CMG Financial is acquiring the retail arm of Norcom Mortgage, confirmed by a press release posted by CMG yesterday evening. The financial details of the deal were not disclosed by either company.
The 25-branch addition will enhance CMG’s northeastern presence from Maryland to Maine.
“Norcom Mortgage has made the strategic decision to focus on and continue to grow our wholesale platform as TPO GO,” said Norcom President Phil DeFronzo. “We are very excited to have our amazing group of retail originators join the CMG family. CMG’s superior marketing platforms, technology, and product menu will enable our team to thrive and provide the best customer service in the industry.”
This news comes just months after CMG Financial acquired Shamrock Home Loans’ origination team in November 2023, now branded as Shamrock, Powered by CMG Home Loans, in order to enhance CMG’s presence in New England.
Norcom Mortgage, headquartered in Avon, Connecticut, is a DBA of Norwich Commercial Group Inc. Founded in 1989, Norcom’s volume during 2023 was $482.02 million, with 121 active loan officers and 38 branch locations across the country, according to Modex.
By 2011, the company was recognized as one of the Fastest Growing Lenders in New England. Though Norcom’s retail assets will move to CMG, the wholesale side of the company will remain intact.
“I’m excited to welcome the team at Norcom to the CMG family,” said CEO and President of CMG, Chris George. “Phil and I both started our companies with similar roots and a shared passion to give more home buyers access to homeownership. Thirty years later, we’re still living out our dreams by helping buyers and owners alike achieve theirs.”
