The retail division of Homebridge Financial Services was acquired by CMG Mortgage, Inc., which operates as CMG Financial. This strategic move significantly expanded CMG Financial's footprint in the mortgage banking industry.
The acquisition was announced on March 6, 2023. It involved an asset acquisition of Homebridge Financial Services' retail division, a mortgage company based in Iselin, NJ. This division had originated approximately $12 billion in loans in the year prior to the acquisition. CMG Mortgage, Inc. itself is a leading mortgage banking company, having originated over $19 billion in 2022. The integration of Homebridge's retail operations into CMG Financial aimed to leverage their combined strengths and market presence.
To provide a clearer overview of the acquisition, here are the key details:
| Aspect | Detail |
|---|---|
| Acquiring Entity | CMG Mortgage, Inc. (operating as CMG Financial) |
| Acquired Entity | Retail division of Homebridge Financial Services |
| Date of Announcement | March 6, 2023 |
| Type of Acquisition | Asset acquisition of the retail division |
| Impact | Expanded CMG Financial's market presence and operational capabilities |
This acquisition represents a notable consolidation within the mortgage industry, bringing together significant origination volumes and established market positions.
