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Guild Mortgage President Takes CEO Job

FINANCE: Mary Ann McGarry Retires, Retains Position on Board of Directors

Terry Schmidt has taken the leadership of Kearny Mesa-based Guild Holdings Company (NASDAQ: GHLD), more commonly known as Guild Mortgage, as of July 1.

Terry Schmidt
Guild Holdings Company

Schmidt succeeds Mary Ann McGarry, who has been Guild’s CEO since 2007. McGarry retired on June 30. She will continue as a member of Guild’s board of directors.

Schmidt was previously president of Guild Mortgage. David Neylan has taken the role of president and will continue as the company’s chief operating officer.

Guild is among the longest-operating mortgage seller-servicers in the United States. It first announced the succession plan in March.

Schmidt, 61, joined the firm in 1985 and was McGarry’s first hire. She originally worked as a member of Guild’s internal audit department. She served as controller from 1991 to 1997 and as chief financial officer from 1997 to 2020.

She joined the board of Guild Mortgage Company in 2006.

Mary Ann McGarry
Guild Holdings Company

In her previous job as president, Schmidt oversaw Guild’s finance, human resources, capital markets and compliance departments.

McGarry, 64, began her career with Guild in 1984 as a supervisor in internal audit. Within three years, she was promoted to senior vice president of loan administration and information technology and in 1988, was named to Guild’s board of directors. She held positions as chief financial officer, chief production operations officer and chief operating officer, before being promoted to president in 2005 and CEO in 2007.

Revenue of $1.16 Billion

Guild reported net income of $328.6 million on revenue of $1.16 billion in 2022. The prior year, it reported net income of $283.8 million on revenue of $1.58 billion.

The business had $35.7 billion in retail mortgage loan originations in 2022, up from $18.3 billion in 2021.

At the end of 2022, Guild’s mortgage servicing business serviced more than 320,000 customers with an aggregate unpaid principal balance of approximately $78.9 billion.

In recent years, Guild has grown by acquisition, which has helped it expand beyond the West Coast. In July 2021, Guild completed its acquisition of Residential Mortgage Services Holdings Inc., which expanded its presence in the Northeast. In December 2022, Guild completed its acquisition of certain assets of Inlanta Mortgage Inc., which expanded its presence in the Midwest. In February 2023, it completed its acquisition of Legacy Mortgage LLC, which expanded its presence in the Southwest.

Guild has grown its retail mortgage origination operation to 49 states. In a securities filing, Guild said it expects to continue to expand its business in the geographic areas in which it already serves clients, as well as in new markets throughout the United States.

The business has had several owners through the years. It had its initial public offering in 2020.

Shares of Guild Holdings Company closed on July 11 at $10.97. The stock’s 52-week range has been $8.30 to $12.91. As of July 11, Guild had a market capitalization of $669 million.

Schmidt, Guild’s new CEO, earned a Bachelor of Business Administration degree in accounting from the University of San Diego and is a certified mortgage banker. She is a member of the California Mortgage Bankers Association, an association representing the California residential and commercial real estate finance industry, a member of the board of directors of the Guild Giving Foundation, a nonprofit organization, and a member of the Mortgage Bankers Association, an association representing the real estate finance industry.

In other news, Guild has appointed its first vice president of diverse talent development, Lamont Watson. The appointment was announced in mid-June. In his new role, Watson will spearhead Guild’s initiatives to recruit, develop and empower a diverse workforce as well as foster an inclusive environment.

He spent the past 11 years with Guild serving clients in South Carolina and managing five branches.

Guild Holdings Company

CEO: Terry Schmidt
BUSINESS: Mortgage seller and servicer
REVENUE: $1.16 billion (2022)
WEBSITE: guildmortgage.com
CONTACT: 858-560-6330
SOCIAL IMPACT: In June, Guild appointed the company’s first vice president of diverse talent development
NOTABLE: The company originates mortgages in 49 states


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