Guild sees Q3 revenue surge to $307.4M ahead of Bayview transaction

Guild Holdings Co., the parent company of Guild Mortgage, announced its Q3 2025 earnings on Wednesday afternoon, posting a net revenue of $307.4 million that compared favorably to figures of $279.4 million in Q2 2025 and $159.3 million in Q3 2024.

Guild’s net income for the third quarter was $33.3 million, compared to $18.7 million in the second quarter of 2025 and a net loss of $66.9 million in the third quarter of 2024.

While net revenue increased, the company’s originations segment saw a small decline. Guild posted total originations of $7.4 billion compared to $7.5 billion in Q2 2025 and $6.9 billion during Q3 2024.

According to filings with the Securities and Exchange Commission (SEC), 86% of closed loan origination volume was from purchase business, compared to the Mortgage Bankers Association‘s industrywide estimate of 67% for the same period.

“Our team delivered another quarter of solid performance across both our retail origination and servicing platforms, demonstrating continued positive momentum and the successful execution of our balanced business model,” Guild CEO Terry Schmidt said in a statement.

Company executives did not hold a conference call with analysts due to Guild’s proposed $1.3 billion sale to Bayview Asset Management that was announced in June.

“We continue to realize robust growth as we delivered strong year-over-year increases in adjusted net income, adjusted EBITDA, and adjusted return on average equity during the third quarter, while achieving 7% year-over-year growth in originations as we focus on our customer-for-life strategy,” Schmidt added.

“We remain well-positioned for continued growth as we expand our leading platform and work toward completing our pending transaction with Bayview.”

The transaction has already been approved by McCarthy Capital Mortgage Investors and is expected to close in Q4 2025, pending customary closing conditions, according to previous reporting by HousingWire.

Guild’s origination segment net income was $35 million in the third quarter. up from $23.4 million in the second quarter. Gain-on-sale margins on originations increased by 18 bps on a quarterly basis and were up 14 bps annually to 347 bps.

Gain-on-sale margins on pull-through adjusted locked volume increased slightly quarter over quarter, while they were down slightly year over year to 319 bps. Total pull-through adjusted locked volume was $7.7 billion compared to $7.5 billion last quarter, according to the company’s SEC filing.

Guild’s servicing segment posted net income of $44.5 million, an increase from Q2 2025’s profit of $27.3 million and a net loss of $74.6 million in Q3 2024. The company retained mortgage servicing rights for 67% of total loans sold in Q3.

Valuation adjustments with respect to the company’s MSRs totaled a loss of $29 million in Q3 compared to a loss of $41.3 million in Q2, reflecting ongoing interest rate volatility.

By quarter’s end, Guild’s cash and cash equivalents were $106.4 million, and its unutilized loan funding capacity was $2.1 billion based on total facility size and borrowing limitations, while its nonutilized MSR lines of credit totaled $294.5 million.