Guild Mortgage CEO McGarry gives up president's job, promotes Schmidt
Guild Mortgage CEO Mary Ann McGarry is giving up the president's title as the San Diego-based company continues its national expansion plans.
Terry Schmidt, currently the chief operating officer, will become president on Jan. 1. She started at Guild in 1985, performing branch audits and various compliance audits related to servicing, secondary marketing and loan origination, before moving on to the other role. Schmidt — who also had the role of the company's chief financial officer — became a member of the board in 2006.
"Guild is building an executive team for the future, developing strategies to compete in our rapidly evolving markets and creating customers for life," McGarry said in a press release. "We're pleased to be able to promote from within, drawing from talent that averages more than 25 years of experience each in our industry. This gives us the foundation to grow throughout the U.S., both in our existing branches and with selective acquisitions of firms with a similar entrepreneurial culture."
Guild expects to end this year with $20 billion in originations. For the first nine months of 2019, Guild originated a company record $15.78 billion, up 23.1% from volume of $12.82 billion in the same period a year ago. Refinancings totaled $4.95 billion of the overall volume, also a company record.
At $7.16 billion, Guild just had the best quarter in its history, up from $5.37 billion in the second quarter and $4.44 billion in the third quarter 2018. Refis made up half of the third quarter volume at $3.08 billion.
Guild ranked third with a score of 864 in the most recent J.D. Power Mortgage Origination Satisfaction Survey, increasing seven points from 2018.
When it comes to servicing, Guild's portfolio as of Sept. 30 was $48.9 billion. The company also ranked third in the 2019 J.D. Power Primary Mortgage Servicer Satisfaction Survey, with a score of 828.
David Neylan, currently senior vice president of business development will replacing Schmidt as COO. He leads Guild's customer retention program, as well as its correspondent and consumer direct lending channels. The customer retention program's volume in the third quarter was $2.14 billion, representing a refinance recapture rate of 69.9%, a purchase recapture rate of 23.1% and an overall recapture rate of 61.9%. The company expects to have more than $5 billion in retention business in 2019.
Amber Elwell, Guild's senior vice president of finance, will become its CFO. She started with the company in 2004 and advanced to financial analyst and vice president before being promoted to senior vice president in 2015.
Additionally, Guild promoted Andy Stewart, to divisional sales manager for the Mountain West region, with added responsibilities for California and Hawaii; and Chad Overhauser, to divisional sales manager for all other regions.