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.…
By KIMBERLEY HAAS Guild Mortgage has launched a national program that can help potential homebuyers compete with all-cash offers. Vice President of Product Strategy Erin Watts said in a recent interview with The Mortgage Note that they are doing everything they can to help homebuyers compete in today’s market. “We were getting these really well-qualified homebuyers that needed to get mortgage financing but they just kept missing out due to these cash offers,” Watts said. How does CashPass Work? When homebuyers apply for a loan with Guild Mortgage, they let them know they are interested in CashPass. They then provide the same information that they would need for pre-approval for a conventional loan. A minimum credit score of 680 is…
By KIMBERLEY HAAS Two heavy hitters who recently joined the Guild Mortgage team in Kansas say although the market may be tough for potential buyers now, a home is still a great investment. “Every time you make your mortgage payment you’re putting money into your 401K,” Senior Loan Officer Paul Camenzind said during a recent interview with The Mortgage Note. Overland Park, Kansas, where Camenzind works, has earned a positive reputation as an affordable and family-friendly community, with accolades including being ranked in the “Top 10 Best Places to Live in the United States” by CNNMoney, named “Best Place to Raise a Family” by WalletHub, and included in the list of “America’s 10 Best Places to Grow Up” by U.S. News and…
By KIMBERLEY HAAS Guild Mortgage has partnered with The Home Depot to help buyers save on utility costs and manage multiple payments by bundling the cost of new energy-efficient appliances into their home loan. The GreenSmart Advantage program offers options to finance energy or water-efficient improvements up to 5% of a home’s appraised value by consolidating the costs into a mortgage. Refrigerators, dishwashers, smart thermostats, washing machines, and dryers are examples of what can be included. Primary FHA purchase transactions are eligible. A 3.5% down payment and a credit score above 580 are required to qualify. Mary Ann McGarry is CEO of Guild Mortgage, which is headquartered in San Diego. She said in a statement that the company is always…
By KIMBERLEY HAAS Leaders at a California-based lender that generated $36.8 billion in origination volume last year say they are finding success because they focus on creating customers for life. Guild Mortgage, located in San Diego, has been originating and servicing residential loans since 1960. Their origination volume in 2021 was up about 5% from $35.2 billion in 2020. The company’s in-house servicing portfolio grew 18% year-over-year to $70.9 billion in the fourth quarter of 2021, with Guild retaining servicing rights for 80% of total loans sold. Last month, they earned their fifth consecutive Servicer Total Achievement and Rewards performer recognition from Fannie Mae. According to a press release, the STAR Performer recognition is reserved for top-performing servicers in one or…
Guild Mortgage has selected Victoria Garcia DeLuca as its first vice president of marketplace diversity strategy, the company announced. In this newly created position, DeLuca will promote diversity, equity, and inclusion in lending. It is part of the company’s goal to become an industry leader for first-time homebuyers in diverse, often underserved markets. She will head the company’s multicultural lending growth initiative. “I was attracted to Guild because of its strong reputation, vision for growth, and amazing leadership,” DeLuca said. “Guild retains some 70% of its clients because of a culture dedicated to creating customers for life. As a Latina, I was impressed by Guild’s demonstrated commitment to equity internally and externally to promote increased diversity and inclusion throughout the…
