Strategic move to boost national presence and enhance service offerings
Guild Mortgage is set to acquire the retail lending assets of Utah-based Academy Mortgage Corporation.
The move will bolster Guild’s national presence, bringing over 200 branches and more than 1,000 employees, including upwards of 600 licensed mortgage originators, into its fold.
The acquisition also spells a bigger market share for Guild, with the San Diego-headquartered lender forecasting a 25% boost in its annual origination volume based on the performances of both companies up to the third quarter of 2023. With this merger, the combined entity is positioned to become the country’s 8th largest non-bank retail lender, moving up from Guild’s current 10th position.
“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. Our aligned core values attract employees dedicated to serving their communities and delivering on the promise of homeownership,” Guild CEO Terry Schmidt said in a media release. “This transaction represents two like-minded organizations joining forces to continue to grow stronger together. Each acquisition we’ve completed has brought new talent to Guild, making us a better company.”
Academy marks the sixth acquisition by Guild since 2021, expanding its network of licensed originators to over 2,100. Academy branches will operate as a division within Guild and use its brand name. Chief executive Adam Kessler will join Guild’s senior leadership to ensure a seamless transition.
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“I’ve known Terry and the Guild team for a long time, and our common mission, vision, and values made it clear joining forces would be a win-win for both companies,” said Kessler. “Joining Guild provides new opportunities for our team to access Guild’s industry-leading product suite and leverage Guild’s robust reputation, technology, and servicing platform while strengthening both organizations’ focus on people, purpose, productivity, and prosperity.”
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