Northpointe Bank Cuts 338 Jobs in Michigan
The Grand Rapids lender filed a WARN notice covering three sites as it sells its residential mortgage origination business to CMG Financial.
Updated on Nov. 5, 2026 in Residential
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Northpointe Bank, headquartered in Grand Rapids, filed a Worker Adjustment and Retraining Notification with the state for 338 positions across sites in Grand Rapids, Cascade Township and DeWitt. The cuts accompany an agreement to sell the bank's distributed retail and consumer direct mortgage origination channels to CMG Financial.
Why it matters
Northpointe cited sustained higher interest rates and lower national home loan volumes as challenges facing the industry, describing the sale as a strategic repositioning. The move reflects continued strain in the mortgage origination sector that is reshaping employment at Michigan lenders.
Northpointe filed a WARN notice covering 338 jobs at sites on Deposit Dr. NE in Grand Rapids, 28th St. Court SE in Cascade Township and Bridge St. in DeWitt. The filing is a state-level notice; the extraction does not say how many affected workers will ultimately be let go versus rehired.
The players
Northpointe Bank
A Grand Rapids, Michigan-headquartered bank that offers residential mortgage origination through retail and consumer direct channels.
CMG Financial
A mortgage lender that agreed to acquire Northpointe's residential mortgage origination business and intends to hire a majority of its retail sales and consumer direct teams.
The details
Northpointe signed a purchase and lease assumption agreement with CMG Financial on Oct. 26 covering its distributed retail and consumer direct mortgage origination channels. CMG intends to extend employment offers to a majority of Northpointe's retail sales and consumer direct teams, along with some operations and support roles, while workers not offered positions will receive severance and benefits continuation.
Timeline
Oct. 26: Northpointe signed the purchase agreement with CMG Financial.
Dec. 31: Compensation and healthcare benefits continuation for affected workers not offered CMG roles ends.
Later this year: The CMG transaction is expected to close.
Market Dynamics
Northpointe's sale of its origination arm follows the squeeze that higher borrowing costs have placed on mortgage volume nationwide. The consolidation of origination teams under CMG Financial reflects lenders retreating from stand-alone retail channels to focus on core operations.
Michigan homebuyers working with Northpointe's retail and consumer direct mortgage channels may see their loan process move to CMG Financial once the transaction closes. Branch locations are still being evaluated for transfer, so borrowers should confirm servicing and office contacts as the handoff takes place.
The takeaway
The sale shows how lenders are narrowing mortgage operations when borrowing costs stay high, so Michigan homebuyers should watch which origination teams and branches carry their loans forward after the deal closes.
What happens next
The CMG Financial transaction is expected to close later this year, and benefits continuation for affected workers runs through Dec. 31.
Further reading
For more on the housing and mortgage market in the state, see Residential.
Source note: This article includes information reported by WOODTV.
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