Hawaii’s largest locally owned mortgage banking company is going to be taken over by one of the largest retail mortgage lenders in the United States.
Chicago-based Guaranteed Rate Inc. announced today that it will acquire certain assets of Honolulu HomeLoans and an affiliate, Hawaii Lending Alliance, to expand Guaranteed Rate in the state.
As part of the deal, former Honolulu HomeLoans CEO Anders Hostelley will become a Guaranteed Rate regional manager and head the Hawaii operations.
Honolulu HomeLoans was established in 2010 by local mortgage lending veteran Tom Zimmerman, and reported servicing more than $1 billion in mortgage loans in its first two years. The company is based in Downtown Honolulu and lists having seven other branches on Oahu and Maui. Honolulu HomeLoans also established Hawaii Lending Alliance two years ago with Berkshire Hathaway HomeServices Hawaii Realty.
Guaranteed Rate was founded in 2000 and expanded to Hawaii in 2015. The company has 317 offices throughout the country and said it has funded nearly $12 billion in loans during the first half of this year.