Stearns Lending in Equity Partnership with Citywide Home Loans
Sep 11, 2018
Stearns Lending LLC, a Dallas-based independent mortgage bank, has entered into a definitive agreement to acquire an equity interest in Citywide Home Loans, an independent mortgage lender headquartered in Salt Lake City.
The specifics of the transaction were not publicly disclosed. However, Citywide’s ownership will continue to hold what the companies dubbed “a significant share of the equity” while its executive team—led Steve J. Goorman as president and Teresa Whitehead as CEO—will remain in place. Citywide originated $3.2 billion in residential loans in 2017 and operates 72 branches across 36 states.
“Citywide’s long successful track record and outstanding reputation in the mortgage industry, along with our shared values and complementary business models make our companies ideal partners,” said David Schneider, CEO of Stearns Lending. “Combining Citywide’s strong retail profile with our industry-leading technology, direct access to capital markets expertise, and operational excellence will produce some incredible benefits and opportunities for both companies. We’ve seen very positive results with a similar structure in our Joint Venture business model, which currently operates under ten different brands across the country, and expect to see the same results or better.”
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