A closer look at Guaranteed Rate’s acquisition of Stearns
January 11, 2021
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In today’s HousingWire Daily episode, HW+ Managing Editor Brena Nath joins HousingWire newsroom Managing Editor James Kleimann to discuss the hottest topics coming across the HousingWire news desk. In this episode, the pair review Kleimann’s recent article that discusses wholesale lender Homepoint’s IPO filing on Friday. Nath and Kleimann also dig deep into his scoop on Guaranteed Rate’s acquisition of Stearns Holdings, and what this could mean for the mortgage companies going forward.
For some background on the interview, here’s a brief summary of Kleimann’s article on the acquisition of Stearns:
Chicago-based lender Guaranteed Rate is acquiring multi-channel lender Stearns Holdings for an undisclosed sum, multiple sources told HousingWire Tuesday.
Employees at Stearns, which is owned by financial giant Blackstone Group, were told in an all-hands call on Tuesday afternoon, sources told HousingWire.
In a statement confirming the deal Tuesday afternoon, Guaranteed Rate said the acquisition of Stearns would boost retail loan originations and further scale its joint-venture platform, while also developing “new multichannel capabilities.” It also noted that Blackstone would “have an interest in Guaranteed Rate and will continue to support the integration and growth of the Guaranteed Rate vision.”
The acquisition of Stearns – at one time the nation’s largest wholesaler – would provide Guaranteed Rate a significant new revenue stream as it considers a potential IPO, sources familiar with the deal told HousingWire.
HousingWire Daily examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. HousingWire Daily is hosted by the HW digital team and produced by Alcynna Lloyd and Victoria Wickham.
