San Ramon, Calif.-based CMG Mortgage, a privately held mortgage bank, has announced the opening of a new retail branch in Bloomington, Minn.
The company's announcement comes after its recent acquisition of Northwest Mortgage Advisors in Kirkland, Wash., as well as the opening of a retail branch in Denver. CMG says the moves signal its continued progress in growing its retail lending division outside its California base.
‘The opportunity for us to expand into a vibrant new market ties directly into our strategic plan,’ says Chris George, founder and CEO of CMG Mortgage, adding that the company will continue to evaluate growth opportunities throughout the year.
CMG recently reintroduced its Home Ownership Accelerator (HOA) loan product that it originally developed and introduced in 2005. After funding $2.5 billion of the HOA over a three-year period, the company suspended offering the mortgage in 2008 due to the onset of the mortgage market meltdown. CMG has now partnered with Minneapolis-based Ameriprise Bank FSB, part of Ameriprise Financial, to purchase and service the loans once they are funded by CMG Mortgage.
The HOA loan product offers consumers the ability to accelerate the payoff of their home by minimizing mortgage interest. The consumer does this by flowing his or her income through the new loan, with idle funds resulting in lower loan balances and lower interest costs – with full checking-account access to funds for expenses. The loan accomplishes this with no change in spending habits, CMG says.
With its re-launch, CMG is offering the HOA product in five states: Colorado, California, Washington, Arizona and Minnesota. The company plans to offer it in six additional states before summer.
SOURCE: CMG Mortgage