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Guild Mortgage Q2 earnings show lower profits, shrinking margins nationalmortgagenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nationalmortgagenews.com Daily Mail and Mail on Sunday newspapers.
RMS to Merge with Guild Mortgage May 13, 2021 | Reprints | Print The Massachusetts mortgage industry is set to gain a new face when Residential Mortgage Services merges with Guild Mortgage later this year. The two companies announced the largely-cash $197 million deal earlier this week, which will see Guild buy RMS outright via share purchases, although senior RMS leaders will see some of their shares traded in for Guild ones based on a formula that includes the average closing price of RMS sales as the closing date nears. Current RMS shareholders will also receive a three-year earnout based on net income from RMS branch locations. ....
Inman Connect After going public last fall, Guild Mortgage is expanding its footprint into the Northeast with an agreement to acquire South Portland, Maine-based Residential Mortgage Services Holdings Inc. (RMS) for roughly $197 million. If the deal closes as expected during the third quarter, RMS will be San Diego-based Guild’s seventh acquisition since 2008. Guild will grow by 70 retail branches and 250 loan officers, making it one of the 10 biggest non-bank retail lenders in the country. Guild CEO Mary Ann McGarry touted the strategic nature of the acquisition, noting that both companies are retail lenders that focus on purchase loans. Over the last decade, 70 percent of RMS’ business has been purchase loans. ....
Guild Holdings acquires Residential Mortgage Services | National Mortgage News nationalmortgagenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nationalmortgagenews.com Daily Mail and Mail on Sunday newspapers.
By Staff A San Diego company announced Tuesday it plans to acquire South Portland-based Residential Mortgage Services Inc. for nearly $200 million. Guild Holdings Co. (NYSE: GHLD), a mortgage lender and servicer with operations in 31 states, has inked an agreement to purchase RMS and expects the deal to close during the third quarter of this year, according to a news release. RMS is a retail mortgage company with over 850 employees and 70 offices in 14 northeastern states. Besides its South Portland base, the firm has Maine locations in Auburn, Augusta, Bangor, Brunswick, Falmouth and Kennebunk. Upon completion of the deal, the RMS management team, including President and CEO Jim Seely, would continue to run the business, Guild said in the release. ....