Guaranteed Rate expands Hawaii footprint with new acquisitions
Guaranteed Rate is gearing up to acquire certain assets of mortgage companies Honolulu HomeLoans and Hawaii Lending Alliance and expand its existing footprint in a growing Hawaii housing market.
With these acquisitions, the Chicago-based mortgage lender will license new branch locations in downtown Honolulu and several other areas, while also maintaining its current branches in Honolulu and Aiea. Employees of both businesses will join Guaranteed Rate.
"Hawaii is a growing market where we've already built a great team. Adding this opportunity will accelerate our market share dramatically," said Guaranteed Rate CEO Victor Ciardelli in a press release. "I appreciate the hard work and commitment of the current Honolulu HomeLoans and Hawaii Lending Alliance employees during this transition."
With a goal of expanding its Hawaii customer base, Guaranteed Rate will provide islanders with a broad selection of mortgage products, including conventional, Federal Housing Administration, U.S. Department of Veterans Affairs, U.S. Department of Agriculture, jumbo loans and adjustable-rate mortgages. The company has been operating in Hawaii since 2015.
"I am thrilled that Honolulu HomeLoans and Hawaii Lending Alliance are becoming part of Guaranteed Rate," said former HHL President and CEO Anders Hostelley, who will now be a Guaranteed Rate regional manager.
"Guaranteed Rate has an outstanding base of products to offer our clients, which will enable us to excel as a mortgage lender in Hawaii," he added.
Guaranteed Rate laid off 180 employees nationwide earlier this year after the amount of new mortgage loans it funded in 2017 dipped. The company funded $12 billion in loan volume in the first half of 2018.