Salt Lake City’s Citywide Home Loans has become part of Stearns Lending LLC, a Draper-based independent mortgage bank, in a shared equity merger announced recently.
“Citywide’s strong retail profile combined with our wholesale, retail and strategic alliance sectors provide both companies with the opportunity for continued growth in today’s mortgage marketplace,” said David Schneider, CEO of Stearns Lending. “Leveraging our shared values and complementary business models, this partnership allows us to provide our employees, customers and partners with industry-leading technology and resources that help the dream of homeownership become a reality.”
The partnership continues Stearns’ Preferred Partner Platform, which leverages Stearns' experience with its joint-venture business model which currently operates under 10 different brands across the country. As a partner, Citywide has access to Stearns’ technology with direct access to capital markets expertise and operational experience.
“This partnership provides Citywide with the cutting-edge technology and capital markets execution to stay strong and to grow in today’s market while staying true to our company roots and commitment to putting customers first,” said Teresa Whitehead, CEO of Citywide.
Founded in 1998 by Steven J. Goorman, Citywide began as a broker company with a team of five employees. Today, the company employs over 700 and operates 72 branches across 36 states. In 2017, Citywide originated $3.2 billion in residential loans.
Stearns was founded in 1999 and is licensed in 49 states and the District of Columbia.