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CMG Financial completes acquisition of Norcom Mortgage to bolster its northeastern presence

Apr 11, 2024•over 1 year ago

Acquiring Company

CMG Financial

Acquired Company

Norcom Mortgage

San RamonAvonFinancial ServicesLendingRetail

Description

CMG Financial, headquartered in San Ramon, CA, has expanded its presence in New England through the retail acquisition of Norcom Mortgage. The addition of 25 branches from Maryland to Maine enhances CMG's northeastern footprint and reinforces its position in the mortgage banking industry.

Company Information

Company

CMG Financial

Location

San Ramon, California, United States

About

CMG Financial is a well-capitalized mortgage bank founded in 1993, with a strong presence in retail lending, wholesale lending, and correspondent lending channels. The company also operates joint venture companies with builder & realtor partners, holds an impressive MSR/servicing portfolio, and serves the capital markets of fixed income trading & sales through CMG Securities. CMG is consistently recognized as a top-producing lender and top mortgage employer.

M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed