Guild Mortgage, a San Diego-based mortgage lender that originates and services residential loans, said Thursday it has acquired the struggling Inlanta Mortgage Inc.
Terms of the acquisition were not disclosed.
Wisconsin-based Inlanta, an independent lender serving borrowers in 27 states, announced earlier this week that it planned to close in 2023 due to “the dramatic and unanticipated drop in mortgage product demand.”
Inlanta’s volume through September totaled nearly $1.1 billion, down 42% year over year, according to Mobility Market Intelligence (MMI). Its total refinance volume, year over year, has fallen nearly 65%, according to MMI.
Guild Mortgage, which has more than 500 branch locations in 47 states and the District of Columbia, had year-to-date volume of $23.73 billion, down 32.4% year over year, according to MMI.
Guild Mortgage CEO Mary Ann McGarry said acquiring Inlanta is part of the company’s plan to grow, both in existing markets and by entering new areas with selective acquisitions.
“Inlanta is a natural fit because of its almost 30-year history, strong management team, employee-oriented culture and dedication to customer service,” McGarry said. “Its culture and values mirror what we’ve been building at Guild for more than 60 years. Together we will use our combined strengths to drive further growth throughout the Midwest.”
Inlanta was founded in Waukesha, Wisc., in 1993, by John Knowlton. It is now based in Pewaukee, 25 miles west of Milwaukee. According to the Nationwide Mortgage Licensing System (NMLS), Inlanta has more than 30 branch locations in 27 states.
“In joining Guild, we can offer our Midwest borrowers a broader array of loan options and access to new digital and customer relationship tools to improve every step in the lending experience, including servicing, a Guild strength,” Knowlton said. “Our combined resources and customer service cultures will drive future growth throughout the region.”
Inlanta’s website says the company has “more than 300 team members.” Before the acquisition was announced, Inlanta had filed a Worker Adjustment and Retraining Notification Act notice with labor department officials in Wisconsin stating it intended to close and lay off 62 staff members. On its website, Inlanta states that it has “more than 300 team members.”
Under the federal law, businesses are required to provide at least 60-days notice of an impending shutdown or mass layoff. According to the notice, which was filed Tuesday, Inlanta’s layoffs would occur in 11 rounds and were supposed to begin today with 22 cuts. It is not known whether those layoffs still occurred.
Neither company has said specifically whether any Inlanta employees will be retained by Guild.
In response to questions about the acquisition and layoff notice, a spokesperson for Inlanta said company officials declined to comment. Guild mortgage did not immediately respond to a request for comment.
