The departure of former Fairway division supervisor John Lowe and 40 coworkers who originated $350 million in loans last year “is the same as that of a mini acquisition.”
You need to double down on your skills, knowledge, and confidence at these times. Join the team, Inman, August 8-10. Come to Las Vegas and embrace the change while learning from the best. To save the most money, purchase your tickets right now.
Guild Mortgage has formed a new district with eight department offices in Northern California after expanding its footprint through acquisitions in recent months and poaching 40 employees who originated over $350 million in loans last year from competitor Fairway Unbiased Mortgage Corp.
Guild said on Thursday that former Fairway division manager John Lowe had joined the company, bringing twenty top-performing mortgage officers, two area managers, six department managers, and over a dozen support staff members.
“Guild’s popularity and historical past of stability have been a serious draw for our group, giving us the arrogance to make the transfer, turn out to be a part of probably the greatest organizations within the business, and proceed to construct on the success we’ve achieved collectively,” Lowe stated in an announcement. “Guild’s enterprise mannequin and skill to service nearly all of its house loans means every crew member could make a long-term dedication to assist each buyer past the closing of a mortgage, which is a serious differentiator.”
After spending 15 years as a Wells Fargo Home Mortgage area manager (from 1999 to 2014) and eight years as a division manager (from 2005 to 2011) at RoundPoint Mortgage Servicing Corp., Lowe was only with Fairway for nine months.
You are welcome to take a look at the most recent articles that are provided down below:
- Biden Idea to Reduce Student Loans is Rejected by a Federal Judge
- Same Day Loans Online: Borrow Money Today With KashPilot
Among the mortgage officers Lowe hired were Alejandra Torres and Mari Sanchez, who had recently joined Fairway.
For Guild Vice President Michael Ferreira, Lowe will oversee a territory that includes the cities of Auburn, Corvallis, Folsom, Gardnerville, Riverside, Santa Rosa, Vacaville, and Yuba City. Chris Owen, Joanne Hender, Doug Grenz, Don Petty, Gwen Chyz, Jeremy Kurtz, Marco Guerra, and Steve Weninger will report to him, along with six transaction coordinators, four processors, and the gross sales supervisor, Debra Morgan.
Alex Alvarez, Alex Innocentes, Caleb Kurtz, Cameron Elkins, Carolyn Gregory, Cecilia Duran, Cole Wilson, Crystal Turben, Jennifer Guerra, Jeremy Massari, Joanna Busalacchi, Kandice Castro, Kelly Cort, Lisa Jones, Meghan Dinublio, Monica Cuevas, Tommy Allums, and Vincent Piegaro are joining Torres and Sanchez in making a move to Guild as mortgage officers.
“Whereas this was a natural transfer for the crew, the scale and annual manufacturing of this group … is the same as that of a mini acquisition,” Ferreira stated in an announcement.
After acquiring Cherry Creek Mortgage, a Colorado-based lender with 68 branch offices in 45 states, last month, Guild’s national network of retail branches grew by about 25 percent.
In February, the San Diego retail lender Legacy Mortgage of Albuquerque, New Mexico, added 13 stores throughout four Southwestern states.
In December, Guild began its current buying spree by spending $4 million to acquire the assets of Wisconsin-based Inlanta Mortgage Inc., a troubled lender that had branches in 27 states.
In 2021, Guild expanded to become a top 10 non-bank retail lender by paying $265 million to acquire Residential Mortgage Companies Holdings Inc. (RMS) of South Portland, Maine. RMS had 250 mortgage officers and 70 retail locations at the time.
Guild Mortgage Originations 2007-2022
With the support of competitive personal offers and cheap mortgage rates, Guild originated a record $36.9 billion in loans in 2021, making RMS its eighth acquisition since 2008. Despite a fourth-quarter net loss of $15 million and a year-end revenue of $328 million, Guild saw a decrease in originations of 48 percent due to rising mortgage rates.
Despite a 48% decline in mortgage originations to $19.3 billion, Guild was profitable last year because of its mortgage servicing business and the reduction of around 1,100 jobs.
You can catch up on some recent news by reading the articles that have been provided for you below:
- Student Loan Forgiveness Is a Slap in the Face to Millions (UPDATED)
- Student Loan Forgiveness: The Closed School Discharge System Is Not Working
This week, Guild announced its new Northern California district and shared that it has over 4,000 employees across more than 300 retail offices, maintaining relationships with credit unions, community banks, and other financial institutions across 49 states and the District of Columbia.
Follow us on Leedaily.com for more latest and recent news updates.
