Guild Mortgage Acquires Northwest Mortgage Group; Becomes the Leading Purchase Mortgage Lender in the Portland Area
Adds 8 Branches, More than $800 Million in Loan Volume
SAN DIEGO--(BUSINESS WIRE)-- Guild Mortgage Co. has acquired Northwest Mortgage Group based in Portland, Ore., with eight branches in Oregon and $842 million in loan volume in 2013. Northwest Mortgage Group is the largest purchase mortgage lender in the Portland area. With the acquisition, Guild becomes market leader in Portland.
The acquisition is the newest step in Guild’s long range plan to grow through acquisition, adding branches in new and existing markets and preserving its customer service culture with experienced, talented loan officers with established relationships. From 2010 to 2013, Guild grew from its western base into the Southeast and Southwest, increasing its number of branches and satellites from 75 to more than 200. Loan volume in the same period jumped from $4.1 billion to $7 billion. Servicing volume more than doubled, from $6.4 billion to $13 billion.
Bob Engelke (NMLS 49597), CEO of Northwest Mortgage Group, said that his company has been a leader in the Portland area for years. Engelke started his mortgage banking career in 1993 and formed Northwest Mortgage Group with three partners in 1995. Since then, the company has grown from one branch and six employees to eight branches with more than 150 employees and is the leading independent mortgage banking company in the Portland area. He will continue as Oregon manager, leading the new Northwest Mortgage Group division within Guild. Northwest Mortgage Group currently has offices in Portland, Beaverton, Lloyd Center, NW Portland, Lake Oswego, Clackamas, Newberg, and Scappoose, Ore.
“Northwest and Guild together will be stronger in every way than each company is today,” said Mary Ann McGarry, Guild’s president and CEO. “Northwest Mortgage Group has built an exceptional company, noted for well-established sales leadership and insights into every market where Northwest competes. Guild brings technology in support of sales, custom-built systems, tools, products, a servicing portfolio, a strong balance sheet, and management strength with a group of owner managers committed to continuing success.”
“Guild admires the efficient culture at Northwest, its business practices, values, and competitive energy,” McGarry said. “Northwest provides Guild with market leadership in the Portland area. This is an important step in our plan to grow to loan volume of $10 billion and servicing volume of $20 billion by 2015.”
Guild offers a broad range of residential products and has pioneered programs to help first-time homebuyers achieve their dreams of homeownership, often through government loan programs, helping responsible people obtain a loan.
About Guild Mortgage
Guild Mortgage Co. was founded in 1960 as a home financing company for American Housing Guild in San Diego. 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 more than 200 branch and satellite offices in 23 states. It generated loan volume of $7 billion in 2013 and ended the year with its servicing portfolio at $13 billion. (Equal Housing Lender. Company NMLS #3274)
Source: Guild Mortgage Co.
Released October 23, 2014