California-based CMG Mortgage, Inc. struck a deal to acquire the retail division of Homebridge Financial Services, the companies announced on Monday. The financial terms of the transaction were not disclosed.
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. Its CEO Christopher George said in a statement that the companies, both privately held, will together create “meaningful opportunities for innovation and growth.”
New Jersey-based Homebridge says it originated $12 billion in 2022, and has more than 1,600 associates throughout the United States and more than 180 retail branches. Following the acquisition, the company will retain its wholesale division. Homebridge has two wholesale divisions: Homebridge Wholesale and REMN Wholesale.
According to the companies, Peter Norden, CEO of Homebridge, will act as executive advisor to CMG’s retail division “to ensure a successful transition.” “Giving our retail sales team the opportunity to join forces with Chris George and his incredible team will position everyone for success in an ever-changing market,” Norden said.
Homebridge was set to merge with Mike Cagney’s Figure Technologies last year, but the deal fell apart just 10 months after the announcement was made.
