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Fairway Loses 8 California Branches To Rival Guild Mortgage | Inman

The defection of former Fairway division supervisor John Lowe and 40 colleagues who originated $350 million in loans final 12 months “is the same as that of a mini acquisition.”

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After rising its footprint by way of acquisitions in latest months, Guild Mortgage has fashioned a brand new district with eight department workplaces in Northern California by recruiting 40 staff who originated greater than $350 million in loans final 12 months away from rival Fairway Impartial Mortgage Corp.

Former Fairway division supervisor John Lowe jumped ship to Guild final month, the corporate introduced Thursday, bringing alongside 20 high-performing mortgage officers, two space managers, six department managers and almost a dozen back-office employees members.

John Lowe

“Guild’s status and historical past of stability had been a significant draw for our group, giving us the boldness to make the transfer, grow to be a part of among the finest organizations within the trade and proceed to construct on the success we’ve achieved collectively,” Lowe stated in an announcement. “Guild’s enterprise mannequin and talent to service the vast majority of its dwelling loans means every member of our crew could make a long-term dedication to assist each buyer past the closing of a mortgage, which is a significant differentiator.”

Lowe was with Fairway for simply 9 months, having beforehand served as a Wells Fargo Residence Mortgage space supervisor from 1999 to 2014 after which spending eight years as a division supervisor at RoundPoint Mortgage Servicing Corp., in line with his LinkedIn profile.

Among the mortgage officers Lowe took with him — together with Alejandra Torres and Mari Sanchez — had joined Fairway much more just lately.

Lowe will report back to Guild regional Vice President Michael Ferreira, managing a district with workplaces in Auburn, Corvallis, Folsom, Gardnerville, Riverside, Santa Rosa, Vacaville and Yuba Metropolis. He’ll supervise space managers Chris Owen and Joanne Hender; department managers Doug Grenz, Don Petty, Gwen Chyz, Jeremy Kurtz, Marco Guerra and Steve Weninger; gross sales supervisor Debra Morsan; and 6 transaction coordinators and 4 processors.

Along with Torres and Sanchez, mortgage officers making the transfer to Guild are Alex Alvarez, Alex Innocentes, Caleb Kurtz, Cameron Elkins, Carolyn Gregory, Cecilia Duran, Cole Wilson, Crystal Turben, Jennifer Guerra, Jeremy Massari, Joanna Busalacchi, Kandice Castro, Kelly Cort, Lisa Jones, Meghan Dinublio, Monica Cuevas, Tommy Allums and Vincent Piegaro.

Michael Ferreira

“Whereas this was an natural transfer for the crew, the scale and annual manufacturing of this group … is the same as that of a mini acquisition,” Ferreira stated in an announcement.

Guild expanded its nationwide community of retail branches by almost 25 p.c final month with the acquisition of Colorado-based Cherry Creek Mortgage, which operates 68 department workplaces in 45 states.

The San Diego-based retail lender in February added 13 branches in 4 Southwestern states with the acquisition of Albuquerque, New Mexico-based Legacy Mortgage.

Guild kicked off its latest acquisition streak in December, paying $4 million to amass the belongings of a distressed lender, Wisconsin-based Inlanta Mortgage Inc., which operated in 27 states.

Guild grew to become a prime 10 non-bank retail lender in 2021 with the $265 million acquisition of South Portland, Maine-based Residential Mortgage Providers Holdings Inc. (RMS), which employed 250 mortgage officers understanding of 70 retail branches on the time.

Guild mortgage originations, 2007-2022

Supply: Guild 2022 annual report back to traders

RMS was Guild’s seventh acquisition since 2008, and people offers coupled with low mortgage charges helped it originate a file $36.9 billion in loans in 2021. Though originations plummeted by 48 p.c final 12 months as mortgage charges climbed, Guild managed to show a $328 million revenue final 12 months, regardless of racking up a $15 million fourth-quarter web loss.

Guild remained worthwhile final 12 months largely on the energy of its mortgage servicing enterprise and by shedding about 1,100 staff as mortgage originations shrank by 48 p.c to $19.3 billion.

In asserting its new Northern California district this week, Guild stated it presently employs greater than 4,000 staff at over 300 retail branches, sustaining ties with credit score unions, neighborhood banks and different monetary establishments in 49 states and the District of Columbia.

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E mail Matt Carter