Guild Mortgage in San Diego has agreed to buy Academy Mortgage in Salt Lake City.
The price wasn’t disclosed.
Academy has about 200 branches and more than 1,000 employees, including 600 licensed mortgage originators. Academy’s loan volume represents a roughly 25% increase in annual origination volume for Guild.
The lenders “share a commitment to the purchase mortgage market and believe in local sales and fulfillment that builds on our customers for life strategy,” Terry Schmidt, Guild’s CEO, said in a press release.
“Each acquisition we’ve completed has brought new talent to Guild, making us a better company,” Schmidt added.
Academy generated nearly $5.6 billion of loan originations last year.
Academy CEO Adam Kessler will join Guild’s senior leadership team.