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Guild Mortgage (NYSE: GHLD) has acquired Cherry Creek Mortgage, LLC, expanding its network with 68 branches across 45 states. This strategic move aligns with Guild's commitment to customer service and community engagement. Founded in 1987, Cherry Creek has shown steady growth, now becoming a division of Guild led by co-founder Jeff May. Guild aims to leverage synergies between both companies to enhance their market presence, particularly in purchase and reverse mortgages. The acquisition, represented by JMP Securities, did not disclose financial terms but highlights Guild's intention to strengthen its service offerings in the mortgage lending landscape.
Positive
Acquisition of Cherry Creek Mortgage enhances Guild's market reach with 68 branches in 45 states.
Strengthening customer service capabilities by integrating Cherry Creek's reverse mortgage expertise.
Synergies expected to improve competitive positioning in a challenging market.
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Colorado-Based Lender with Customer-Centric Approach Brings 68 Branches in 45 States to Guild’s Expanding Retail Network
SAN DIEGO--(BUSINESS WIRE)--
Guild Mortgage (NYSE: GHLD), a growth-oriented mortgage lending company originating and servicing residential loans since 1960, has acquired Cherry Creek Mortgage, LLC, a privately held Colorado-based lender with physical branches across the country whose business and customer-centric approach closely aligns with Guild’s.
Cherry Creek Mortgage was co-founded by Jeff May in Greenwood Village, Colorado in 1987. He led company growth over the past 36 years, earning recognition as one of the fastest growing private mortgage companies in the U.S., with a strong retail presence. Similar to Guild, Cherry Creek has earned a reputation for doing the right thing for customers and employees, above all. It now has 68 branches in 45 states and will become its own division of Guild, headed by May.
“We continue to look for potential new partners with strong local teams, a history of growth and community commitments,” said Mary Ann McGarry, Guild CEO. “Cherry Creek has grown steadily over the years and shown a dedication to giving back that parallels ours, with an executive team and loan officers who are active in every market. Guild has a longstanding admiration for Cherry Creek’s approach to business and its accomplishments, and we feel confident our two companies will be able to take advantage of our synergies in each market and do even more for our customers, together.”
May said his company has always admired Guild for its strength in purchase mortgages, high customer service ratings and supportive culture. Cherry Creek also brings its experience assisting customers with reverse mortgages to Guild, providing an opportunity to expand Guild’s range of services with new expertise for this important group of customers.
“This is a very strategic offensive move for us,” said May. “Guild’s values, commitment to serving their associates, customers and the industry are perfectly aligned with what we have built over the last 36 years. We believe the combined resources of both companies will make us a force in the marketplace and position our production teams to more readily compete and win for the long term in this challenging market.”
JMP Securities is the investment bank representing Cherry Creek in this transaction and the terms of the acquisition were not disclosed.
Headquartered in San Diego, Guild Mortgage is a leading national lender with an established history of offering a comprehensive array of loan products and partnering with government organizations to help deliver the promise of home in every neighborhood and community. Its loan professionals can serve the needs of any homebuyer, from helping first-time buyers achieve homeownership, often through government loan programs, to homebuyers looking for a jumbo loan. Guild also helps active duty and retired military personnel who qualify for VA loans with 100% financing and flexible qualifying standards. The company is consistently recognized for its impact in the communities it serves, commitment to customer service, strength in regulatory compliance, and workplace culture.
About Guild Mortgage
Founded in 1960 when the modern U.S. mortgage industry was just forming, Guild Mortgage Company is a nationally recognized independent mortgage lender providing residential mortgage products and local in-house origination and servicing. Guild’s collaborative culture and commitment to diversity and inclusion enable it to deliver a personalized experience for each customer. With more than 4,000 employees and over 300 retail branches, Guild has relationships with credit unions, community banks, and other financial institutions and services loans in 49 states and the District of Columbia. Guild’s highly trained loan professionals are experienced in government-sponsored programs such as FHA, VA, USDA, down payment assistance programs and other specialized loan programs. Guild Mortgage Company is a wholly owned subsidiary of Guild Holdings Company, whose shares of Class A common stock trade on the New York Stock Exchange under the symbol GHLD.
