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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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Better’s AI bots might take over mortgages — but its losses are still piling up

Housing Wire

The New York-based digital homeownership platform saw its revenue take a dip as it continues to invest in artificial intelligence (AI) and build out its retail channel. The goal is to combine Better’s AI technology with NEO’s local loan expertise to increase market reach, especially in the purchase mortgage segment.

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Open Mortgage closes distributed retail channel, will focus on TPO

Housing Wire

Open Mortgage on Friday shut down its distributed retail channel and laid off more than two dozen employees. Those of you who have worked with us over the years have seen us operate in a profitable manner, and we will continue to do so with an increased focus on our TPO channel in advance of redeploying retail in the future,” he added.

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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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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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Smartfi hires industry vet Fiore to lead newly created retail reverse division

Housing Wire

San Diego-based Smartfi Home Loans , which primarily is active as a wholesale lender in the reverse mortgage space, will launch a retail division that offers reverse mortgage products and has hired industry veteran Paul Fiore as its president of retail sales. “I

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Top cost-effective retail lenders produce loans at half the industry average: Freddie Mac

Housing Wire

The average cost for a retail mortgage lender to originate a loan reached $11,600 in the third quarter of 2023, up 35% — or nearly $3,000 per loan — when compared to fourth-quarter 2020, a period of low interest rates and high sales volume, according to a study published Tuesday by Freddie Mac. That’s 2.4

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