CMG Mortgage buys Norcom Mortgage's retail division

CMG Mortgage is purchasing Norcom Mortgage's retail division for an undisclosed amount.

Phil DeFronzo, founder of Connecticut-based Norcom Mortgage, confirmed the news, noting the company made the "strategic decision to focus on [its] wholesale channel TPO GO."

No other details were made available. Norcom, a family-owned company founded in 1989 is licensed to operate in at least 30 states and has almost 200 sponsored loan officers, according to the Nationwide Mortgage Licensing System.

CMG Financial did not immediately respond to a request for comment.

In the past year, CMG has been actively beefing up its lender headcount byway of hefty acquisitions and individual hires.

Most recently, it announced an expansion into the Pacific Northwest through the hiring of two top originators: Danny Meier and Chris Siegfried, both from Academy Mortgage. A few months prior, CMG acquired the origination team of Shamrock Home Loans, pushing the lender's footprint into Rhode Island and Massachusetts. 

Meanwhile, in early 2023, CMG bought Homebridge Financial Services' retail origination business for an undisclosed amount. The deal was slated to bring in more than 180 retail branches nationwide. At the time, the San Ramon, California-based CMG claimed it originated more than $19 billion in 2022.

CMG currently has 1,813 sponsored loan officers, according to the Nationwide Mortgage Licensing System, and is licensed to operate in all 50 states including the District of Columbia.

The acquisition of Norcom comes during a rough patch for the mortgage industry, where origination volume remains meager and interest rates continue to be elevated. Industry stakeholders predicted that further industry consolidation will follow.