Guild Mortgage, a San Diego mortgage lender that has more than 200 branch and satellite offices in 23 states, said it acquired Comstock Mortgage, an independent mortgage lender in Sacramento with 15 offices.
Terms of the purchase weren’t disclosed. Comstock generated loan volume of $600 million last year, and has 180 loan officers and support staff.
Guild CEO Mary Ann McGarry said combining with Comstock will allow it to grow to an annual loan volume of $10 billon, and a servicing volume of $15 billion by 2015.
Last year Guild did $7 billion in loan originations, and had a servicing volume of $13 billion.
As part of the deal, Guild named Comstock’s Chairman Jeff Tarbell as regional manager for its branches.