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GRAND RAPIDS, Mich.--(BUSINESS WIRE)-- Northpointe Bancshares, Inc. (NYSE: NPB) (the “Company”) today announced that it has entered into a purchase and lease assumption agreement (the “Agreement”) with CMG Mortgage Inc. (“CMG”) for the sale of its distributed retail and consumer direct mortgage origination channels (the “Mortgage Origination Channels”).
The Agreement was entered into on October 26, 2026, related to the non-binding letter of intent previously disclosed in the Company’s October 20, 2026 earnings release. Under the terms of the Agreement, CMG will pay the Company 15 basis points (0.15%) on any first-lien mortgage originations closed through the Mortgage Origination Channels until December 31, 2028.CMG will also assume any leases associated with the Mortgage Origination Channels, where possible.
The Agreement contains customary closing conditions, representations and warranties, covenants, and termination rights and the transaction is expected to be completed by November 30, 2026.
About Northpointe Bancshares, Inc.:
Headquartered in Grand Rapids, Michigan, Northpointe Bancshares, Inc. is the holding company of Northpointe Bank, a client-focused company that provides home loans and retail banking products to communities across the nation. Our mission is to be the best bank in America by bringing value and innovation to the people we serve. To learn more visit www.northpointe.com.
Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.
first-lienfinancial
A first-lien is a lender’s legal claim on specific collateral that takes priority over other claims if a borrower defaults. It matters to investors because first-lien status increases the likelihood of recovering principal from the sale of the pledged assets, reducing credit risk and often leading to lower interest rates than subordinated loans. Think of it like being first in line at a bakery: you get served before others if there’s only a limited supply.
representations and warrantiesfinancial
Representations and warranties are statements one party makes to another in a legal agreement about facts or conditions that are true at signing or will be true in the future, like ownership, financial statements, or regulatory compliance. They matter to investors because they set the factual baseline for a deal—like guarantees in a car sale—and create legal remedies or payment adjustments if those statements turn out to be false, affecting value and risk.
