WHY PARTNER WITH US
Our nimble nature allows you to operate at your competitive best giving you the flexibility to choose the options that are best suited for your needs.
CMG Financial began as a modest company focused solely on the consumer aspect of business in 1993. The company learned to anticipate and cope with the fluctuations in the market and continued to grow and succeed through the years. Today, we conduct business through three distinct origination channels including Retail Lending, Wholesale Lending, and Correspondent Lending. Originally composed of a single branch in Pleasanton, California, the company is now licensed to lend in all 50 states and the District of Columbia and maintains a nationwide, reputable presence. We have gained incredible knowledge from our journey in the mortgage industry and want to share that knowledge with our valuable partners.
Correspondent investors bring a fairly uniform collection of products, pricing, and execution options to the marketplace. A company's culture is a major differentiating factor. Our team proudly demonstrates a passion and commitment to exceeding a client's expectations. From the operations staff and client support, to sales executives and senior level management, our company character distinguishes us in the mortgage industry. We hold ourselves responsible for ensuring a positive experience with a reliable and knowledgeable team.
With a full range of execution options, our secondary department manages a competitive pricing structure. Maintaining an agile operations platform designed to purchase loans quickly and efficiently from our partners' lines allows our team to capitalize on industry-prevalent narrow margins.
To qualify as a CMG Financial Correspondent Seller, the following criteria must be met:
- Best Efforts flow with 15, 30, 45 and 60 day lock periods
- Best Efforts loan specific bulk with 15-day delivery period
- Direct Trade - fixed rate FNMA, FHLMC, GNMA products only; no minimum
- Mandatory Forwards - Allowable for non-DT products; e.g. short term ARMs
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- Two year operating history
- Experienced senior management in key roles
- Minimum net worth of at least $2,000,000 supported by audited financials
- Positive retained earnings history
- Strong liquidity
- Current Errors and Omission (E&O) insurance policy, surety bond and fidelity bond coverage of at least $300,000
- Approved warehouse facility and sufficient funding capacity
- Good production profile and performance ratings with current investors
- Good Quality Control (QC) policies and procedures supported by recent audit findings and management responses
- Appropriate licensing and authorization to originate loans that meet guidelines
- Satisfactory Certificate in Good Standing from appropriate Secretary of State
- Current MERS membership
- If approved to originate FHA mortgages, FHA Neighborhood Watch compare ratio should be less than 150%
- If applicable, Direct Endorsement (DE) underwriters on staff must have a minimum of two years experience and a satisfactory HUD record
- If applicable, Third-Party Originations (TPO) approval criteria, policies and procedures. On an exception basis, CMG will consider fourth- party approval.