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Guild Mortgage Acquires Cherry Creek Mortgage

Keith Griffin
Mar 14, 2023
Guild Mortgage

Terms of purchase not disclosed; reverse mortgage volume added to Guild.

Guild Mortgage, 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. The merger adds 68 branches in 45 states to Guild’s expanding retail network.

In 2022, according to information provided by Modex, Cherry Creek’s total origination volume was $4.07 billion on 9,884 units. That was down from $7.26 billion in 2021 on 19,639 units. Cherry Creek had 251 active loan officers. In 2022, Guild had a total origination volume of $18.01 billion on 57,441 units. That was down from 2021 when Guild had $32.42 billion in volume from 111,087 units, according to Modex.

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 group of customers. In 2022, Cherry Creek originated $569.9 million in 700 reverse mortgages, which represented 14% of its overall volume. In 2022, reverse mortgages accounted for one-tenth of a percent of Guild’s overall volume at $26.04 million.

In February, Guild acquired Legacy Mortgage in New Mexico. In December, it purchased Wisconsin-based Inlanta Mortgage.

For an upcoming article in Mortgage Banker Magazine, J.P. Morgan analysts spoke optimistically about Guild’s future in 2023. “While our outlook for the mortgage sector is increasingly cautious, we believe [Guild] will outperform peers in the sector,“ the analysts said in a review of the mortgage market. They added that Guild’s “track record of successful acquisitions/integration may also create an opportunity for market share gains as the mortgage industry consolidates.” 

“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, said in a statement. “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.”

Cherry Creek will become a division of Guild. Cherry Creek was co-founded by Jeff May in Greenwood Village, Colorado in 1987. He led company growth over the past 36 years and will continue to run the new division.

“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.”

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