Guild Mortgage Co.’s loan volume reached $6.7 billion in the first six months of the year, more than double its volume during the same period the year before and its best first half in the company’s history, Guild said Monday.
The rise in loan value was driven by a surge in the number of loans closed, up 90 percent to 29,180. The average loan amount increased 12 percent to about $230,000.
Loans made to purchase homes, opposed to refinancing them, made up the bulk of Guild’s business. At $4.4 billion, it represents two-thirds of the overall loans.
The bank added 35 branches since the first six months of last year, up to 224. In the last half of 2014, Guild acquired Sacramento-based Comstock Mortgage, with 15 offices, and Northwest Mortgage Group, with eight branches.
“We have seen strong growth in our existing branches and also gains in market share in California and the Northwest from two key acquisitions in late 2014,” CEO Mary Ann McGarry said.
In California, Guild had loan volume of $1.46 billion, a 165 percent increase from last year.
Based on the results, McGarry anticipated overall loans would reach $12 billion by the end of the year and servicing volume would reach $20.8 billion.