7 months ago
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California-based multichannel mortgage lender CMG Financial announced on Thursday that it acquired Norcom Mortgage’s retail assets, expanding its operations in the Northeast with the addition of 25 branches from Maryland to Maine. The financial details of the deal were not disclosed.
“Norcom Mortgage has made the strategic decision to focus on and continue to grow our wholesale platform as TPO GO,” Norcom President Phil DeFronzo said in a prepared statement.
The Nationwide Multistate Licensing System (NMLS) shows that Norcom — as well as Third Party Origination Go and TPO Go — is listed as a trade name under Norwich Commercial Group Inc., which had 142 sponsored loan officers and 41 active branches as of April 11.
Norcom Mortgage retail operations will add to the 1,813 sponsored LOs and 389 active branches currently with CMG Financial, per NMLS. The acquirer works in the retail, wholesale and correspondent channels. It also operates seven joint venture companies with builder and Realtor partners.
CMG was the 16th-largest mortgage lender in the country in 2023, with volume of $20.16 billion that was up 19.9% year over year, according to Inside Mortgage Finance (IMF) estimates. The company, however, claims it reached $21.5 billion last year, enough to make it No. 12.
Founded in 1993 by Christopher M. George, a former Mortgage Bankers Association (MBA) chairman, CMG has engaged in M&A activity and added rival teams over the past year.
In March 2023, the company struck a deal to acquire Homebridge Financial Services‘ retail division and grow its footprint in the channel. Homebridge was set to merge with Mike Cagney‘s Figure Technologies, but the deal fell apart just 10 months after the announcement was made.
CMG announced another deal in November 2023 with the integration of Shamrock Home Loans’ origination team.
English (US) ·