Guild Mortgage Continues Record Growth in 2016
Lending Reaches $15.9 Billion, Up Almost Four-Fold Since 2010;
Servicing Grows to $29.9 Billion, Nears Five-Fold Gain in Six Years
– Guild Mortgage, one of the largest independent mortgage lenders in the U.S., reported record loan volume of $15.9 billion in 2016, up 15.3 percent from $13.8 billion in 2015.
Since 2010 when its loan volume was $4.1 billion, Guild has grown almost four-fold as it expanded from its base in the West to the Southwest, Southeast and South. Servicing volume showed even faster growth, reaching $29.9 billion in 2016, up 34.1 percent from $22.3 billion in 2015, an almost five-fold gain from $6.4 billion in 2010.
Mary Ann McGarry, president and CEO, said Guild benefited from being an independent mortgage lender and offering homebuyers an exceptional array of loan options.
“Last year, we saw homebuyers turn to independent mortgage banking companies like Guild because of our expertise and broad range of product offerings,” said McGarry. “Guild is always looking to open doors to new possibilities for first-time homebuyers and to give existing homeowners more choices. We continue to focus on purchase business, reaching new areas and serving the growing millennial market.”
Purchase loan volume reached $10.7 billion in 2016, or 67 percent of all loans, up 9.2 percent from $9.8 billion in 2015, and 70.8 percent of all loans. Guild closed 69,885 loans in 2016, up 10.3 percent from 63,358 in 2015. The average size of the loan reached $228,404 in 2016, up 4.6 percent from $218,381 in 2015.
McGarry said Guild recorded its fastest growth in some of its newer markets in the Southeast and Southwest, plus traditional strongholds in the West.
“When comparison shopping, homebuyers appreciate Guild’s customer service culture and attention to detail we’ve developed over 50 years in business,” McGarry said. “We serve customers throughout the life of the loan, beginning with finding the right option for each person.”
During 2016, the Southeast region (Georgia, Florida, Tennessee, Arkansas) ranked No. 1 in growth, with loan volume of $992.6 million, up 48.4 percent from $668.7 million in the 2015 period. Colorado was No. 2 in growth, up 43.5 percent to $1.1 billion from $774.3 million. The Northwest region, including Washington and Oregon, was No. 3, up 37.1 percent to $4.7 billion from $3.4 billion. The Southwest region (Arizona, New Mexico and Nevada) was No. 4, up 32.3 percent to $1.8 billion from $1.4 billion. California Inland was fifth in growth, with $1.1 billion in loans in 2016, up 24 percent from $860 million in 2015.
States with largest loan volume in 2016 were: California, $3.3 billion; Washington, $2.6 billion; Oregon, $2.2 billion; Nevada, $1.2 billion; and Colorado and Texas, $1.1 billion each.
Guild serviced 155,129 loans in 2016, up 27.2 percent from 121,926 loans serviced in 2015. Average loan size was $193,315, up 5.7 percent from $182,897 in 2015.
Guild offers a wide range of residential mortgage products, with in-house underwriting and funding, which provide consistency and speed throughout the loan process. Its loan professionals can serve the needs of any homebuyer, from helping first-time homebuyers achieve their dream of home ownership, often through government loan programs, to providing jumbo home loans. Guild also specializes in helping active duty and retired military personnel to secure VA loans, which provide 100 percent financing and flexible qualifying standards.