GHLD - Guild Holdings' mortgage subsidiary launches loan program to boost home affordability

• Guild Holdings Company ( NYSE: GHLD ) stock advanced 4.6% in Tuesday early afternoon trading as its subsidiary, Guild Mortgage, introduced a new loan program that seeks to help homebuyers save on their payments against a backdrop of exceptionally high mortgage rates .
• Dubbed Payment Advantage, the program allows homebuyers to lock in a conventional mortgage and Guild will pay 1% of the borrower's interest rate for one year with a lender paid temporary buydown, it said.
• After the first year, borrowers may be eligible to refinance with San Diego, California-headquartered Guild via its Payment Protection program through December 2025 without lender fees.
• The financing options consist of primary purchase transactions with as little as 3% down and credit scores as low as 620. Payment Advantage is available for locks until March 31, 2023.
• Prospective homebuyers have stayed on the sidelines for much of 2022 with mortgage rates recently hitting two-decade highs, though early-stage homebuying demand has started to improve as rates retreat from the cyclical peak.
• Previously, (Dec. 2, 2022) Guild Mortgage acquired Inlanta Mortgage .

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