Guild Acquires Illinois-based First Centennial Mortgage

Guild Mortgage has acquired Illinois-based First Centennial Mortgage, the company announced in a press release.

Founded in 1995 by brothers Steven and David McCormick, First Centennial operates predominantly in the Midwest. It recently ranked 64 of 75 in Scotsman Guide’s Top Mortgage Lenders of 2023 list and has been recognized as one of the fastest-growing companies in the U.S. by Inc. Magazine from 2017 to 2022.

San Diego-based Guild Mortgage is a nationally recognized independent mortgage lender providing residential mortgage products and local in-house origination and servicing.

The terms of the acquisition were not disclosed.

“We continue to effectively execute our strategy to grow and gain market share through acquisitions where there exists a strong cultural match and the potential for value is present for both parties,” said Guild CEO Terry Schmidt. 

“In today’s market, good companies are coming together to do great things where the whole is stronger than the sum of its parts. First Centennial has high-performing local teams with a history of steady growth, and the Guild platform should allow them to accelerate growth and supercharge the good work they are already doing.”

First Centennial President Steven McCormick said that his company’s customer-centric approach to business aligns with Guild’s, especially its focus on retail, local sales, and operational fulfillment.

“Guild’s customer-for-life approach has long been practiced by all of us here at First Centennial,” he said. “Joining forces with Guild empowers our teams to continue to thrive and to help build, together, what is sure to be the best platform to serve both our borrowers and associates into the future.”

Guild has doubled down on an expansion mindset despite the market downturn, focusing on acquiring existing lenders and opening new branches. 

In the last year, it has acquired Wisconsin-based Inlanta Mortgage, a move that boosted Guild to a fifth of the market share in the state; Legacy Mortgage, an independent lender based in New Mexico; and Cherry Creek Mortgage, a Colorado lender with physical branches in 45 states, among others.

Guild also added eight branches in California this past April with a total team of forty mortgage pros, including twenty high-performing loan officers. In total, the group’s annual production amounts to more than $350 million.

Guild’s 2022 originations in California totaled $1.9 billion. The company has more than 4,000 employees across 300 branches in 49 states.

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