DALLAS--(BUSINESS WIRE)--Stearns Lending, LLC, a leading independent mortgage bank has entered into a definitive agreement to acquire an equity interest in Citywide Home Loans, an independent mortgage lender headquartered in Salt Lake City, Utah. Citywide’s current ownership will continue to hold a significant share of the equity. The company’s executive team will continue to be led by Steve J. Goorman, as President, and Teresa Whitehead, as Chief Executive Officer. Citywide Home Loans will continue to operate under the same name after closing.
Founded in 1998 by Steven J. Goorman, Citywide began as a small broker company with a team of 5 employees and a commitment to doing things the right way. Today, the company employs over 700 employees and operates 72 branches across 36 states. In 2017, Citywide originated $3.2 billion in residential loans. Despite their strong growth and tremendous success, Citywide has maintained their small company roots and ongoing commitment to put customers first.
“Citywide’s long successful track record and outstanding reputation in the mortgage industry, along with our shared values and complementary business models make our companies ideal partners,” said David Schneider, CEO of Stearns Lending. “Combining Citywide’s strong retail profile with our industry-leading technology, direct access to capital markets expertise, and operational excellence will produce some incredible benefits and opportunities for both companies. We’ve seen very positive results with a similar structure in our Joint Venture business model, which currently operates under ten different brands across the country, and expect to see the same results or better.”
“We are thrilled. This partnership gives Citywide the cutting edge technology and capital markets execution to stay strong and growing in today’s market,” Teresa Whitehead, CEO of Citywide Home Loans.
The transaction is expected to close by November 1, 2018, pending regulatory approval. The specific terms of the transaction were not disclosed.
About Citywide Home Loans
Founded on December 7th, 1998 by Steven J. Goorman as Citywide Funding, his entrepreneurial, dynamic, and determined style has grown the small broker company of just 5 employees to the large corporation it is today. Even though Citywide Home Loans now employs over 700 employees and covers 36 states, the company still maintains its small company roots. Steve Goorman lives by the motto, "leadership is taught by example."
Citywide has the culture and platform that allows mortgage professionals to shine for their clients. They are a correspondent lender with a full range of loan products including: Conventional, FHA, FHA 203k, VA, USDA, CHFA, and other bond programs in the states where they conduct business. CitywideHomeLoans.com
About Stearns Lending, LLC
Stearns Lending, LLC is a leading provider of mortgage lending services in Wholesale, Retail, and Strategic Alliances sectors throughout the United States where licenses are held. The company was ranked as the #3 Wholesale Lender nationwide by Inside Mortgage Finance in June of 2018.
Stearns Lending is an equal housing lender and is licensed to conduct business in 49 states and the District of Columbia. Additionally, Stearns Lending is an approved HUD (United States Department of Housing and Urban Development) lender; a Single-Family Issuer for Ginnie Mae (Government National Mortgage Association); an approved Seller/Servicer for Fannie Mae (Federal National Mortgage Association); and an approved Seller/Servicer for Freddie Mac (Federal Home Loan Mortgage Corporation). Stearns Lending is also approved as a VA (United States Department of Veterans Affairs) lender, a USDA (United States Department of Agriculture) lender and is an approved lending institution with FHA (Federal Housing Administration). Stearns Lending, LLC is located at 4 Hutton Centre Drive, 10th Floor, Santa Ana, CA 92707. Company NMLS# 1854. Stearns.com