In an interview Newman said this is the first “migration” of a large group of mortgage professionals to CTM. It is not an acquisition. While CTM will eventually add nine offices (seven right away and two others in a few weeks) there will be offices that will remain with Amera under a new management team there, he explained.
The offices are in Michigan, Indiana and Ohio and will bring CTM’s retail branch network to 23 locations from 14. These are the branches that best fit in with CTM’s network, he said
Newman said CTM is not deemphasizing the wholesale channel, but rather it is looking to diversify its production sources. Right now retail makes up 17% of its volume and it is looking to grow that share.
With these people, he continued, CTM is getting leadership and a staff with specific experience in retail mortgage production.
As for future growth in retail, Newman said CTM is continually on the look out for opportunities, but any candidates would have to fit his company’s culture.