Guild Mortgage Acquires Northwest Mortgage Group

Guild Mortgage in San Diego has acquired Northwest Mortgage Group in Portland, Ore., for an undisclosed price.

Through this transaction, Guild adds eight branches and $842 million in loan volume to its portfolio.

From 2010 to 2013, Guild increased its number of branches and satellite offices from 75 to more than 200, according to a press release. Meanwhile, the company's loan volume jumped from $4.1 billion to $7 billion during this time period. Additionally, its servicing volume more than doubled reaching $13 billion.

Bob Engelke, the chief executive officer of Northwest Mortgage Group, will remain with the company. He will lead the new Northwest Mortgage Group division within Guild as its Oregon manager.

"Guild admires the efficient culture at Northwest, its business practices, values, and competitive energy," said Ann McGarry, Guild's president and chief executive officer, in the release. "This is an important step in our plan to grow to loan volume of $10 billion and servicing volume of $20 billion by 2015."

For reprint and licensing requests for this article, click here.
Originations Servicing
MORE FROM NATIONAL MORTGAGE NEWS