Guild Mortgage Has Record Six Months in 2015 First Half
More Than Doubles Loan Volume from First Half of 2014; Gains Market Share in California, Northwest, Southwest and Southeast
SAN DIEGO--(BUSINESS WIRE)-- Guild Mortgage, one of the largest independent mortgage bankers in the U.S., had its best six months in history for the period ending June 30, 2015, with loan volume up more than double from the 2014 period and continued strength in the purchase loan market.
Loan volume reached $6.7 billion during the first half of 2015, up 111.7 percent from the same period of 2014. Guild closed 29,180 loans during the 2015 first half, up 89.9 percent from 15,365 in the 2014 period. The average loan amount reached $229,878, up 11.5 percent from $206,235 the previous year period.
“We have seen strong growth in our existing branches and also gains in market share in California and the Northwest from two key acquisitions in late 2014,” said Mary Ann McGarry, president and CEO of Guild. “Homebuyers also seem to be choosing independent mortgage banking companies in exploring the broadest array of loan options. Since mortgages are our only products, Guild professionals can help in ways that aren’t typically available to non-specialists – a distinct competitive advantage as evidenced by our strength in the purchase loan business.”
McGarry said Guild purchase loan business reached $4.4 billion in the first half of 2015, or 66.1 percent of all loans. The company had 224 branch and satellite offices in 25 states as of June 30, 2015, compared with 189 offices in 23 states in the 2014 period. In addition, Guild had correspondent banking relationships with credit unions and community banks in 40 states as of June 30, 2015. In September 2014, Guild acquired Comstock Mortgage, a Sacramento-based independent mortgage banking company with 15 offices. In October 2014, Guild acquired Northwest Mortgage Group based in Portland, with eight branches in Oregon.
During the first half of 2015, Guild closed $1.46 billion in loans in California, up 164.9 percent from $552 million in the 2014 period. Guild volume in its northwest region, including Oregon and Washington, reached $1.74 billion, up 123.2 percent from $780 million. The company also enjoyed strong growth in its Southwest region (Arizona, New Mexico and Nevada), with loans totaling $632.9 million, double the $316.5 million recorded in the 2014 period.
Results in the first half of 2015 build on four straight years of strong growth for Guild as it expanded from its Western base into the Southwest and Southeast. From 2010 to 2014, Guild increased its number of branches and satellite offices from 75 to 224. Loan volume in the same period jumped from $4.1 billion to $7.4 billion. Servicing volume increased from $6.4 billion in 2010 to $17 billion at the end of 2014.
Based on results through the first half of 2015, McGarry said she anticipates having loan volume of $12 billion and servicing volume of $20.8 billion for the 2015 year.
“The key to success is our ability to maintain our collegial, professional and community-oriented culture and focus on customer service as we grow,” said McGarry. “The professionals who join us from the other firms have similar cultures and are helping build on that tradition.”
Guild was recently ranked No. 2 in the 200 Best Mortgage Companies to Work For by Real Estate Executive Magazine. The magazine surveyed more than 10,000 loan officers and asked them to rate companies based on company culture, processing, underwriting, compensation, management, marketing and technology.
In November 2014, Guild was selected as one of San Diego’s “Top Places to Work” by The San Diego Union-Tribune for the second consecutive year. The award identifies companies that have outstanding human resource practices and an esteemed culture and business environment that are highly valued and appreciated by employees.
Guild offers a traditional range of residential mortgage products and funds most of its loans, which provides consistency and also speeds approvals. Its loan professionals can serve the needs of any homebuyer, from helping first-time homebuyers achieve their dreams of home ownership, often through government loan programs, to providing jumbo loans and construction-to-permanent loans through its relationship with Mutual of Omaha Bank.
About Guild Mortgage
Guild Mortgage Co. was founded in 1960 as a home financing company for American Housing Guild in San Diego, Calif. Guild broadened its range of services in 1972 by including resale mortgage financing. After decades of successful innovation and growth, Guild Mortgage Co. is now a nationally recognized mortgage banking company with 224 branch and satellite offices in 25 states. It generated loan volume of $7.4 billion and servicing volume of $17 billion in 2014. (Equal Housing Lender. Company NMLS #3274)
Source: Guild Mortgage Co.
Released July 27, 2015