There is a real-life Mount Hua Sect but it has nothing to do with martial arts. It is a religious sect and is one of the branches of the Taoist Quanzhen School. It was founded in the Song dynasty by Hao Datong, one of the Seven Immortals of Quanzhen, who also appears as a character in Jin Yong's Condor Trilogy. However, in wuxia fiction, these two sects do not appear to have any connection at all.