Guild Mortgage Co. on Tuesday reported record loan volume of $10.7 billion in the first nine months of the year, more than double its volume of $5.2 billion during the same period last year. The company recorded $4 billion in loans in the third quarter alone.
Guild closed 46,681 loans during the period, an 86 percent increase, as loans made to purchase homes continued to represent the majority of Guild’s business. About 71 percent of loans, or $7.5 billion, were purchase loans, opposed to those used to refinance homes.
“We closed a record $1 billion in loan volume in March and the momentum kept building through September from both new and existing offices,” CEO Mary Ann McGarry said.
In the last half of 2014, Guild acquired Sacramento-based Comstock Mortgage, with 15 offices, and Northwest Mortgage Group, with eight branches. Guild added another 10 in the third quarter for a total of 234.
McGarry said Guild was still on track to reach overall loan volume of $12 billion by December, with servicing volume of $20.8 billion.