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Guaranteed Rate entered a definitive agreement to acquire Stearns Holdings, LLC from funds managed by Blackstone.
Stearns is a national top 25 lender with more than $20 billion in origination volume in 2020, according to a press release. The company also operates in all 50 states through retail, joint venture, partnership and wholesale channels. With the acquisition, Guaranteed Rate will bolster retail loan origination and further scale its JV platform, while also developing new multichannel capabilities.
Guaranteed Rate recorded its best production year ever in 2020 and the company is looking to add another successful acquisition to its portfolio. With the deal, the company is looking to strengthen its capital markets execution and benefit from shared services capabilities to drive efficiency, growth and profitability.
Once the transaction has been finalized, Guaranteed Rate plans to integrate and rebrand Stearns Holdings' retail operation as Guaranteed Rate. The company's wholesale and partnership businesses will remain as stand-alone operations, with current Stearns CEO David Schneider continuing to lead those operations, according to the press release.
"Guaranteed Rate is a formidable player in the mortgage industry, and this combination will empower our employees and partners to reach more customers, generate more business and guide more people through the homeownership journey."