Company type | Subsidiary |
---|---|
Industry | Financial Services |
Founded | 1989 |
Founder | Glenn Stearns |
Headquarters |
Lewisville, Texas, U.S. |
Key people | David Schneider, CEO Steve Smith, President & CFO |
Revenue | $521.7 million (2014 [1]) |
Number of employees | 1,700 (2015 [1]) |
Website |
www |
Stearns Lending, LLC was an American wholesale, retail, and correspondent lender. Founded in 1989, it grew until it became the fifth-largest privately held lender in the US in 2013. [2] [3] [4] The company declared bankruptcy in 2019 and was acquired by Guaranteed Rate two years later.
Glenn Stearns, who founded the company in 1989, [1] [2] was chief executive officer (CEO) until May 2012, when he named as his successor Brian Hale, former president and national production executive of MetLife Home Loans. [5]
In May 2017, David Schneider joined Stearns Lending as CEO and a member of its board of managers. [6]
Stearns appeared on the Inc. 5000 list of fastest-growing private companies in America in 2013, 2014, and 2015. [7]In August 2015, Stearns' parent company, Stearns Holdings, LLC, was purchased by The Blackstone Group. [1] [7] In May 2016, the American Bankers Association added Stearns Lending to its list of endorsed lending services through the Corporation for American Banking. [8]
Stearns Lending performed poorly amid the rising interest rates of 2017 and 2018. In mid-2019, the company sought an agreement to restructure its debt with Pacific Investment Management Company (PIMCO), which owned 67% of the $183 million in senior secured notes owed by Stearns. The effort failed, [9] and on July 9, 2019, Stearns Lending filed for Chapter 11 bankruptcy. [9] On September 11, 2019, Stearns announced that it had reached an agreement with its largest noteholders under which the noteholders will support a plan of reorganization. [10]
In 2021, Guaranteed Rate, a Chicago-based lender, bought Stearns for an undisclosed sum, [11] which discontinued the Stearns brand a year later. [12]
Company type | Subsidiary |
---|---|
Industry | Financial Services |
Founded | 1989 |
Founder | Glenn Stearns |
Headquarters |
Lewisville, Texas, U.S. |
Key people | David Schneider, CEO Steve Smith, President & CFO |
Revenue | $521.7 million (2014 [1]) |
Number of employees | 1,700 (2015 [1]) |
Website |
www |
Stearns Lending, LLC was an American wholesale, retail, and correspondent lender. Founded in 1989, it grew until it became the fifth-largest privately held lender in the US in 2013. [2] [3] [4] The company declared bankruptcy in 2019 and was acquired by Guaranteed Rate two years later.
Glenn Stearns, who founded the company in 1989, [1] [2] was chief executive officer (CEO) until May 2012, when he named as his successor Brian Hale, former president and national production executive of MetLife Home Loans. [5]
In May 2017, David Schneider joined Stearns Lending as CEO and a member of its board of managers. [6]
Stearns appeared on the Inc. 5000 list of fastest-growing private companies in America in 2013, 2014, and 2015. [7]In August 2015, Stearns' parent company, Stearns Holdings, LLC, was purchased by The Blackstone Group. [1] [7] In May 2016, the American Bankers Association added Stearns Lending to its list of endorsed lending services through the Corporation for American Banking. [8]
Stearns Lending performed poorly amid the rising interest rates of 2017 and 2018. In mid-2019, the company sought an agreement to restructure its debt with Pacific Investment Management Company (PIMCO), which owned 67% of the $183 million in senior secured notes owed by Stearns. The effort failed, [9] and on July 9, 2019, Stearns Lending filed for Chapter 11 bankruptcy. [9] On September 11, 2019, Stearns announced that it had reached an agreement with its largest noteholders under which the noteholders will support a plan of reorganization. [10]
In 2021, Guaranteed Rate, a Chicago-based lender, bought Stearns for an undisclosed sum, [11] which discontinued the Stearns brand a year later. [12]