Stearns to acquire interest in Citywide Home Loans

Stearns Lending has entered into an agreement to acquire an equity interest in Citywide Home Loans, a Utah-headquartered independent mortgage lender. Citywide’s current ownership will continue to hold “a significant share” of the equity, according to a news release. Citywide’s executive team will remain in place, and the company will continue to operate under the same name.

Citywide was founded in 1998 by Steven J. Goorman, who currently serves as the company’s president. It began as a small broker with five employees. Today, Citywide employs more than 700 people in 72 branches across 36 states. In 2017, Citywide originated $3.2 billion in residential loans.

“Citywide’s long, successful track record and outstanding reputation in the mortgage industry, along with our shared values and complementary business models, make our companies ideal partners,” said David Schneider, CEO of Stearns Lending. “Combining Citywide’s strong retail profile with our industry-leading technology, direct access to capital-markets expertise, and operational excellence will produce some incredible benefits and opportunities for both companies.”

“This partnership gives Citywide the cutting-edge technology and capital-markets execution to stay strong and growing in today’s market,” said Teresa Whitehead, CEO of Citywide Home Loans.

The transaction is expected to close Nov. 1. Terms of the transaction were not disclosed.