services company, has bought Occidental Mortgage Corp. of Irvine, Calif.
Kenneth F. Urbanus, chairman, president, and chief executive officer of Occidental, was appointed president of Starnet, with responsibility for its mortgage loan origination, underwriting, and loan processing.
Occidental, which has an office in San Ramon, Calif., and a wholesale loan origination office in Dallas, originated more than $320 million of loans last year and expects to originate about $500 million this year, Starnet said.
The cash and stock purchase was announced Monday. Occidental will retain its name in California, said Edward P. Dayton, Starnet's executive vice president for operations.