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CMG acquires Norcom Mortgage’s retail assets

Housing Wire

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 acquirer works in the retail, wholesale and correspondent channels.

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NewRez restructures retail division, cuts senior managers

Housing Wire

Top 10 mortgage lender and servicer NewRez is restructuring its distributed retail mortgage business, which has resulted in cuts to regional and divisional managers. NewRez declined to comment on recent M&A rumors , but an executive said its retail platform is not for sale. That’s not an accurate statement.”

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Mountain West Financial sells retail assets to ML Mortgage Corp. 

Housing Wire

Redlands, California-based mortgage lender Mountain West Financial has struck a deal to sell its retail assets to competitor ML Mortgage Corp. , But it continued to serve retail clients throughout the western U.S. Last month, CMG Financial acquired Norcom Mortgage ‘s retail assets.

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U.S. Bank appoints new retail lending leader

Housing Wire

Bank appointed John Hummel to lead its East market for retail home lending. Hummel, who previously led the correspondent and Housing Finance Agency (HFA) business at U.S. Bank, will now oversee a team of 750 sales managers and mortgage loan officers responsible for generating $7 billion in originations, according to a news release.

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Finance of America hit with layoffs; chief retail sales officer steps down

Housing Wire

Leading reverse mortgage lender Finance of America (FOA) has undergone a round of layoffs that are impacting multiple levels of the organization, including retail and corporate leadership positions. Accordingly, we are refining our expenses and eliminating some roles in our retail and corporate divisions as our business simplifies.

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CMG acquires Homebridge’s retail assets 

Housing Wire

struck a deal to acquire the retail division of Homebridge Financial Services , the companies announced on Monday. CMG Mortgage, which claims it originated more than $19 billion in 2022, said the M&A deal seeks to increase its footprint on the retail lending business. California-based CMG Mortgage, Inc.

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Retail losses lead February decline in reverse mortgage volume

Housing Wire

Reverse mortgage volume dropped in February compared to the month prior, and new data compiled by Reverse Market Insight (RMI) shows that the primary culprit for the month was retail reverse mortgage originations. The retail channel volume decrease of 15.7% effectively “masked” a gain of 3.9%

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