By KIMBERLEY HAAS
A case study by FormFree highlights how one of the nation’s largest independent mortgage lenders is serving the credit invisible.
Leaders at FormFree estimate that millions of adults in the United States are credit invisible or credit unscorable. That makes it difficult for these potential homeowners to qualify for a mortgage.
Manual processes exist to underwrite mortgages for these borrowers but they are seldom used because people without a credit score often assume they cannot qualify for a home loan and industry professionals may be unaware of their options, according to the case study.
To provide loans for qualified credit invisible customers, San Diego-based Guild Mortgage Company introduced a Complete Rate program in July of 2022 that…
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…
Guild Mortgage has introduced a new 1% down, 1% one-year lender interest rate buy-down program.
The program, 1% Down Payment Advantage, allows homebuyers to make the smallest possible down payment, with Guild covering the remaining 2% to bring the payment up to its 3% minimum requirement.
Guild is offering a lender-paid temporary rate buydown as part of the program. Consumers can then refinance with Guild later with no lender fees.
Leaders at Guild say they are committed to helping Americans tackle the three main components of owning a home: the cost to get in it, the cost to stay in it, and the ability to handle unexpected emergencies in the first five years.
“No matter what is happening in the…
Guild Mortgage continues its expansion efforts, announcing a new district in California made up of eight branches.
The branches have 40 new Guild employees, led by district manager John Lowe, who will report to regional vice president Mike Ferreira.
“Guild’s reputation and history of stability were a major draw for our group, giving us the confidence to make the move, become part of one of the best organizations in the industry, and continue to build on the success we’ve achieved together,” said Lowe.
“Guild’s business model and ability to service the majority of its home loans means each member of our team can make a long-term commitment to help every customer beyond the closing of a loan, which is a…
Guild Mortgage CEO Mary Ann McGarry is retiring this June after forty years in the industry, leaders at the lender announced in a press release.
McGarry joined Guild in 1984 as a supervisor in internal audit. She was promoted to SVP of loan administration and information technology soon after and joined the board of directors in 1988. She then served as CFO, chief production operations officer, and COO, before becoming president in 2005.
In 2007, she became CEO and led a management buyout of the company from its founder.
“On behalf of the board of directors and the entire company, we are forever grateful for Mary Ann’s extraordinary contributions to Guild,” said Patrick Duffy, chairman of the board.
“We look…
Cherry Creek Mortgage has been acquired by Guild Mortgage, the company announced in a press release.
Cherry Creek will become its own division of Guild. Jeff May, who co-founded Cherry Creek in 1987, will lead the new division. The terms of the acquisition were not disclosed.
“We continue to look for potential new partners with strong local teams, a history of growth, and community commitments,” said Mary Ann McGarry, Guild CEO.
“Guild has a longstanding admiration for Cherry Creek’s approach to business and its accomplishments, and we feel confident our two companies will be able to take advantage of our synergies in each market and do even more for our customers, together.”
Cherry Creek is a Colorado-based privately held lender…
Guild Mortgage is rolling out a new rate buydown program, the company announced in a press release. The program, Payment Advantage, applies to any borrower locking in a conventional mortgage. Guild will then pay 1% of the borrower’s interest rate for one year. The borrower’s monthly payment will increase after that period, but they may then be eligible to refinance. The program is available until March 31, 2023. “Freddie Mac reported that the average commitment interest rate for a 30-year, conventional, fixed-rate mortgage was 6.90% in October, more than double the rate of 2.96% across all of 2021,” said Guild CEO Mary Ann McGarry. “With the rising costs of loans in today’s increasingly competitive housing market, we want to continue…
Just days ago, Inlanta Mortgage seemed poised to go under due to declining homebuyer demand. The Wisconsin-based company operates in 27 states. Leaders there announced plans to close next year, starting the winding down process immediately. The company cited “the dramatic and unanticipated drop in mortgage product demand” for its demise. In a letter to Wisconsin’s Department of Workforce Development, it said 62 employees would be let go. Some of those employees may now be saved from termination by Guild Mortgage, which announced it is acquiring Inlanta. Terms of the acquisition were not disclosed. In a press release, Guild CEO Mary Ann McGarry said the decision aligns with Guild’s expansion mindset. “Inlanta is a natural fit because of its almost…
By KIMBERLEY HAAS Leaders at Guild Mortgage have partnered with the National Association of Hispanic Real Estate Professionals as part of their commitment to diversity and inclusion. The association is dedicated to advancing sustainable homeownership for the Hispanic community in America with a network of over 40,000 professional members and 100 local chapters nationwide. Jorge Montoya, a branch manager at Guild in Reno, Nevada, recently sat down with The Mortgage Note. He said the key to improving Hispanic home ownership is education. “We’ve really focused on educating the Latino clientele about it’s not just getting a mortgage, but it’s getting a mortgage with a plan, and what is that plan? Is this going to be a forever plan? Is this…
By KIMBERLEY HAAS This Labor Day weekend, some workers are wondering what happened to the American Dream of earning enough from a nine-to-five job to buy their own home — with or without the white picket fence. According to officials at the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, the median sales price of a new home in July 2022 was $439,400. The thumbnail measurement for home affordability is a house that costs roughly 2.6 years of your household income, or a 2.6 “price-to-income ratio.” Using the 2.6 price-to-income ratio, your household’s earners would need to bring in $169,000 a year to be able to afford a new home. That is higher than most U.S.…
