Terms of the deal, which is expected to close by March 1, were not disclosed.
Cornerstone is a fast-growing independent with 19 offices in three states and loan volume of $1 billion in 2017, according to a press release. It was founded in 1996 by Angi Stevenson, current president and CEO, and the late Jim Dean.
Stevenson has more than 30 years of senior management and operational experience in mortgage lending. She will join Guild Mortgage as regional vice president of its newly established Midwest region.
Under Stevenson’s leadership, Cornerstone has risen to become the 10th largest woman-owned company in St. Louis as rated by the St. Louis Business Journal and No. 2 in mortgage lending volume for the past three years.
Mary Ann McGarry, president and CEO of Guild, says the acquisition of Cornerstone fits with Guild’s strategic plan to grow in existing markets and also acquire firms with a strong presence in new markets and proven histories of exemplary customer service and entrepreneurial cultures.
Cornerstone has more than 200 employees in Missouri, Illinois and Kansas.
Stevenson says Cornerstone has grown by striving to put its clients first – a philosophy that aligns with Guild.
“They have been a leader in adding new technology and systems to improve every step in the lending process and have been recognized for setting national standards in customer satisfaction,” Stevenson says in the release. “They retain more than 85 percent of their loans for servicing. Joining Guild will enhance all that we do. We are looking forward to entering a new era of growth and better serving our customers with such a dynamic organization.”
Guild Mortgage had loan volume of $15.9 billion in 2017. It has grown four-fold since 2010.