Guild Mortgage Launches Financial Institutions Services Group – NMP Skip to main content

Guild Mortgage Launches Financial Institutions Services Group
Feb 19, 2015

Guild Mortgage has announced the launch of its Financial Institution Services (FIS) Group to leverage its strengths as an independent mortgage banking company and offer complete outsourced mortgage services to regional banks, community banks and credit unions.

Mary Ann McGarry, Guild chief executive officer and president, said the new group builds on the success of its correspondent banking operation to fulfill a growing need to purchase and service loans from the smaller institutions.

“Mortgage lending has become increasingly complex and difficult,” McGarry said. “Many smaller credit unions and banks struggle with the high cost of having the resources to add staff and be compliant with all the new rules and regulations. If they sell their loans to bigger banks, they worry about the bigger bank trying to cross-sell consumers on other products not related to mortgages. Guild is an independent mortgage banker, not a financial institution, so they can rest assured we would never be a competitor.”

McGarry said Guild produced more than $7.4 billion in loans in 2014 and serviced $17 billion. It can leverage its strengths to support these institutions in continuing to provide mortgages to their members or consumers.

“The Guild team can do everything, from the start, to underwriting, documentation, closing, to servicing, or handle any of the parts based on the needs of the institution,” McGarry said.

Named to lead the new FIS Group is David Neylan, senior vice president, who has been with Guild since 2007. He said the idea for the FIS Group came out of Guild’s experience in the correspondent lending channel, which Neylan has managed since inception in 2011. In addition, Neylan is responsible for management and oversight of the consumer direct and wholesale channels at Guild.

“Smaller banks and credit unions were stuck,” Neylan said. “They faced a dilemma where if they didn’t offer mortgages, the consumer would walk across the street to a big bank. If they sold the loan, the big bank would start soliciting right away. We heard stories about one bank trying to cross-sell 13 different products in a one-year period to a small bank customer after they purchased his loan. In partnering with Guild, the smaller institutions can continue to offer mortgages to their customers and compete with the bigger banks.”

Neylan has more than 15 years experience in managing local, branch, regional and national third-party-origination divisions, including with Central Pacific Mortgage and CMG Financial. He has a finance degree from the University of Southern California and lives in San Diego.

Feb 19, 2015