Comstock Mortgage announced Friday it has been acquired by San Diego-based Guild Mortgage Co..
Jeff Tarbell, one of 12 partners of Comstock, said his group welcomed the affiliation with a larger, deep-pocketed company.
“It allows us to be a national player but still be a hometown presence,” said Tarbell, who becomes Guild’s new regional manager for Northern California. He did not disclose financial terms of the acquisition.
Tarbell said Comstock’s clients will gain from access to Guild’s broader network of mortgage products and more competitive pricing for interest rates. “It puts in into a huge market, but we still get to keep our team and our culture together,” said Tarbell, who has served as Comstock’s chairman of the board.
Comstock, which has 15 offices in the greater Sacramento region, as well as offices in Arizona and Washington state, will retain its name for at least the short term, Tarbell said. The company’s 140 mortgage employees also are expected to stay.
Guild Mortgage, founded in 1960 as a home financing company for American Housing Guild in San Diego, has more than 200 branch and satellite offices in 23 states. It generated loan volume of $7 billion in 2013, according to the company.
“Comstock is the perfect fit for our plan to grow to loan volume of $10 billion and servicing volume of $15 billion by 2015,” said Guild President and CEO Mary Ann McGarry, in a statement.