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GHLD Guild

Founded in 1960 when the modern U.S. mortgage industry was just forming, Guild Mortgage Co. is a nationally recognized independent mortgage lender offering a wide range of residential mortgage products and local in-house processing, underwriting and funding. Its collegial and entrepreneurial culture enables it to deliver unsurpassed levels of customer service. Having been through every economic cycle, the company has grown 15-fold since 2007, and now has more than 4,000 employees and 344 branch and satellite offices in 29 states. Guild's highly trained loan professionals are experienced in government-sponsored programs such as FHA, VA, USDA, low down payment assistance programs and other specialized loan programs. The company generated $15.94 billion in loan volume in 2017, as compared to $1.23 billion in 2007. In addition, Guild services more than 190,000 loans, which totaled $38.55 billion in 2017. It has correspondent banking relationships with credit unions and community banks in 47 states.

Company profile

Ticker
GHLD
Exchange
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Guild Mortgage Company LLC • Guild Financial Express, Inc. • Guild Administration Corp. • Guild Mortgage Co ...
IRS number
852453154

GHLD stock data

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Calendar

13 Aug 21
27 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
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Cost of revenue
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Operating margin
Net income
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Diluted EPS
Annual (USD)
Dec 20
Revenue
Cost of revenue
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Diluted EPS

Financial data from Guild earnings reports.

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
28 May 21 Edward Bryant JR RSU Grant Acquire A No No 15.65 1,278 20K 21,278
28 May 21 Desiree Amber Elwell RSU Grant Acquire A No No 15.65 4,516 70.68K 75,183
28 May 21 Patrick Joseph Duffy RSU Grant Acquire A No No 15.65 1,704 26.67K 28,371
28 May 21 Patrick Joseph Duffy Class B Common Stock, par value $0.01 per share Class A Common Stock, par value $0.01 per share Grant Acquire A Yes No 0 0 0 40,333,019
28 May 21 Barrett Horn RSU Grant Acquire A No No 15.65 4,793 75.01K 79,793
28 May 21 Martha E. Marcon RSU Grant Acquire A No No 15.65 1,278 20K 21,278

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

13F holders
Current Prev Q Change
Total holders 22 21 +4.8%
Opened positions 4 19 -78.9%
Closed positions 3 0 NEW
Increased positions 3 1 +200.0%
Reduced positions 9 0 NEW
13F shares
Current Prev Q Change
Total value 752.35M 748.26M +0.5%
Total shares 44.84M 44.91M -0.2%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Mccarthy Capital Mortgage Investors 40.33M $683.24M 0.0%
Adage Capital Partners GP, L.L.C. 1.1M $16.83M -0.7%
Bayview Asset Management 900K $13.81M 0.0%
Basswood Capital Management, L.L.C. 883.71K $13.56M -12.4%
Schonfeld Strategic Advisors 493.14K $7.57M -0.2%
Zimmer Partners 373.6K $5.73M +5.3%
Vanguard 298.86K $4.58M -0.4%
Gillson Capital 188.53K $2.89M -4.7%
Algebris (UK) 132.17K $2.03M NEW
Geode Capital Management 43.34K $664K +1.8%
Largest transactions
Shares Bought/sold Change
Algebris (UK) 132.17K +132.17K NEW
Basswood Capital Management, L.L.C. 883.71K -124.77K -12.4%
BAC Bank Of America 1.97K -63.95K -97.0%
Highland Private Wealth Management 27K +27K NEW
FHI Federated Hermes 25.08K -25.38K -50.3%
Zimmer Partners 373.6K +18.76K +5.3%
Boothbay Fund Management 0 -15.76K EXIT
STT State Street 13.59K +13.59K NEW
ExodusPoint Capital Management 0 -11.74K EXIT
Gillson Capital 188.53K -9.2K -4.7%

Financial report summary

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Risks
  • The RMS acquisition may cause our financial results to differ from our expectations or the expectations of the investment community; we may not be able to achieve anticipated benefits from the acquisition.
  • The COVID-19 pandemic has had, and will likely continue to have, an adverse effect on our business, and its ultimate effect on our business and financial results will depend on future developments, which are highly uncertain and cannot be predicted, including the scope and duration of the pandemic and actions taken or to be taken by government authorities in response to the pandemic.
  • A disruption in the secondary home loan market or our ability to sell the loans that we originate could have a detrimental effect on our business.
  • Macroeconomic and U.S. residential real estate market conditions could materially and adversely affect our revenue and results of operations.
  • We highly depend on certain U.S. government-sponsored entities and government agencies, and any changes in these entities or their current roles could materially and adversely affect our business, financial condition and results of operations.
  • Changes in prevailing interest rates or U.S. monetary policies may have a detrimental effect on our business. Our hedging strategies may not be successful in mitigating interest rate risk.
  • Our servicing rights are subject to termination with or without cause.
  • Our existing and any future indebtedness could adversely affect our ability to operate our business, our financial condition or the results of our operations.
  • Our mortgage loan origination and servicing activities rely on our loan funding facilities to fund mortgage loans and otherwise operate our business. If one or more of those facilities are terminated, we may be unable to find replacement financing at commercially favorable terms, or at all, which could be detrimental to our business.
  • Our business depends on our ability to maintain and improve the technology infrastructure that supports our origination and servicing platform, and any significant disruption in service on our platform could harm our business, brand, operating results, financial condition and prospects.
  • Our risk management strategies may not be fully effective in mitigating our risk exposures in all market environments or against all types of risk.
  • Pressure from existing and new competitors may adversely affect our business, operating results, financial condition and prospects.
  • Our failure to maintain or grow our historical referral relationships with our referral partners may materially and adversely affect our business, operating results, financial condition and prospects.
  • We are required to make servicing advances that can be subject to delays in recovery or may not be recoverable in certain circumstances.
  • If we are unable to attract, integrate and retain qualified personnel, our ability to develop and successfully grow our business could be harmed.
  • A substantial portion of our assets are measured at fair value. From time to time our estimates of their value prove to be inaccurate and we are required to write them down.
  • We may from time to time be subject to litigation, which may be extremely costly to defend, could result in substantial judgment or settlement costs and could subject us to other remedies.
  • The success and growth of our business will depend upon our ability to adapt to and implement technological changes.
  • Adverse events to our clients could occur, which can result in substantial losses that could adversely affect our financial condition.
  • Our business could be materially and adversely affected by a cybersecurity breach or other vulnerability involving our computer systems or those of certain of our third-party service providers.
  • Operating and growing our business may require additional capital, and if capital is not available to us, our business, operating results, financial condition and prospects may suffer.
  • We are subject to certain operational risks, including, but not limited to, employee or customer fraud, the obligation to repurchase sold loans in the event of a documentation error, and data processing system failures and errors.
  • We are periodically required to repurchase mortgage loans that we have sold, or indemnify purchasers of our mortgage loans, if these loans fail to meet certain criteria or characteristics or under other circumstances.
  • Seasonality may cause fluctuations in our financial results.
  • If we fail to protect our brand and reputation, our ability to grow our business and increase the volume of mortgages we originate and service may be adversely affected.
  • Failure to comply with fair lending laws and regulations could lead to a wide variety of sanctions that could have a material adverse effect on our business, financial condition and results of operations.
  • We are subject to certain risks associated with investing in real estate and real estate related assets, including risks of loss from adverse weather conditions, man-made or natural disasters, pandemics, terrorist attacks and the effects of climate change and, which may cause disruptions in our operations and could materially and adversely affect the real estate industry generally and our business, financial condition, liquidity and results of operations.
  • We are subject to state licensing and operational requirements. Our failure to obtain and maintain the appropriate state licenses would prohibit us from originating or servicing mortgages in those states and adversely affect our operations.
  • Changes in the guidelines of the GSEs, FHA, VA, USDA and Ginnie Mae could adversely affect our business.
  • We are controlled by McCarthy Capital Mortgage Investors, LLC (“MCMI”), and MCMI’s interests may conflict with our interests and the interests of our other stockholders.
  • We are a “controlled company” within the meaning of the NYSE rules and, as a result, we are permitted, and elect, to rely on exemptions from certain corporate governance requirements that provide protection to stockholders of other companies.
  • Our directors and executive officers have significant control over our business.
  • We have incurred, may incur additional, significant costs and expenses, including costs and expenses associated with obligations relating to being a newly public company, which requires significant resources and management attention and may divert focus from our business operations, and we may generate losses in the future.
  • Our quarterly operating results or other operating metrics may fluctuate significantly and may not meet expectations of research analysts, which could cause the trading price of our Class A common stock to decline.
  • If we fail to correct any material weakness that we identify in our internal control over financial reporting or otherwise fail to maintain effective internal control over financial reporting, we may not be able to report our financial results accurately and timely, in which case our business may be harmed, investors may lose confidence in the accuracy and completeness of our financial reports and the price of our Class A common stock may decline.
  • Sales of a substantial number of shares of our common stock by our existing stockholders in the public market could cause the price of our Class A common stock to fall.
  • Our issuance of capital stock in connection with financings, acquisitions, investments, our equity incentive plans or otherwise would dilute all other stockholders.
  • We do not intend to pay dividends in the foreseeable future.
  • Certain provisions in our certificate of incorporation and bylaws and of Delaware law may prevent or delay an acquisition of Guild, which could decrease the trading price of our Class A common stock.
  • Our Board of Directors has the ability to issue blank check preferred stock, which may discourage or impede acquisition attempts or other transactions.
  • Our certificate of incorporation contains an exclusive forum provision that may discourage lawsuits against us and our directors and officers.
  • The dual class structure of our common stock may adversely affect the trading market for our Class A common stock.
Management Discussion
  • For the year ended December 31, 2020, we originated $35.3 billion of mortgage loans compared to $21.8 billion for the year ended December 31, 2019, representing an increase of $13.5 billion or 61.4%. This increase was primarily due to decreased interest rates, which led to an increase in origination volume across the U.S. mortgage market.  Our servicing portfolio as of December 31, 2020 was $60.0 billion of UPB compared to $49.3 billion of UPB as of December 31, 2019, with the average size of the portfolio increasing 15.3% over that time. We generated $370.6 million of net income for the year ended December 31, 2020 compared to $5.6 million for the year ended December 31, 2019. We generated $523.8 million of Adjusted Net Income for the year ended December 31, 2020 compared to $139.1 million for the year ended December 31, 2019, representing a 276.6% increase, and we generated $714.3 million of Adjusted EBITDA for the year ended December 31, 2020 compared to $201.5 million for the year ended December 31, 2019, representing a 254.5% increase. Please see “—Non-GAAP Financial Measures” for further information regarding our use of Adjusted Net Income and Adjusted EBITDA, including limitations related to such non-GAAP measures and a reconciliation of such measures to net income, the nearest comparable financial measure calculated and presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
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