Two California mortgage companies are joining forces starting next month.
Guild Mortgage in San Diego said in a Monday press release that it bought Sacramento-based Comstock Mortgage for an undisclosed price. The Comstock acquisition goes into effect at the beginning of October, according to the release.
Comstock has 15 offices, more than 180 loan officers and totaled $600 million in loan volume last year.
Since 2010, Guild has increased its number of branches and satellite offices to more than 200 in 23 states. In 2013, the mortgage banking company generated $7 billion of loan volume and serviced $13 billion.
Jeff Tarbell, who is currently a senior loan consultant at Comstock's Roseville, Calif., branch, will join Guild as regional manager leading the branches under the new Comstock division of Guild Mortgage. Tarbell, who has 23 years of mortgage industry experience, has been chairman of the board of Comstock and its broker of record for the last three years.
"We will benefit from bringing our two companies together, providing powerful synergies that will allow us to be successful as a company, and individually," Mary Ann McGarry, president and chief executive officer of Guild Mortgage, said in the release. "Comstock is the perfect fit for our plan to grow loan volume of $10 billion and servicing volume of $15 billion by 2015."
