Guild Mortgage Closes Over $1 Billion in Mortgages for March; 2015 First Quarter a Record, Up 132 Percent from 2014 Period
SAN DIEGO--(BUSINESS WIRE)-- Guild Mortgage Co., one of the fastest-growing independent mortgage banking companies in the U.S., closed $1.27 billion in mortgages for March 2015, the first time it has closed more than $1 billion in mortgages in any single month. Its 2015 first quarter total of $2.85 billion was the highest quarter in its history, up 132 percent from the $1.28 billion recorded in the first quarter of 2014.
The strong quarter follows record results for Guild in 2014, a year when the industry volume was down some 40 percent. During the same time, Guild volume in its existing branches was up approximately 5 percent before acquisitions or new branches. With new branches added, volume reached $7.4 billion, up from $7.0 billion in 2013. Servicing reached $17 billion in 2014, up 30.1 percent from $13 billion in 2013. Guild was also stronger in purchase loans, with 83 percent of loans originated, versus 57 percent for the industry.
Mary Ann McGarry, CEO, said the company continues to expand through strategic, controlled growth. It has added branches in existing markets and new markets where it could find top professionals to join the company and through selective acquisitions of independent mortgage banking companies that matched the Guild culture. Guild has steadily expanded from its traditional western base into new markets in the Midwest, Southwest and Southeast over the past four years and now has 250 branches and satellite offices in 26 states.
“Our growth is also driven by more homebuyers seeing the advantages of working with independent mortgage banking companies,” said McGarry. “Since mortgages are our only products, Guild loan professionals know the latest loan options. They help homebuyers find what suits their individual needs the best – far better than choosing from a limited number of options.”
McGarry said the growth trend is expected to continue in the second quarter, based on increased numbers of applications and the availability of expanded programs through government agencies to provide affordable financing for qualified first-time homebuyers.
Guild 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, California. 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 one of the fastest growing independent mortgage banking companies in the U.S. with more than 250 branch and satellite offices in 26 states and is licensed and approved to do business in 36 states. Guild 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 April 15, 2015