Can be attributed to an actual homosexual but those using it are not likely to know or admit knowing an actual homosexual. It could be described as an advancement of the use of the word gay to mean generally crap but with the ability to aportion it to an actual person rather a general item or event.
Mate, you are such a homlord.
He's not coming out tonight. Why? Becuase he is a homlord.
Get a grip homlord.
Get off me homlord I don't want a cuddle.