CMG Mortgage, a privately held mortgage bank, has opened four new retail branches in San Diego through its acquisition of General Mortgage, a direct lender and mortgage brokerage that has funded more than $8 billion in loans since 1983.
The company's announcement comes after its recent openings in Kirkland, Wash.; Mnneapolis; and Denver. CMG Mortgage's new California branches are located in the Scripps Ranch area, in Rancho Bernardo, in Mission Valley, and on Coronado Island.
"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. "Establishing a retail presence in the San Diego area 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. We are continuing to evaluate additional growth opportunities and will do so throughout 2010."
CMG recently re-introduced the 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.
The loan product offers consumers the ability to accelerate the payoff of their home by minimizing mortgage interest. Consumers do by flowing their income through the new loan, with idle funds resulting in lower loan balances and lower interest costs, CMG says. The loan accomplishes this with no change in spending habits.
With HOA's re-launch, CMG is now offering the product in eight states – Colorado, California, Washington, Arizona, Nevada, Oregon, Utah and Minnesota – and plans to offer it in six additional states before summer.
SOURCE: CMG Mortgage