Fastest-Growing Regions Include Southeast, Texas, Southwest and Colorado
SAN DIEGO – Guild Mortgage, one of the largest independent mortgage lenders in the U.S., continued its growth in the first quarter of 2017, reaching $3.1 billion in total loan volume, up 14.8 percent from $2.7 billion in the 2016 quarter. The growth was driven by record first quarter purchase loan volume of $2.4 billion, up 26.3 percent from $1.9 billion in the same period in 2016.
The strong quarter follows a record 2016 for Guild, with total loan volume of $15.9 billion, up 15.3 percent from $13.8 billion in 2015. 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 of Guild, said the company’s continued growth can be attributed to several factors, including its dedication to providing first-time homebuyers with multiple options in a competitive marketplace and taking strides to make the loan process easier on the borrower.
“As the housing market continues to get more and more competitive in many parts of the country, we are proud to be able to offer potential buyers with an array of options that are not always available at larger institutions,” McGarry said. “Many borrowers, particularly first-time homebuyers, may need help in exploring loans that will work best for them, rather than choosing from a limited number of products. They also need more of a personal touch to make the approval process easy to understand and move smoothly. Guild works hard to excel in these areas.”
Guild, with more than 250 branches in 25 states, generated 162,168 loans during the quarter, divided among: conventional, 57.7 percent; FHA, 31.8 percent; and VA, 10.5 percent.
The average loan size was $225,365 in the first quarter of 2017, up 1.3 percent in the first three months of 2016. Regions with the biggest increase in average loan size were: Colorado, $260,658, up 7.7 percent; Northwest, $265,732, up 5.9 percent; Southeast, $175,286, up 5.1 percent; and Southwest, $212,618, up 3.7 percent.
The top region for growth during the first quarter of 2017 was the Southeast (Georgia, Florida, Tennessee, Arkansas), with a loan volume of $260 million, up 48 percent from $175 million in the first quarter of 2016. Texas was No. 2, with volume of $215 million, up 35 percent from $159 million. Colorado was third, up 28.7% to $198 million from $154 million, while the Southwest region, which includes Arizona, New Mexico and Nevada, was No. 4, growing 21 percent to $383 million from $315 million.
The West continued strong growth for Guild, as well. Its top three states in loan volume during the first quarter of 2017 were: California, $551.9 million; Washington, $481.8 million; and Oregon, $472.6 million; followed by Texas in the Southwest, at $302.1 million.
Guild has a history of providing first-time homebuyers with a wide range of loan options and personalized service. The company is consistently among the top independent mortgage lenders in the U.S. in terms of purchase loans. 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.
About Guild Mortgage
Founded in 1960 when the modern U.S. mortgage industry was just forming, Guild Mortgage Co. is a nationally recognized independent mortgage lender offering a wide range of residential mortgage products and local in-house processing, underwriting and funding. Its collegial and entrepreneurial culture enables it to deliver unsurpassed levels of customer service. Having been through every economic cycle, the company has grown 16-fold since 2008, and now has more than 3,800 employees operating from 250 branch and satellite offices in 25 states. Guild’s highly trained loan professionals are experienced in government-sponsored programs such as FHA, VA, USDA, low down payment assistance programs and other specialized loan programs. The company generated $15.9 billion in loan volume in 2016, as compared to $1 billion in 2008. In addition, Guild services more than 155,000 loans, which totaled $30 billion in 2016, and has correspondent banking relationships with credit unions and community banks in 47 states. (Equal Housing Lender- Company NMLS #3274).