CMG Mortgage, a privately held mortgage bank, has announced the opening of a new retail branch in Denver.
The company's announcement comes after its recent acquisition of Northwest Mortgage Advisors in Kirkland, Wash., and signals the company's continued progress in growing its retail lending division outside its base in California.
‘The opportunity for us to expand into a key Mountain West market ties directly into our strategic plan,’ says Chris George, founder and CEO of CMG Mortgage. "Establishing a retail presence in Denver enables us to fast-track our company's ability to offer our proprietary Home Ownership Accelerator (HOA) loan product to an even broader base of consumers."
CMG recently reintroduced the HOA loan product that it originally developed and introduced in 2005. The company suspended offering the mortgage in 2008 due to the onset of the mortgage market meltdown.
The HOA loan product offers consumers the ability to accelerate the payoff of their home by minimizing mortgage interest. It allows consumers to flow their 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 and with no change in spending habits.
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 year-end.
SOURCE: CMG Mortgage