HMAC Accuses OCMBC Of Stealing Its “Jet Mortgage” Brand

A new lawsuit accuses OCMBC, Inc., dba Jet Alliance Mortgage, of poaching and its employee Michael Turturro of an elaborate scheme to steal an entire brand.

Turturro was once a senior executive for HMAC, serving as a Divisional President starting in 2022. The company acquired the name “Jet Mortgage” and began working on building that division’s brand around the same time.

His contract contained language prohibiting him from using “confidential information” about HMAC to benefit himself or another business, either “directly or indirectly.”

Between 2022 and 2024, he gained further standing in the company and began leading its Unite Mortgage Division, eventually entering into a president and co-founder executive compensation agreement.

HMAC alleges that Turturro gained significant status and influence in the company, with plenty of access to confidential information.

The lawsuit states that Turturro resigned without notice from HMAC in May 2024 and that the company believes he was recruited by OCMBC.

Back in April, OCMBC filed for the fictitious business name “Jet Advantage Mortgage,” notably similar to the “Jet Mortgage” division Turturro had been working on throughout his tenure, HMAC claims.

The suit ultimately claims that Turturro and OCMBC deliberately conspired to steal the entire “Jet Mortgage” idea, including employees, information, and trademarks.

It also alleges that OCMBC attempted to steal loans by having an employee tell a mortgage broker that HMAC’s Jet Mortgage was going out of business and that another broker was told that “Jet Advantage Mortgage” and “Jet Mortgage” were the same.

“Jet Mortgage is very much still in business and is actively soliciting and processing new loans. On an interim basis, Alfred Hanna, founder of both Jet Mortgage and HMAC, will assume the day-to-day leadership of Jet Mortgage until a new executive has been appointed. Hanna remains fully committed to invest in and grow the Jet Mortgage brand,” a statement from HMAC reads.

“Under his leadership, we have already taken steps to deploy additional underwriting and processing resources so that the Company can continue to provide extraordinary service to our broker clients. In the weeks to come, the Company will be announcing a number of high-level, high-quality executive and account executive hires.”

OCMBC released its own statement denouncing the “baseless” and “dramatized” lawsuit.

“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,” it reads.

“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.”

The “true motivations” evoked links to an OCMBC accusation that HMAC does business with Affiliated Funding Corporation, which has been suspended by the Federal Housing Finance Agency.

The Mortgagee Review Board of HUD voted to revoke AFC’s HUD/FHA approval in 2014 due to failure to notify HUD and the FHA that its license had been revoked in California. It has also failed to “properly analyze liabilities, ensure that an FHA-insured mortgage was not used as an investment, resolve concerns related to the appraisal report, and credit the unused Upfront Mortgage Insurance Premium to borrowers.”

As a result, AFC was banned from working with regulated entities, such as warehouse banks.

OCMBC says HMAC is breaking the law by working with AFC despite this.

OCMBC also does business as Loanstream Mortgage and Forward Lending.