Lender and servicer Guild Mortgage has acquired Inlanta Mortgage, Inc., a struggling Wisconsin-based independent lender serving borrowers in 27 states.
Inlanta announced on Dec. 1 that it planned to close by April 2023, National Mortgage News reported, citing “the dramatic and unanticipated drop in mortgage product demand.”
In a Nov. 29 letter to the Wisconsin Department of Workforce Development, Inlanta said it would “begin winding down the company this week and complete the process by early April 2023,” the article said. The notice also said that 62 employees would be eliminated.
Mary Ann McGarry, Guild CEO, said the acquisition is part of the company’s plan to grow both in existing markets and by entering new ones with selective acquisitions.
Terms of the deal were not disclosed, and there were no reports on whether Guild will retain Inlanta employees.
“Inlanta is a natural fit because of its almost 30-year history, strong management team, employee-oriented culture and dedication to customer service,” McGarry said. “Together we will use our combined strengths to drive further growth throughout the Midwest.”
Inlanta, a private company, was founded in Waukesha, Wisc., in 1993. It is based in Pewaukee, 25 miles west of Milwaukee.
Guild, established in 1960, is headquartered in San Diego.