According to the companies, CMC will own 100% of Cunningham's common stock after the transaction receives regulatory approval. Cunningham will retain its name and management team and will continue to be led by company founder and CEO Hank Cunningham.
Cunningham is a fully approved Fannie Mae and Freddie Mac seller/servicer and a Ginnie Mae issuer. It employs more than 100 mortgage professionals operating in 11 North Carolina communities.
‘CMC customers are concerned about secondary market liquidity for their loans, and we're responding to their needs,’ says Tom Millon, president and CEO of CMC. ‘While our current correspondent partners will continue to purchase the majority of loans originated by our customers, this acquisition will provide additional liquidity.’