Key facts
- Northpointe Bank originated $493 million in the third quarter.
- Northpointe Bank serviced $6 billion in unpaid principal balance.
- CMG Financial had 2,033 active loan officers across 429 active branches.
Northpointe Bancshares Inc. is set to divest its distributed retail and consumer direct mortgage origination businesses to CMG Financial Inc. The move is a strategic response to the current economic climate and a realignment of Northpointe's priorities, according to CEO Chuck Williams. The bank aims to concentrate on its national mortgage purchase program, specialty finance, and relationship-based deposits. Northpointe anticipates incurring restructuring charges between $6 million and $7 million, primarily in the fourth quarter. CMG Financial, which has a history of acquiring similar operations, is seen as a suitable new home for the origination teams and customers. Northpointe Bank originated $493 million in loans and serviced $6 billion in the third quarter.