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
$24B in 2024 mortgage production represents Guild's biggest year since the pandemic-fueled refinancing boom, helping the San Diego-based lender bounce back from $39M 2023 loss
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
Upward of 1,000 Academy Mortgage employees will make the transition to Guild, including more than 600 originators, Guild said in announcing the 6th acquisition in 3 years
The acquisition of the Aurora, Illinois-based, family-owned lender marks San Diego-based Guild Mortgage's fourth expansion since December, according to an announcement on Monday
Schmidt was Mary Ann McGarry's 1st hire at Guild in 1985, and the two led a 2007 management buyout of the company from founder Martin Gleich