Shares in Guild Holdings gain 10% as investors recognize $23.9M net loss for the quarter was driven by a $70M writedown in the fair value of Guild's mortgage servicing rights portfolio
The San Diego-based lender has completed 5 acquisitions in the past 18 months in pursuit of market share, unfazed by a 21% drop in mortgage originations and a $39.1M 2023 net loss
The defection of former Fairway division manager John Lowe and 40 colleagues who originated $350M in loans last year "is equal to that of a mini acquisition"
Bank failures and slowdown in wage growth have forecasters thinking the Federal Reserve will back off from aggressive rate hike campaign when it meets next week