GUILD MORTGAGE TO PURCHASE INLANTAS MORTGAGE BUSINESS

Inlanta Mortgage, the latest lender to close amid a slumping housing market, has sold its mortgage business to Guild Mortgage, which continues to grow despite the current economic crisis.

Guild Mortgage on Thursday announced the acquisition of Inlanta, which earlier in the day said it would close business this week, beginning with the “permanent layoff of 62 employees.”

The Wisconsin-based lender blamed the closing on “a dramatic and unexpected decline in demand for mortgage products.”

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