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California-based home lender CMG Mortgage is expanding its Massachusetts footprint with the purchase of Rhode Island-based Shamrock Home Loans.
The terms of the deal were not disclosed, but CMG said it would be taking over 10 Shamrock offices, including seven in Massachusetts in Brockton, Mashpee, Middleboro, Plymouth, Shrewsbury, Uxbridge and Woburn.
Shamrock’s loan originators and the company’s current chief growth officer, Kurt Noyce, and company President Rod Correia will remain a part of CMG and stay in their current locations.
Shamrock originated 87 residential loans worth $179.85 million in Massachusetts in 2022, compared to CMG’s 158 worth $85.05 million according to data from The Warren Group, publisher of Banker & Tradesman. CMG’s performance earned it a spot in Banker & Tradesman’s annual ranking of the fastest-growing mortgage lenders in the state.
For the first three quarters of this year, Shamrock’s tally stood at 64 purchase and refinance loans worth $101.01 million while CMG’s sat at 35 loans worth $220.47 million.
“We are thrilled to welcome Shamrock’s successful origination team to the CMG family,” CMG CEO Christopher M. George said in a statement. “We take great pride in creating a home for the nation’s top talent by investing time, money, and resources into their origination businesses.”
Shamrock’s sale comes at a time of dramatically shrinking loan volumes and consolidation in the residential mortgage space. Citizens announced on Tuesday it was winding down its wholesale mortgage lending business, and Warren Group data shows that statewide residential loan originations during the first three quarters of 2023 fell 46 percent year-over year and were the lowest for that period in any year since at least 2014.
Our team’s excitement level is matched only by our optimism for what this opportunity means for our colleagues, customers, and community,” Noyce said in a statement provided by CMG. “Bringing together the best of our team with the industry-leading qualities of CMG makes this unison truly greater than the sum of our separate parts.”
