The California firm continues its rapid U.S. expansion, and with this acquisition, it has added more than $800 million in loan volume.
The big keep getting bigger. The most recent example of this is Guild Mortgage Co.'s acquisition of Northwest Mortgage Group, a Portland-based independent mortgage company with eight branches and more than $842 million in loan volume last year. With the acquisition, Guild has become the market leader in Portland. Terms of the deal were not disclosed.
The deal is the newest step in Guild’s long-range plan to grow through acquisition, adding branches in new and existing markets. From 2010 to 2013, San Diego-based Guild grew from its western base into the Southeast and Southwest, increasing its number of branches and satellites from 75 to more than 200. Loan volume in the same period jumped from $4.1 billion to $7 billion. Servicing volume more than doubled, from $6.4 billion to $13 billion.
“Northwest and Guild together will be stronger in every way than each company is today,” said Mary Ann McGarry, Guild’s president and CEO. “Northwest Mortgage Group has built an exceptional company, noted for well-established sales leadership and insights into every market where Northwest competes. Guild brings technology in support of sales, custom-built systems, tools, products, a servicing portfolio, a strong balance sheet, and management strength with a group of owner managers committed to continuing success.”
Bob Engelke, CEO of Northwest Mortgage Group, started his mortgage banking career in 1993 and formed Northwest Mortgage Group with three partners in 1995. Since then, the company has grown from one branch and six employees to eight branches with more than 150 employees. He will continue as Oregon manager, leading the new Northwest Mortgage Group division within Guild.
Northwest Mortgage Group currently has offices in Portland, Beaverton, Lloyd Center, NW Portland, Lake Oswego, Clackamas, Newberg and Scappoose, Ore.
