The shift from a refinance boom to a purchase market will leave some mortgage lenders and loan officers with only two options: “Consolidate or exit the business,” according to ​​Mary Ann McGarry, Guild Mortgage’s chief executive officer. 

Meanwhile, McGarry said Guild is well positioned to acquire these assets but will be very patient in closing a deal.

“Think of 2020 and 2021. How much refinance business did we all do? Well, these cycles always happen. And, after a big refi boom, the market drops off,” McGarry said on Monday during the HousingWire Annual 2022 conference held in Scottsdale, details ⇒

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