In a move that will significantly expand its operating footprint, Guild Mortgage is acquiring Austin, Texas-based AmeriPro Home Loans for an undisclosed sum.
AmeriPro Home Loans has 29 retail branches in seven states, including Texas, Oklahoma, Florida, Colorado, California, Arizona and Utah. Last year, it originated about $750 million in loan volume, according to a release.
The transaction is expected to close July 1.
The deal will make Guild one of the largest independent mortgage banking companies in Texas.
AmeriPro was founded in 2003 and has become recognized as a leading residential lender in the Southwest. Since 2008, it has been a subsidiary of Tenura Holdings Inc., an Austin, Texas-based investor in realty, title and insurance companies.
Guild Mortgage made news last month when it announced its intention to fight penalties brought by the U.S. Department of Justice over alleged defects on Federal Housing Administration-backed mortgages that the company originated in the run-up to the financial crisis that began in 2008.