Guild Mortgage To Purchase Inlantas Mortgage Business

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Amanda Byford
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Inlanta Mortgage, the latest lender to close amid a slumping housing market, has sold its mortgage business to Guild Mortgage, which continues to grow despite the current economic crisis.

Guild Mortgage on Thursday announced the acquisition of Inlanta, which earlier in the day said it would close business this week, beginning with the “permanent layoff of 62 employees.” 

The Wisconsin-based lender blamed the closing on “a dramatic and unexpected decline in demand for mortgage products.”

In a letter filed under the Waiver and Recovery Act (WARN), the company said the terms of the transaction dictated that Inlanta Mortgage’s assets would be transferred to another buyer. 

Guild Mortgage CEO Mary Ann McGarry said the acquisition is part of an external strategy to grow its acquisition portfolio and expand its footprint in the Midwest through “selective acquisitions.”

The terms of the deal were not disclosed. McGarry also said Inlanta was a good fit because of its nearly 30-year history, strong management team, employee-focused culture, and dedication to customer service. 

Its culture and values reflect what we have been building at the Guild for over 60 years. Together, we will use our combined strengths to promote growth across the Midwest.

Inlanta was founded in 1993 and has more than 30 branches in 27 states. According to its website, the private company has more than 300 members nationwide.

According to Inlanta Mortgage founder John Knowlton, joining the Guild can provide Midwestern lenders with more lending options and access to new digital and customer interaction tools to enhance any level of experience, including service, the power of the Guild, their combined resources and culture of customer service will ensure future growth in the entire region.

Reference Source: MPA

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