HARTFORD, Conn., April 11, 2024 (Newswire.com)
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CMG Financial, the well-capitalized privately held mortgage banking firm headquartered in San Ramon, CA, announced today the retail acquisition of Norcom Mortgage, a northeastern mortgage company boasting over three decades of success. The 25-branch-addition will enhance CMG’s northeastern presence from Maryland to Maine.Founded in Connecticut in 1989, Norcom Mortgage shares humble beginnings similar to CMG. By 2011, the company was recognized as one of the Fastest Growing Lenders in New England. Though Norcom’s retail assets will move to CMG, the wholesale side of the company will remain intact. “Norcom Mortgage has made the strategic decision to focus on and continue to grow our wholesale platform as TPO GO,” said Norcom President Phil DeFronzo. “We are very excited to have our amazing group of retail originators join the CMG family. CMG’s superior marketing platforms, technology, and product menu will enable our team to thrive and provide the best customer service in the industry.”CMG Financial was founded a few years after Norcom Mortgage, starting as just a seven-person company in northern California. Since then, it has grown to become the nation’s #12 mortgage company with an origination of over $21.5 billion in 2023.The integration of Norcom Mortgage marks CMG’s fourth addition within the past year. In April 2023, CMG acquired the retail division of Homebridge Financial Services. Later in the year, CMG integrated personnel from two more lenders in the New England area. The notable 2023 expansions were a significant factor that helped CMG earn the #1 rank for year-over-year origination growth out of the top 20 lenders. Most of the top lenders in the nation saw steep year-over-year origination declines, yet CMG had a strong increase of 19.9%.“I’m excited to welcome the team at Norcom to the CMG family,” said Chris George, CEO and President of CMG. “Phil and I both started our companies with similar roots and a shared passion to give more home buyers access to homeownership. Thirty years later, we’re still living out our dreams by helping buyers and owners alike achieve theirs.”Learn more about the growing opportunities at CMG: https://join.cmghomeloans.comAbout CMG FinancialCMG Financial is a well-capitalized mortgage bank founded in 1993 by Christopher M. George, a former Mortgage Bankers Association Chairman. CMG makes its products and services available to the market through three distinct origination channels: retail lending, wholesale lending, and correspondent lending. CMG also operates seven joint venture companies with builder & realtor partners, holds an impressive MSR/servicing portfolio, and serves the capital markets of fixed income trading & sales through CMG Securities. CMG currently operates in all states, including District of Columbia, and holds approvals with FNMA, FHLMC, and GNMA. The company is consistently recognized as a top-producing lender and top mortgage employer, and it prides itself on helping clients achieve the dream of homeownership through product innovation and streamlined servicing.Media ContactAnnaugh MadsenPhone: (667) 260-6360Email: amadsen@cmgfi.com
Source: CMG Financial
Original Story: https://www.newswire.com/news/cmg-financial-expands-new-england-presence-with-retail-acquisition-of-22298430
