8 months ago
10
California-based mortgage lender CMG Financial will partner with fintech Sagent for seven years as it brings its servicing business in-house.
CMG Financial is “doubling down on controlling lifetime customer experience,” and the seven-year deal with Sagent is in line with the lender’s effort to prioritize its “homeowner-first strategy,” the companies said in a joint news release.
“CMG’s financial wellness approach wins over each customer with a seamless combination of experienced human advisors and easy-to-use digital tools,” said Paul Akinmade, CMG’s financial chief marketing and strategy officer.
“After an exhaustive search, it was clear Sagent was the right servicing fintech partner with deep mortgage expertise plus highly configurable platforms needed to realize our homeowner-first vision.”
Sagent’s solutions include Loanserv, a servicing system of record powering collections, accounting, escrows, investor management and customer care; Tempo, a default management system of record powering loss mitigation, foreclosure and bankruptcy; and Account Connect, a customer care and retention system.
With more than $2 trillion in outstanding mortgage balances on its platforms, Sagent and its customers collaborate on open advanced programming interface models to ensure that servicing operations are aligned with cost control, optionality and real-time policymaking.
“Mortgage servicing is where lifetime customer relationships are managed and grown,” Sagent CEO Geno Paluso said.
CMG Financial was the 16th largest mortgage lender in the country in 2023, with $20.1 billion in volume, an increase of 19.9% year over year, per data from Inside Mortgage Finance (IMF).
The company has been aiming to grow its market share in originations through mergers and acquisitions. In March 2023, CMG acquired the retail division of Homebridge Financial Services, a New Jersey-based lender that originated $12 billion in 2022.
CMG Financial had 1,813 loan officers and 393 active branches as of March 6, according to the Nationwide Multistate Licensing System (NMLS).
English (US) ·