AnnieMac acquires Virginia-based mortgage provider OVM Financial

Mount Laurel, N.J.-based American Neighborhood Mortgage Acceptance Co. LLC, doing business as AnnieMac Home Mortgage, acquired Virginia Beach, Va.-based mortgage provider OVM Financial Inc.

AnnieMac will increase its presence in the mid-Atlantic with the acquisition, according to a June 30 news release.

OVM Financial is a $1.7 billion purchase-focused mortgage originator with more than 220 employees. The company's four owners, including CEO Adam Newman and Vice President of Sales Brian Hill, will assume leadership positions at AnnieMac.

M&A advisory firm Sterling Point Advisors advised AnnieMac on the transaction, and Johnston Thomas PC and Morritt Hock LLP provided legal counsel.