SAN DIEGO--(BUSINESS WIRE)--Guild Mortgage, one of the largest independent mortgage bankers in the U.S., continued its record growth into the third quarter of 2015, with loan volume reaching $10.7 billion, up 104 percent from $5.2 billion in the 2014 period.
“We closed a record $1 billion in loan volume in March and the momentum kept building through September from both new and existing offices,” said Mary Ann McGarry, president and CEO of Guild. “The addition of Comstock Mortgage in Sacramento and Northwest Mortgage Group based in Portland boosted market share in those regions. We are also finding competitive advantages as an independent mortgage banking company. By offering a broad array of loan options, Guild professionals can help more potential homebuyers, which has driven our purchase loan business.”
Guild purchase loans totaled $7.5 billion for the nine months ending Sept. 30, 2015, up 70.9 percent from $4.4 billion in the 2014 period. Purchase loans represented 70.4 percent of its 2015 volume, compared with 84 percent in the first nine months of 2014. Guild closed 46,681 loans during the 2015 period, up 86 percent from 25,138 in the 2014 period.
The company had 234 branch and satellite offices in 25 states as of Sept. 30, 2015, compared with 190 branch and satellite offices in 23 states in the 2014 period. In addition, Guild had correspondent banking relationships with credit unions and community banks in 47 states as of Sept. 30, 2015, up from 40 states in the 2014 period.
With the addition of Comstock, Guild split California into two regions: coastal and inland. During the first nine months of 2015, Guild closed $1.5 billion in loans in its Coastal California region, up 68.7 percent from $921 million in the 2014 period. The new inland region closed $689 million in loans during the nine months of 2015.
The growth through existing branches and the addition of Northwest Mortgage resulted in record volume in the Northwest region, including Oregon and Washington: closed loans reached $2.7 billion, up 106 percent from $1.3 billion the previous year.
The company also recorded strong growth in its Southwest region (Arizona, New Mexico and Nevada), with loans totaling $981.8 million, up 92 percent from $510.6 million. Other regions and their gains were: Hawaii, 51 percent; Midwest, 61 percent; Mountain, 43 percent; Southeast, 54 percent; and Texas, 53 percent.
McGarry said she anticipates having loan volume of $12 billion and servicing volume of $20.8 billion for the 2015 year, up from $7 billion and $14.4 billion, respectively, in 2014. She said Guild plans to continue growing internally, having smaller existing mortgage banking companies join Guild to take advantage of its systems and array of products, and in correspondent banking relationships.
“We’ve been fortunate to continue attracting top talent in new markets while building our teams from within,” said McGarry. “The strategy helps support growth while maintaining our collegial, entrepreneurial and team-oriented culture – an advantage in an industry where customer service is so important.”
Guild was ranked No. 2 in the 200 Best Mortgage Companies to Work For by Mortgage Executive Magazine for the second straight year, based on asking more than 10,000 loan officers to rate companies based on company culture, processing, underwriting, compensation, management, marketing and technology.
In October 2015, the San Diego Union-Tribune selected Guild as one of San Diego’s “Top Places to Work” for the third 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 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 more than 234 branch and satellite offices in 25 states. It generated loan volume of $7.4 billion and servicing volume of $17 billion in 2014. Guild has correspondent banking relationships with credit unions and community banks in 47 states. (Equal Housing Lender. Company NMLS #3274)