Guild Mortgage bought Utah-based Academy Mortgage, continuing its
The terms of the acquisition haven't been made publicly available. Guild's CEO Terry Schmidt said the two companies have "aligned core values [to] attract employees dedicated to serving their communities and delivering on the promise of homeownership."
"This transaction represents two like-minded organizations joining forces to continue to grow stronger together," she said in a written statement Tuesday. "Each acquisition we've completed has brought new talent to Guild, making us a better company. We're excited to extend a warm welcome to our new Academy teammates and build on their talent with the support of Guild behind them."
The addition of Academy will make Guild the eighth largest non-bank lender in the country and will add 25% more origination volume to the lender's books, the company claims in a press release.
Academy Mortgage did not respond to a request for comment.
One industry stakeholder said that
Academy
The lender, founded in 1988, offers a large suite of residential loans, counts 220 branches nationwide and a little over 800 sponsored mortgage loan originators, according to Nationwide Multistate Licensing System records. Data from S&P Global shows Academy originated $3.8 billion in loan volume in 2023 through September.
For Guild, this is at least the
"Our pipeline is still very strong," said Guild's CEO Terry Schmidt during the company's third quarter conference call. "It seemed like things slowed down a little bit in the summer months, but it's picking up again, so we do anticipate that we'll still be in the market to do additional acquisitions going forward…outside of acquisitions we're always focused on organically growing as well and bringing in originators."
Guild's net income doubled in the third quarter, growing to $54.2 million from
According to NMLS, Guild currently has 2,247 sponsored loan officers. The acquisition of Academy Mortgage will push LO headcount over the 3,000 mark.