Guild Holdings,parent company guild mortgage, mortgage loan origination volume increased by 6% in the first quarter of 2024, and revenue levels were much higher than in 2023. .
Terry Schmidt, Chief Executive Officer of Guild, said: “I am pleased to report that our first quarter results demonstrate the continued success and disciplined execution of our strategy, with continued loan origination volume, market share gains and more than 600 new loan originations. A licensed loan originator.
“These results come against a backdrop of continued rising interest rates and tight housing inventory, and they reflect our consistent ability to outperform the market and our commitment to delivering homes to homebuyers through our leading product portfolio, proprietary end-to-end technology stack and a native, relationship-based approach,” she said.
Despite broad challenges in the mortgage operating environment, the company approved a dividend of 50 cents per share while it fully implements acquired assets College Mortgage. Academy properties are expected to begin contributing original volume in the coming seasons, Schmidt said.
“Our balanced business model, including our origination and servicing businesses, positions us to remain profitable and stable during an uncertain interest rate environment and continued limited housing inventory,” Schmidt said. “With our strong balance sheet position “We are executing all of our capital priorities wisely, including investing in our organic growth, selectively making accretive acquisitions, and enhancing our technology and service capabilities while also returning capital to shareholders.”
One of the highlights from the report is that the company noted that 91% of its loan origination volume comes from procurement operations, which exceeds Mortgage Bankers Association (MBA) estimates the industry average is 77%. Net revenue increased significantly to $231.8 million from $57.2 million in the fourth quarter of 2023, driven by higher originations, higher sales margins and growth in the company’s services portfolio.
Net profit also recovered significantly to $28.5 million in the first quarter of 2024, compared with a loss of $93 million in the fourth quarter of 2023. , reaching US$86.3 billion.
The company also expanded its stock buyback program.
“During the three months ended March 31, 2024, the Company repurchased and subsequently canceled 17,747 shares of Guild’s Class A common stock at an average purchase price of $14.16 per share,” the report states. As of today, US$10.9 million was still available for repurchase under the company’s stock repurchase plan.
As of late trading on Thursday, Guild’s stock price rose 2.34% on the day to $14.44.
