Mortgage News February 18, 2023
The New Mexico-based lender Legacy Mortgage has been acquired by Guild Mortgage. Guild’s Southwest footprint expands as a result of the acquisition.
Legacy Mortgage is an Arizona-based company with 13 branches in four states (Arizona, Colorado, New Mexico, Texas). It offers a variety of loan products, including purchase and refinancing loans. The company was bought by Jack Thompson in 2006 after he joined Legacy as CEO and president.
Mary Ann McGarry, Guild CEO, said the company plans to expand both in existing markets and enter new ones by acquiring like-minded lenders, even though the financial terms of the deal were not disclosed. She added that the team has always admired Legacy Mortgage’s commitment to its employees and customers, which recently celebrated its 20-year anniversary of providing home financing. The Legacy Mortgage culture aligns well with what Guild has developed over more than 60 years, and Guild is looking forward to further expanding its presence in the high-growth Southwest region. The Southwest is expected to grow further as a result of their combined strengths.
After rescuing Inlanta Mortgage from an abrupt shutdown, the San Diego-based company purchased the lender in December.
John Knowlton, the founder of Inlanta Mortgage, said that by joining Guild, they will be able to offer Midwest borrowers a wider range of loan options and new digital and customer relationship tools to improve the entire lending experience, including service, which is a Guild strength. The combined resources and customer service cultures of the two companies will contribute to future regional growth.
According to Thompson, through Guild, Legacy Mortgage is now able to offer borrowers a wider range of loan options for home purchases and refinances, including FHA, VA, USDA, down payment assistance, and other specialized loans. Additionally, Guild clients will benefit from access to new digital tools and customer relationship management tools that will enhance every step of the loan process, including servicing, which has been a Guild strength for decades.
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