Guild Holdings is a U.S. residential mortgage company focused primarily on purchase mortgage lending. Guild originates loans almost entirely through its retail channel (~96% of originations), where its own loan officers work directly with homebuyers and referral partners like realtors and builders. The company operates from roughly 440 office locations across 49 states, and management argues this local, relationship-driven model is a key competitive advantage. Guild operates two segments: Origination and Servicing. In Origination, Guild funds loans via warehouse lines of credit, then sells them to the secondary market (Fannie Mae, Freddie Mac, Ginnie Mae), earning a gain-on-sale margin. In Servicing, Guild retains the mortgage servicing right (MSR) on loans it sells, earning recurring fee income on a portfolio of ~$93B in unpaid principal balance. The two segments serve as a natural hedge: falling rates boost origination volumes but hurt MSR values, while rising rates slow originations but increase MSR values. Guild also runs a "portfolio recapture" program, routing refinance and new purchase opportunities back to the original loan officer. Guild has grown through a mix of organic loan officer recruiting and acquisitions of retail mortgage lenders, most notably Academy Mortgage in early 2024. Guild targets first-time and underserved buyers through down payment assistance programs and GSE partnerships, and argues its proprietary technology platform drives above-average loan officer productivity.