Guild Mortgage has acquired the retail lending assets of privately held Utah-based lender Academy Mortgage Corp.
The deal strategically expands Guild’s market share and makes it the eighth largest non-bank retail mortgage lender, with a 25% increase to its origination volume.
Terms of the deal were not divulged.
The acquisition of Academy is part of Guild’s strategy to position itself as the preferred platform for local, retail mortgage originators seeking long-term growth and stability.
The deal adds approximately 200 branches and more than 1,000 employees to Guild’s retail channel. Of the 1,000 employees who will transition to Guild, more than 600 are licensed mortgage originators.
Both Guild and Academy Mortgage are licensed to originate loans in 49 states and Washington, D.C.
“Guild and Academy share a commitment to the purchase mortgage market and believe in local sales and fulfillment that builds on our customers for life strategy,” says Terry Schmidt, CEO of Guild, in a release. “Our aligned core values attract employees dedicated to serving their communities and delivering on the promise of homeownership.”
“This transaction represents two like-minded organizations joining forces to continue to grow stronger together,” Schmidt says. “Each acquisition we’ve completed has brought new talent to Guild, making us a better company. We’re excited to extend a warm welcome to our new Academy teammates and build on their talent with the support of Guild behind them.”
Photo: Edge2Edge Media