Northpointe Bancshares has agreed to sell its distributed retail and consumer-direct mortgage origination channels to CMG Mortgage. The deal shifts those origination operations to CMG, while Northpointe is set to receive a fee tied to mortgage loans closed through the channels for just over two years.
The agreement was signed October 26 and announced October 28. The transaction is expected to close by November 30, subject to customary closing conditions.
Key details
- Payment to Northpointe: CMG will pay Northpointe 0.15%—15 basis points—on first-lien mortgages originated through the channels and closed through December 31, 2028.
- Leases: CMG will take over leases associated with the channels where possible.
- Closing conditions: The agreement includes customary conditions and termination rights. The companies have not announced a purchase price payable upfront.
- Context: The agreement follows a non-binding letter of intent referenced in Northpointe’s October 20 earnings release.
What changes
Northpointe is transferring its distributed retail and consumer-direct mortgage origination channels to CMG. It will retain a stream of payments based on qualifying first-lien loans closed through those channels until the end of 2028. The agreement does not describe a broader sale of Northpointe Bank or its other banking operations.