With Cornerstone’s 19 branches and more than 200 employees across Missouri, Illinois, and Kansas, Guild said the acquisition will provide a major presence in Missouri. Cornerstone had loan volume of $1.0 billion in 2017. The acquisition is expected to close by March 1.
"Cornerstone is an exceptional company and a close culture match to Guild with its strong values and experienced loan professionals averaging more than 15 years in the business,” Guild CEO and President Mary Ann McGarry said. “It has been the fastest growing mortgage banker in Missouri for six straight years and ranked as a Top 25 place to work in local surveys during the same period. We have been admiring their organization for several years and are pleased to enter 2018 with such a strong new presence in the Midwest.”
Angi Stevenson and the late Jim Dean founded Cornerstone in 1996. Steven, who currently serves as president and CEO, will join Guild as a regional vice president of its new Midwest Region. Stevenson has more than 30 years of senior management and operational experience in mortgage lending.
“They have been a leader in adding new technology and systems to improve every step in the lending process and have been recognized for setting national standards in customer satisfaction,” Stevenson said. “They retain more than 85 percent of their loans for servicing. Joining Guild will enhance all that we do. We are looking forward to entering a new era of growth and better serving our customers with such a dynamic organization.”
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Guild Mortgage has entered an agreement to acquire Cornerstone Mortgage, a move the company says is part of its strategy to acquire firms with a strong presence in new markets.