DS News

MortgagePoint September 2023

DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.

Issue link: http://digital.dsnews.com/i/1507718

Contents of this Issue


Page 28 of 99

September 2023 » thefivestar.com 27 September 2023 I N D U S T R Y U P D A T E to the FTC before acquiring an interest in a product, pricing, and eligibility engine (PPE) business for that same period. The proposed consent order contains additional requirements, including: » Constellation would receive a license to resell with Empower certain other Black Knight mortgage-related products and services that would be acquired by ICE. » For one year, ICE and Black Knight must facilitate Constellation's hiring of certain employees not already included in the divestitures who have responsibilities for the divested products and businesses. » ICE and Black Knight are prohibited from enforcing any noncompete or non-solicit provision or agreement against any em- ployee who seeks or obtains a position in the divested businesses. » ICE and Black Knight will transfer a prom- issory note used to finance Constellation's purchase of the Optimal Blue business to a trustee, who will be responsible for selling the note within six months of the divestiture. » A monitor will be appointed to oversee compliance with the proposed consent order. GUILD MORTGAGE ACQUIRES FIRST CENTENNIAL MORTGAGE G uild Mortgage has announced the acquisition of First Centennial Mort- gage, a privately held residential mortgage lender headquartered in Illinois with branches predominantly located in the Midwest. Terms of the acquisition were not disclosed. First Centennial Mortgage was founded by brothers Steven and David McCormick in 1995. Family-owned, the company serves cus- tomers with an extensive portfolio of mort- gage products and services, having recently been recognized as one of the fastest-growing private companies in the United States by Inc. Magazine from 2017-2022. "We continue to effectively execute our strategy to grow and gain market share through acquisitions where there exists a strong cultur- al match and the potential for value is present for both parties," said Terry Schmidt, CEO of Guild Mortgage. "In today's market, good com- panies are coming together to do great things where the whole is stronger than the sum of its parts. First Centennial has high-performing local teams with a history of steady growth, and the Guild platform should allow them to accelerate growth and supercharge the good work they are already doing." Steven McCormick, President of First Centennial Mortgage, said his company has a similar culture and platform to Guild, focused 100% on retail, local sales, and operational fulfillment. He believes his company's commitment to the borrower and their satisfaction is the reason for First Cen- tennial's continued success. It also makes the company a strong fit to align with Guild with a shared commitment to customer service and focus on earning customers for life. "Guild's customer for life approach has long been practiced by all of us here at First Centennial," McCormick said. "For 28 years, we have successfully navigated the ever-changing mortgage industry, never wavering on our commitment to customer service. Joining forces with Guild empowers our teams to continue to thrive and to help build, together, what is sure to be the best platform to serve both our borrowers and associates into the future." Headquartered in San Diego, Guild Mort- gage is a national lender with an established history of offering a comprehensive array of loan products. Guild Mortgage was recently recognized as a 2023 Top Guaranteed Rural Housing Lender in the Loan Origination category by the U.S. Department of Agriculture (USDA). "The rural market is constrained by lim- ited housing supply, much of which is aging single-family housing," said David Battany, EVP of Capital Markets for Guild Mortgage. "Although small relative to the scale of the multi-trillion-dollar mortgage market, rural housing loans are meaningful lifelines to eco- nomic security for the individuals they help and the communities they bolster." WELLS FARGO LAUNCHES NEW DOWN PAYMENT GRANT PROGRAM W ells Fargo Home Lending will offer $10,000 Homebuyer Access grants to be applied toward the down payment for eligible homebuyers who currently live in or are purchasing homes in certain underserved communities in eight metropolitan areas. This offering under the company's Special Purpose Credit Program (SPCP) adds another component to Wells Fargo's efforts to help drive economic growth, "Although small relative to the scale of the multi-trillion- dollar mortgage market, rural housing loans are meaningful lifelines to economic security for the individuals they help and the communities they bolster." —David Battany, EVP of Capital Markets, Guild Mortgage

Articles in this issue

Links on this page

Archives of this issue

view archives of DS News - MortgagePoint September 2023