Guild Mortgage reported a net revenue of $285.7 million for quarter two of 2024, with net-adjusted income of $30.7 million, compared to $8 million in Q1 2024.
The San Diego-based mortgage company originated $6.5 billion in loan volume during Q2 2024, compared to $3.9 billion Q1, 92% of which represented purchase transactions.
Guild Mortgage CEO Terry Schmidt presented the Q2 earnings during a call Thursday evening, sharing the company’s ongoing strategy for growth.
“We’re confident in our strategy, our execution capability, our platform, and our ability to deliver long term value to our customers,” Schmidt stated.
Guild reported a return on equity for Q2 of 12.3% and an adjusted return of 10.1%. The gain on sale margin for originations was 326 basis points.
“Our second quarter results demonstrate Guild's highly successful strategy to increase market share, by investing in people and technology, to drive growth in our originations and servicing portfolio,” Schmidt said. “Our continued ability to execute effectively in a challenging market environment is illustrated by our origination volume increasing 69% quarter-over-quarter, compared to 14% for the industry, a strong indicator of our ability to take market share. We are also pleased to produce strong adjusted net income of $30.7 million as we continued to ramp up and integrate the acquisition of Academy Mortgage.”
Additional highlights for Guild during the quarter included the launch and integration of GuildGPT, the company’s new artificial intelligence model.
“Our ongoing technology investments, deep product offerings, extensive customer database, and unwavering commitment to local relationships through origination and servicing, positions the Guild platform to continue to drive organic growth as market conditions improve,” Schmidt added. “We will also maintain our pursuit of selective acquisitions that align with our model and culture, as we seek to deliver meaningful growth and value for our shareholders over time."
