Guild purchases Legacy Mortgage to increase its presence in the Southwest

The terms of the deal were not disclosed. Guild purchased Legacy Mortgage, a small residential lender/servicer, to help it achieve its goal of increasing market share through acquisitions. Legacy Mortgage is based in Albuquerque (New Mexico) and has 13 branches across three other states: Colorado New Mexico and Texas. The publicly traded Guild Mortgage, a servicer, has more than 250 branches and lends through those retail offices as well as correspondent business relationships with other financial institutions. “This acquisition is part of our continued plan to grow both within existing markets and by entering into new markets with selective acquisitions of like minded lenders,” Mary Ann McGarry, CEO of San Diego-based Guild Mortgage said in a press release. Jack Thompson, Legacy Mortgage’s CEO and president, stated that the acquisition will allow Legacy Mortgage to offer a wider range of loan products to people who are insured or guaranteed by federal agencies such as the Federal Housing Administration, Department of Veterans Affairs, and the U.S. Department of Agriculture. These agencies support loans in order to give lower-income borrowers greater homeownership access. Thompson stated in a press release that Legacy Mortgage team members can offer borrowers a wider range of purchase and refinance options including FHA, VA and USDA, as well as down payment assistance programs and other specialized loans. Clients will also have access to digital and customer relationship tools. “Clients will also benefit from access to new digital and customer relationship tools. This acquisition comes just a few months after Inlanta Mortgage, a Midwest-based company, was purchased by Guild. Inlanta was established in 1993. Some analysts speculate that Guild could be an acquisition target.