Guild Mortgage has announced its agreement to acquire the retail lending assets of Academy Mortgage Corp., further increasing Guild’s already substantial market share in the real estate lending industry.
According to a statement from the company, Guild would rise from the 10th largest nonbank retail mortgage lender to the eighth largest upon completion of the acquisition. The purchase would give Guild’s origination volume roughly a 25% boost, based on results from both companies through the third quarter of 2023.
Both Guild and Academy are licensed to originate loans in 49 states, as well as the District of Columbia.
“Guild and Academy share a commitment to the purchase mortgage market and believe in local sales and fulfillment that builds on our customers for life strategy,” said Terry Schmidt, CEO of Guild. “Our aligned core values attract employees dedicated to serving their communities and delivering on the promise of homeownership.”
Per Guild’s statement, Academy has about 200 branches, which will transition to the Guild brand and operate as a division within Guild. More than 1,000 employees, including over 600 mortgage originators, will transition to Guild, including Academy CEO Adam Kessler, who will join the newly combined company’s senior leadership.
“Joining forces with Guild Mortgage will allow us to accelerate our collective desire to preserve and promote [our] vision as we work together to become the nation’s best independent mortgage lender,” said Kessler. “I’ve known Terry and the Guild team for a long time, and our common mission, vision, and values made it clear joining forces would be a win-win for both companies.”
“This transaction represents two like-minded organizations joining forces to continue to grow stronger together,” Schmidt added. “Each acquisition we’ve completed has brought new talent to Guild, making us a better company. We’re excited to extend a warm welcome to our new Academy teammates and build on their talent with the support of Guild behind them.”
