CMG Mortgage buys Homebridge’s retail business division
CMG Mortgage has acquired the retail origination business Homebridge Financial Services from Homebridge Financial Services. The deal was announced Monday by the companies. Homebridge will keep its two wholesale divisions, Homebridge Wholesale & REMN Wholesale. CMG has its own correspondent, wholesale and retail channels. Christopher M. George, founder of CMG, stated that “from our shared history as privately-held mortgage companies to our common focus for excellence for our customers, and our employees, I’m certain that together we’ll create meaningful opportunities for growth and innovation.” CMG, a California-based company, originated loans nationwide and more than $19 million last year. According to the release, Homebridge, which is based in Iselin in New Jersey, has originated $12 billion in 2022. The lender, which was founded in 1989, has 1,941 employees on LinkedIn. A spokesperson for Homebridge Tuesday stated that the terms of the deal were not public and did no say whether there would be a headcount adjustment. CMG representatives didn’t respond to a request for comment. The acquisition comes nine month after Homebridge and fintech Figure Technologies stopped plans to merge due to delays in closing, as the mortgage market was sliding. Both companies had previously stated that they would continue to work together for FIgure’s home equity line credit offerings and blockchain integrations. The companies announced that Homebridge CEO Peter Norden will be acting as the executive director of CMG’s retail section. Norden stated in a press release that CMG is a company he has always respected and admired. “Giving our retail sales team an opportunity to work with Chris George and his amazing team will position everyone for success.” “Lenders have turned to mergers and acquisitions for relief from low demand and high interest rates. STRATMOR Group has predicted that there will be almost 60 such moves by 2023, after more than 42 closing last year. CMG and Homebridge are most likely the largest originators in a single transaction. They surpass smaller deals from companies such as American Pacific Mortgage, Guild Mortgage, and Union Home Mortgage.