SUBSEQUENT EVENT |
12 Months Ended |
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Dec. 31, 2023 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENT | SUBSEQUENT EVENT On February 12, 2024, the Company entered into an asset purchase agreement to acquire certain retail lending assets of privately held Utah-based lender Academy Mortgage Corporation (“Academy Mortgage” or the
“sellers”) for $13.4 million in cash paid at closing plus the sellers have the opportunity to receive cash payments based on the performance of the Academy Mortgage branches. The transaction closed on February 26, 2024. The Company also entered into a Mortgage Servicing Rights Agreement (the “MSR Agreement”) on February 12, 2024 to acquire MSRs. The MSR Agreement is expected to close in the second quarter of 2024. The addition of Academy Mortgage will extend Guild’s market share across its national footprint and will increase the Company’s branches and origination staff. The purchase was financed with a combination of cash and existing borrowings. The Company is evaluating the accounting for this acquisition.
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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