Chicago-based lender Guaranteed Rate is acquiring wholesale lender Stearns Lending for an undisclosed sum, multiple sources told HousingWire Tuesday.

Employees at Stearns, a multi-channel lender that is owned by financial giant Blackstone Group, were told in an all-hands call on Tuesday afternoon, sources told HousingWire.

Neither Guaranteed Rate, a heavy hitter in retail lending, nor Stearns were immediately available to comment.

The acquisition of Stearns would provide Guaranteed Rate another revenue stream as it considers a potential IPO, sources familiar with the deal told HousingWire.

According to data from Recursion Companies, Stearns originated roughly $11 billion in mortgages during the third details ⇒

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