywhere but Iowa and North Dakota — and sponsors 517 mortgage loan originators who work out of 96 branch locations.

Ryan Kube

“In a rising rate environment, growth, scale and culture are more important than ever,” AnnieMac President Ryan Kube said in a statement. “OVM brings that to AnnieMac in spades.”

Headquartered in Virginia Beach OVM Financial — formerly Old Virginia Mortgage Inc.— was founded in 2001 and is licensed in 14 states.

OVM’s four owners — Matt Beckwith, Aaron Legum, George Temple Jr. and Ben Temple — will take on active leadership roles at AnnieMac, the companies said, as will OVM Financial CEO Adam Newman and Vice President of Sales Brian Hill.

Matt Beckwith

“We’re excited to partner with AnnieMac to continue providing…