Draper-based Academy Mortgage Corp. has been acquired by Guild Mortgage, a nationwide residential mortgage lender based in San Diego. Academy’s 200 branch locations with their more than 1,000 employees, including 600 licensed mortgage originators, will operate as a division within Guild and transition to the Guild brand.
Founded in 1960, Guild has more than 4,000 employees in over 300 retail branches. Guild has relationships with credit unions, community banks and other financial institutions and services loans in 49 states and the District of Columbia.
The addition of Academy Mortgage will extend Guild’s market share across its national footprint. Academy’s loan volume represents an approximate 25 percent increase in annual origination volume for Guild, based on results from both organizations through the third quarter of 2023, and the combined company would be the eighth-largest non-bank retail lender in the country, the company said in a statement. Both Guild and Academy Mortgage are licensed to originate loans in 49 states and Washington, D.C.
“Guild and Academy share a commitment to the purchase mortgage market and believe in local sales and fulfillment that builds on our customers-for-life strategy. Our aligned core values attract employees dedicated to serving their communities and delivering on the promise of homeownership,” said Guild CEO Terry Schmidt. “This transaction represents two like-minded organizations joining forces to continue to grow stronger together. Each acquisition we’ve completed has brought new talent to Guild, making us a better company. We’re excited to extend a warm welcome to our new Academy teammates and build on their talent with the support of Guild behind them.”
Founded in 1988, Academy Mortgage has grown into one of the top independent lenders in the U.S., with branches across the West, Midwest and Southeast regions. In 2023, Academy generated $5.59 billion in loan originations. The company was recently named the No. 1 Top Rated Mortgage Lender on Zillow.
Academy Mortgage CEO Adam Kessler will join Guild’s senior leadership team through the transition and newly combined organization.
“Academy has always led the industry in its commitment to ‘Inspiring Hope, Delivering Dreams, and Building Prosperity’ for our homeowners, partners and employees. Joining forces with Guild Mortgage will allow us to accelerate our collective desire to preserve and promote that vision as we work together to become the nation’s best independent mortgage lender,” said Kessler. “I’ve known Terry and the Guild team for a long time, and our common mission, vision and values made it clear joining forces would be a win-win for both companies.”
Financial details of the acquisition were not disclosed.