Cherry Creek Mortgage is acquired by Guild Mortgage
Cherry Creek Mortgage has been purchased by Guild Mortgage. This is the third acquisition in four months for the San Diego-based public firm. “Cherry Creek…brings its expertise assisting customers with reverse mortgages into Guild, providing an opportunity for Guild to expand its range of services with new expertise to this important group of clients,” Guild announced Monday. Cherry Creek has been a long-standing player in reverse mortgage lending. It was the nation’s 10th most active originator for Home Equity Conversion Mortgages in the trailing 12 month ended February according to Reverse Mortgage Intelsight. The former CEO Jeff May, who led the company for 36-years, will lead Cherry Creek’s new division within Guild. The terms of the acquisition are not known. May views the acquisition as a strategic offensive move for his company. May stated that Guild’s values and commitment to serving their customers, associates, and the industry are perfectly in line with what they have built over the past 36 years. We believe that the combined resources of both companies can make us a force on the market and position our production team to be more competitive and win in this difficult market. Guild appears to be on track to continue growing with Mary Ann McGarry as CEO pointing out that the company is still looking for potential new partners with strong local teams and a history of growth. In December, Inlanta Mortgage, a Wisconsin-based lender, was acquired by the lender. In February, Legacy Mortgage, Albuquerque (New Mexico) was purchased by the lender. The deals increased Guild’s regional reach, and the lender acquired Wisconsin-based Inlanta Mortgage. In February, the lender announced the purchase of Albuquerque, New Mexico-based Legacy Mortgage. This was a 25 cent decrease in share price. McGarry stated that full-year net income rose by 15.8% to $328.6million, compared to $283.8 in 2021. We see more consistency across interest rates by focusing on the purchase business. We believe that our earnings are more durable and sustainable in all market cycles because we originate our service volume. “Guild’s origination company has a good reputation with consumers. It was the No. It was the No. 1 lender in the 2021 J.D. The Power customer satisfaction survey was tied for first in 2017, but it was only five percentage points behind JP Morgan Chase, the second-ranked lender in the 2021 J.D.