CMG Mortgage of San Ramon, Calif., has acquired General Mortgage, a lender and brokerage in San Diego, and its four retail offices.
The purchase comes on the heels of the opening of CMG offices in Kirkland, Wash., Minneapolis and Denver.
"The opportunity for us to expand into a vibrant new market ties directly into our strategic plan," Chris George, CMG's founder and chief executive, said in a press release Wednesday. "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 loan product to an even broader base of consumers."
The price of the deal was not disclosed.
Both companies are privately held.
CMG recently reintroduced the Accelerator product, which it originally rolled out in 2005.
After funding $2.5 billion of this type of loan over a three-year period, the company suspended offering the product in 2008 with the onset of the mortgage market meltdown.
