CMG Financial Boosts New England Footprint With Strategic Norcom Mortgage Acquisition

In a strategic move to bolster its presence in the northeastern United States, CMG Financial, a prominent mortgage banking firm based in San Ramon, CA, has announced the acquisition of Norcom Mortgage's retail division. This acquisition adds 25 branches to CMG's network, extending its reach from Maryland to Maine. Norcom Mortgage, established in Connecticut in 1989, has been a significant player in the mortgage industry for over three decades. Despite this change, Norcom's wholesale operations will continue under the banner of TPO GO.

Norcom President Phil DeFronzo expressed enthusiasm about the transition, highlighting CMG's superior marketing platforms, technology, and product offerings as key factors that will empower the Norcom team to excel in customer service. CMG Financial, founded shortly after Norcom in the early 1990s by Christopher M. George, has grown from a small team to the nation's 12th largest mortgage company, with over $21.5 billion in originations in 2023.

The integration of Norcom Mortgage into CMG Financial marks the fourth such expansion for CMG within the past year alone. Earlier in April 2023, CMG acquired the retail division of Homebridge Financial Services and later added personnel from two additional lenders in New England. These strategic expansions have significantly contributed to CMG's impressive growth, earning it the top spot for year-over-year origination growth among the top 20 lenders—a remarkable achievement considering the overall decline in originations observed across the industry.

Chris George, CEO and President of CMG Financial, shared his excitement about welcoming Norcom's team to CMG. He reflected on the shared beginnings and passion for homeownership that both companies were founded upon. George emphasized that, three decades later, both entities continue to strive towards enabling more individuals and families to achieve their homeownership dreams.

CMG Financial stands out not only for its expansive operational reach across all states, including the District of Columbia but also for its diverse origination channels encompassing retail lending, wholesale lending, and correspondent lending. The company also operates seven joint venture companies with builder and realtor partners and maintains a significant MSR/servicing portfolio. Its involvement in fixed income trading and sales through CMG Securities further underscores its comprehensive engagement with the capital markets.

Recognized consistently as a top-producing lender and employer within the mortgage sector, CMG Financial prides itself on its commitment to innovation and streamlined servicing processes aimed at facilitating homeownership. For more information about opportunities at CMG Financial following this acquisition, interested parties are encouraged to visit https://join.cmghomeloans.com.

For media inquiries or further details regarding this acquisition, Annaugh Madsen can be contacted via phone at (667) 260-6360 or email at [email protected].