"We have great success attracting and retaining top LOs. Over the last six or seven years, we haven't lost one of our top 10 LOs. Additionally, our retention rate of the top 250 in the last six years is approximately 98%, and that accounts for about 40% of our total volume."
"The larger you are, the more synergies you can find, meaning costs won't go up. Branches transitioning over to CCM can expect the synergies of a bigger corporate support system to lower their costs so they can focus on their day-to-day business."
"After running a private mortgage bank for over 30 years, I know that growth doesn't happen by accident. It happens through scale, investment and a commitment to supporting the teams out in the field every day. Partnering with the nation's number one retail mortgage lender is going to give our team access to more tools, greater opportunities."
CCM completed an acquisition of Summit Mortgage Company, combining CCM's $50.5 billion in annual mortgage originations with Summit's $1.2 billion volume. The deal adds 168 sponsored loan officers across 45 branches to CCM's existing 4,592 loan officers in 777 branches. CCM's recent originations concentrated in California, Florida, and New Jersey, while Summit operated primarily in California, Oregon, Tennessee, and Texas. The acquisition generates cost efficiencies through increased scale and corporate support systems. Summit originators gain access to CCM's comprehensive product suite including bridge loans, non-QM loans, and construction loans. Founder Todd Scrima transitions to CCM. CCM demonstrates strong loan officer retention, maintaining 98% retention among top 250 producers over six years, representing 40% of total volume.
#mortgage-industry-ma #loan-officer-retention #mortgage-origination #corporate-consolidation #operational-synergies
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