A mortgage company that has completed five mergers and acquisitions over the past seven years is now, itself, the target of an acquisition.
In May 2007, Comstock Mortgage acquired Sac 1st Mortgage. Four months later, Sacramento-based Comstock merged with ATM Mortgage.
Then, in August 2009, Comstock merged with Mortgage Resource Network. That transaction came on the heels of Comstock’s acquisition of First Security Mortgage.
Last year, Comstock acquired Delta Home Loans.
Now Comstock is the one being acquired.
On Friday, Guild Mortgage Co. announced it will acquire Comstock on Oct. 1.
San Diego-based Guild said that the acquisition is part of a long-range plan to grow through acquisitions.
Guild said its mortgage servicing portfolio has expanded from $6.4 billion in 2010 to $13.6 billion as of the end of last year, while residential originations have grown from $4.1 billion to $7.0 billion during the same period.
Comstock will add $0.6 billion in production to the total based on its own 2013 originations.
Guild President and Chief Executive Officer Mary Ann McGarry noted in the announcement that the acquisition will help Guild achieve its goal of reaching $10 billion in annual production and growing its servicing portfolio to $15 billion by next year.
The purchase will add 15 offices to Guild’s more than 200 branches and 180 loan officers to its staff of 1,915 employees.
“When we began meeting earlier this year, both companies felt right away that we had a culture match, a close alignment of philosophy and goals for the future, and that Comstock and Guild could be a wonderful combination,” McGarry stated. “We have complementary strengths.”
Comstock Chairman Jeff Tarbell, a 23-year mortgage veteran, will become regional manager of Guild in charge of the Comstock division.
