Glenn Bryant Stearns (born 1963) is an American businessman, and the founder of Stearns Lending. The company offers home loan products directly to consumers at its retail branches, through approved mortgage brokers or through correspondent partnerships with mortgage banks that underwrite Stearns’ loans. Just because things have always been done the same way, doesn’t mean it’s the best way. Daring to create an environment where our employees, realtor and builder partners, and clients would have the opportunity to achieve great things, Glenn Stearns founded Stearns Lending in 1989. [6], Stearns was featured on the Inc. 5000 list of fastest growing private companies in America in 2013, 2014 and 2015. On September 11, 2019, Stearns announced … By 2010, Stearns Lending experienced record growth. The unexpected downfall of the nation’s fifth largest investment bank, founded in 1923, shocked the financial world and sent global markets tumbling. “At Kind Lending, we’re taking a modern approach to the lending experience,” said Glenn Stearns, founder and CEO of Kind Lending, LLC. Name/Company. California businessman Glenn Stearns, the star of the Discovery Channel's "Undercover Billionaire," built his fortune after founding the mortgage lender Stearns Lending at age 25. Stearns Lending – acquired equity interest in Citywide Home Loans Stearns Lending – cut 159 jobs in Orange County, CA Stearns Lending – entered shared equity partnership deal with Certainty Home Loans Stearns Lending – acquired wholesale, non-delegated correspondent, and consumer-direct businesses of Primary Capital Mortgage… His daughter Kelly Skalicky became president in 2018, and later was named president and CEO. For decades, mortgage lenders have done things the same way, from processing loans, to marketing their services, to interacting with customers. - Michelle V. If you are still shopping around for the best lender, rest assured, because you found it. It’s time to take a different approach to the industry. [10] The filing was precipitated by failure to come to an agreement on restructuring with Pacific Investment Management Company (PIMCO), which owns 67% of the $183 million in senior secured notes owed by Stearns… Daring to create an environment where our employees, realtor and builder partners, and clients would have the opportunity to achieve great things, Glenn Stearns founded Stearns Lending in 1989. In September 2008, Bank of America Corp. quickly purchased the struggling Merrill Ly… Stearns Lending is also approved as a VA (United States Department of Veterans Affairs) lender, a USDA (United States Department of Agriculture) lender, and is an approved lending institution with FHA (Federal Housing Administration). Stearns Holdings will come out of bankruptcy with a new owner, the company has announced. © 2020 Stearns Lending, LLC. Please update this article to reflect recent events or newly available information. Glenn Stearns is an American businessman, and the founder of Stearns Lending. Meet our executive leadership team, guiding the way to excellence. The filing was precipitated by failure to come to an agreement on restructuring with Pacific Investment Management Company(PIMCO), which owns 67% of the $183 million in senior secured notes owed by Stearns. In 1989, then 25-year-old Stearns formed Stearns Lending LLC, a mortgage company. Stearns Lending LLC. [10] The filing was precipitated by failure to come to an agreement on restructuring with Pacific Investment Management Company (PIMCO), which owns 67% of the $183 million in senior secured notes owed by Stearns. On July 9, 2019, after Stearns’ business did poorly in the rising interest rate environment of 2017-2018, Stearns Lending filed for Chapter 11 bankruptcy. Stearns Bank continues to extend its foundation of excellence with bank locations in Minnesota, Arizona and Florida. Stearns is literally going undercover in Erie, Pennsylvania and … Leadership at Stearns Bank happens at every level and in every aspect of what we do. Exercising Access, Data Portability, and Deletion Rights - For California Residents only. - Simon O'mara , CA If you are still shopping around for the best lender, rest assured, because you found it. Stearns had amassed the debt being restructured prior to Blackstone's investment. [7][8] In August 2015, Stearns' parent company, Stearns Holdings, LLC, was purchased by The Blackstone Group. The company survived the mortgage-lending crisis. Founded in 1912, Stearns Bank is a $2 billion, independently-owned financial institution with four locations in Minnesota, three in Florida and one in Arizona; it specializes in small business lending and equipment financing. David C Schneider. Stearns is one of the largest mortgage lenders in the US[2][3] As of 2013[update], Stearns was the fifth-largest privately held lender nationwide. He is the star of the Discovery Channel's Undercover Billionaire and subsequent founder of Underdog BBQ in Erie, Pennsylvania. All Rights Reserved. And from … Investment firm Blackstone owns 70% of Stearns, having acquired its stake in December 2015 from founder Glenn Stearns, who now owns 29%. Founded in 1912, the bank was acquired by Norm Skalicky in 1964. [1][4] He was chief executive officer (CEO) from its founding until May 2012 when Stearns named Brian Hale, former president and national production executive of MetLife Home Loans, as his successor. ... Stearns Lending, filed for Chapter 11 bankruptcy in July 2019 — less than a month before Undercover Billionaire premiered. [9], In January 2021, Chicago-based lender Guaranteed Rate is acquiring multi-channel lender Stearns Holdings for an undisclosed sum, multiple sources told HousingWire. Glenn Stearns owns a Caribbean island with Richard Branson. ... ClosingCorp owns and operates the premier source of intelligence for closing costs and service providers in the U.S. residential real estate industry. [10] 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.[11]. In addition, Glenn is a Member of Board of Directors at Horatio Alger Association of Distinguished Americans. As it turned out, Bear Stearns would be only the first in a string of financial firms brought low by the combination of income losses and diminishing confidence in the market. He is the star of the Discovery Channels's Undercover Billionaire and subsequent founder of Underdog BBQ in Erie, Pennsylvania. SANTA ANA, Calif., July 31, 2006 -- Stearns Lending, Inc., ("Stearns") a privately owned mortgage company today announced that is has exceeded its all-time revenue record for the first six months of 2006. Federal Home Loan Mortgage Corp. Stearns Lending, LLC is located at 4 Hutton Centre Drive, 10th Floor, Santa Ana, … And from that very first day, we’ve eagerly invested in our people to build strong, enduring communities. The wholesale lending division became the #1 lender in America and Stearns has helped over 1,000,000 families achieve home ownership. David B Lowman "Dave". On July 9, 2019, after Stearns' business did poorly in the rising interest rate environment of 2017-2018, Stearns Lending filed for Chapter 11 bankruptcy. The edits below reflect that Stearns Lending was acquired by funds managed by the private equity group Blackstone.] About Stearns Lending, LLC. Stearns Lending, LLC, a leading provider of mortgage lending services in Wholesale, Retail, and Strategic Alliance sectors, today announced the close of its shared equity partnership deal with Certainty Home Loans, an independent mortgage banker that delivers a confident closing, with the terms agreed upon, and the timing promised. Stearns Lending, LLC, a leading independent mortgage bank, today announced the close of its shared equity partnership deal with Citywide Home Loans, an independent mortgage lender headquartered in Salt Lake City, Utah. Stearns was born of the idea to help people succeed – also knowing that success looks different to every individual. Stearns Lending revenue increased 17% in 2006 over the corresponding first six months for 2005 and 39% over the … Stearns Lending did an absolutely amazing job and closed our Jumbo Loan in 16 business days. Stearns Lending, LLC is an American wholesale, retail and correspondent lender. Founded in 1989, Stearns Lending is a national wholesale and retail mortgage lender. And he’s going to do it all over again on the Discovery Channel’s Undercover Billionaire , premiering on August 6 at 9:00 p.m. EST. Learn how and when to remove these template messages, Learn how and when to remove this template message, "Stearns to Sell Majority Stake to Blackstone", "After subprime collapse, nonbank lenders again dominate riskier mortgages", "Fast Growing Lender Adding Correspondent Program", "Hard Times Yield Opportunities for Stearns Lending", "Stearns Lending, LLC Announces CEO Transition", "Will Blackstone's (BX) Deal with Stearns Boost Growth", "ABA Endorses Stearns Lending's Fulfillment, Correspondent Services", "Stearns Lending files Chapter 11 bankruptcy after mortgage interest rate increases", https://en.wikipedia.org/w/index.php?title=Stearns_Lending&oldid=1000490006, Financial services companies based in California, Financial services companies established in 1989, Companies that filed for Chapter 11 bankruptcy in 2019, United States financial services company stubs, Wikipedia articles in need of updating from July 2019, All Wikipedia articles in need of updating, Articles with multiple maintenance issues, Articles containing potentially dated statements from 2013, All articles containing potentially dated statements, Creative Commons Attribution-ShareAlike License, This page was last edited on 15 January 2021, at 08:55. [1], On July 9, 2019, after Stearns' business did poorly in the rising interest rate environment of 2017-2018, Stearns Lending filed for Chapter 11 bankruptcy. Stearns Lending … In an industry where companies often look the same and sound the same, we’re not afraid to be different. "The action we are taking today is the next step in our efforts to reposition Stearns for future growth opportunities and enhanced profitability," David Schneider, CEO of Stearns Lending, said in the press release. [1][7] The American Bankers Association added Stearns Lending to its list of endorsed lending services through the Corporation for American Banking in May 2016. The founder of Stearns Lending has an estimated net worth of $1.0 billion, which he built in a true “rags to riches” story. Stearns was born of the idea to help people succeed – also knowing that success looks different to every individual. Screen sharing in Stearns Digital gives customers the best of both worlds—the convenience of a digital mortgage application and quick access to their personal Loan Originator. [4], Glenn Stearns founded the company in 1989. Founded on December 7th, 1998 by Steven J. Goorman as Citywide Funding, his entrepreneurial, dynamic and determined style has grown the small broker company of just 5 employees to the large corporation it is today. [5] On May 15, 2017, David Schneider joined Stearns Lending as CEO and a member of its board of managers. Stearns and loancare have 2 mortgage loans out in my name which are both listed on my credit report however I only have 1 loan and 1 mortgage I pay through loancare.