Guild Mortgage's acquisition of Academy Mortgage started to come together at the end of last year.
"Adam [Kessler, CEO of Academy Mortgage] and I have known each other for a long time and really been very friendly competitors," said Guild's CEO Terry Schmidt Wednesday. "We knew and felt like the type of people that our companies were attracting into our organizations were very alike because we both have similar cultures."
"We just recently started discussing a transaction…at the end of 2023 really," Schmidt added.
The deal will close at the end of the first quarter, during which Academy Mortgage employees will fully transition over to the San Diego-based shop, she said. The asset purchase will bring a little more than 800 loan officers to the shop, with the addition of sales operations, underwriters and processors. Guild's CEO declined to provide details regarding the price tag of the purchase.
With Guild cementing its place as a top 10 lender in the country, it is looking to keep on growing. "It's a great time to continue to grow, so that's what we're planning," Schmidt said.
Since 2022, Guild has purchased six mortgage shops, including
