Guild Mortgage continued its efforts to grow through acquisitions on Tuesday, announcing it has acquired Legacy Mortgage, an independent lender based in New Mexico.
Terms of the transaction were not disclosed.
Legacy Mortgage was founded in Albuquerque, N.M. in 2002, and was acquired in 2006 by Jack Thompson, who became the lender’s CEO and president. He grew the company to be a leading presence in New Mexico, Guild said.
As of Dec. 1, Legacy Mortgage had originated $318.5 million in overall mortgage loans year over year, down nearly 31% from the same period a year earlier, according to Mobility Market Intelligence (MMI). The drop was led by a 69.3% decline in refinance loans.
Legacy will become part of Guild’s Southwest region, with 13 branches in four states, including Arizona, Colorado, and Texas as well as New Mexico.
Guild said Legacy is “well-respected for its market leadership and community involvement,” and offers a wide range of purchase and refinance loan options.
“This acquisition is part of the company’s continued plan to grow both in existing markets and by entering new ones with selective acquisitions of like-minded lenders,” said Mary Ann McGarry, Guild CEO. “Legacy Mortgage recently celebrated its 20-year anniversary of providing home financing and our team has always admired the company’s commitment to its employees and customers.”
McGarry said Guild is pleased to further expand its presence “in the high-growth Southwest region of the country, and the Legacy Mortgage culture aligns well with what we’ve developed at Guild over more than 60 years. Our combined strengths will drive further growth throughout the Southwest.”
Thompson said joining Guild allows Legacy Mortgage to offer borrowers a broader range of purchase and refinance loan options, including FHA, VA, and USDA, as well as down payment assistance programs and other specialized loan programs.
“Clients will also benefit from access to new digital and customer-relationship tools that improve every step in the lending experience, including servicing, a Guild strength for decades,” he said.
The companies did not provide any information about what, if any, role Thompson will have following the acquisition. The announcement also did not include information about how many people are employed by Legacy Mortgage.
Guild Mortgage did not immediately respond to a request for additional information.
Based in San Diego, Guild Mortgage is a national lender operating in 49 states and the District of Columbia, with more than 4,000 employees and over 250 retail branches. The lender also has relationships with credit unions, community banks, and other financial institutions and services loans in 49 states and the District of Columbia.
As of Dec. 1, Guild originated more than $19.3 billion in mortgage loans year over year, down 41.3% from the same period a year earlier, according to MMI. The drop was led by a 71.4% decline in refinance loans.
The acquisition of Legacy follows Guild’s acquisition of Wisconsin-based Inlanta Mortgage in December. Inlanta, an independent lender serving borrowers in 27 states, had announced plans to close in 2023 before Guild stepped in to acquire it.
In announcing the Inlanta deal, Guild Mortgage CEO Mary Ann McGarry said acquiring it was part of the company’s plan to grow, both in existing markets and by entering new areas with selective acquisitions.
