Guaranteed Rate and Manhattan Mortgage Strike ‘Alliance’

Guaranteed Rate, Chicago, on Friday said it has struck a strategic alliance with Manhattan Mortgage Co., one of the largest residential loan brokerage firms in the New York area.

Although both companies refused to discuss their negotiations after National Mortgage News first reported on the matter two weeks ago, they issued a statement saying they have “formed an alliance that will enhance both firms’ future growth.”

At deadline few details were available. One source cautioned that the alliance does not necessarily mean it’s a sale.

Sources told NMN that Manhattan Mortgage was left high and dry when Wells Fargo exited the wholesale channel a few weeks back. Wells was its biggest table funder, sources said.

Through midyear Guaranteed Rate—a mortgage banking firm—has funded more than $8.1 billion in home mortgages, according to NMN and the Quarterly Data Report.

Manhattan Mortgage, the brainchild of broker Melissa Cohn, employs roughly 100 LOs in the New York area and other locations.