Stearns Lending Inc has a rich history that dates back to 1989. The company was founded by Don Bissett and has since grown to become a leading mortgage lender in the United States.
Stearns Lending Inc is a privately-held company, with its headquarters located in St. Paul, Minnesota. The company has a strong presence in the mortgage industry, with a focus on providing innovative mortgage solutions to its customers.
Stearns Lending Inc has a team of experienced professionals who are dedicated to helping customers achieve their homeownership goals. The company's commitment to customer satisfaction and community involvement has earned it a reputation as a trusted and reliable mortgage lender.
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Company Overview
Stearns Lending was founded in 1989 by Glenn Stearns, who dared to create an environment where employees, realtor and builder partners, and clients could achieve great things.
Glenn Stearns started his career as a loan officer at just 25 years old and formed his own mortgage company, Stearns Lending LLC, after just 10 months on the job.
By 2002, Glenn's business acumen was honored with Ernst & Young's prestigious Entrepreneur of the Year Award.
Stearns Lending LLC reached nearly $1 billion in monthly funded loan volume by 2010, while experiencing record growth.
In 2015, investment firm Blackstone acquired 70% of Stearns, with founder Glenn Stearns retaining 29% ownership.
Today, Stearns Bank has bank locations in Minnesota, Arizona, and Florida, and has exceeded the benchmark of over $2 billion in assets.
Ratings and Rankings
Stearns Lending has received a 4.5-star rating on Trustpilot, based on over 2,000 reviews. This is a testament to their commitment to customer satisfaction.
Their customer service team is available 6 days a week, providing support and assistance to borrowers. This level of availability is a significant advantage for those who need help outside of regular business hours.
Stearns Lending has a strong reputation for being flexible and accommodating to their customers' needs. They offer a range of loan options, including fixed-rate and adjustable-rate loans.
Their loan products are designed to meet the unique needs of each borrower, and their team is dedicated to helping customers find the right loan for their situation.
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Location and Structure
Stearns Lending is headquartered in Austin, Texas, with additional offices in several states across the country.
Founded in 1989, Stearns Lending has over three decades of experience in the mortgage industry.
With a strong presence in the US mortgage market, Stearns Lending offers a wide range of mortgage products to meet the unique needs of its clients.
Stearns Lending's mortgage products include conventional loans, FHA loans, VA loans, and USDA loans, among others.
Where is Inc based?
Stearns Lending, Inc is based in Lewisville, Texas. This is a great example of a company's physical location.
Some companies have a clear and straightforward structure, such as Stearns Lending, Inc, which is based in one specific location.
NAICS Code for Inc
Stearns Lending, Inc is a great example of how to look up a company's NAICS code. The NAICS code for Stearns Lending, Inc is 5223.
A NAICS code can be useful for understanding a company's industry classification. The NAICS codes for Stearns Lending, Inc are 5223, 52, 52231, and 522.
You can use a company's NAICS code to identify its business activities and operations.
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Employee and Operations
At Stearns Lending, the company prioritizes its employees, offering a competitive compensation package, including a base salary, bonuses, and benefits.
The company's operations are streamlined to ensure efficiency, with a focus on technology to support its growth.
Stearns Lending's employees are empowered to make decisions, with a flat organizational structure that encourages collaboration and innovation.
Employee Count at Lending, Inc
Employee Count at Lending, Inc is relatively small, with 481 people employed at Stearns Lending, Inc.
This number is a fraction of the workforce at many larger lending companies.
Vice President-Corporate Real Estate
Meet Mcr.h Craig Peoples, the Vice President-Corporate Real Estate of Stearns Lending, Inc. He's based in Coppell, TX, US, and has a significant presence in the area with 3-5+ locations.
Craig Peoples has a diverse range of locations under his portfolio, including Windsor, CA, US, and Midlothian, VA, US, where he has a smaller footprint with 2 locations.
Here are some key locations associated with Mcr.h Craig Peoples:
Craig Peoples also has a presence in other locations, including Euless, Texas, United States, and Irvine, CA, US, which have 2 locations each.
Overall, Mcr.h Craig Peoples is responsible for a significant number of locations across the United States, with a focus on corporate real estate.
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History and Bankruptcy
Stearns Lending faced significant financial struggles, particularly in 2019. The company's performance declined amid rising interest rates in 2017 and 2018.
In an attempt to restructure its debt, Stearns sought an agreement with Pacific Investment Management Company (PIMCO) in mid-2019. PIMCO owned 67% of the $183 million in senior secured notes owed by Stearns.
Unfortunately, this effort failed, and Stearns Lending filed for Chapter 11 bankruptcy on July 9, 2019.
History
Glenn Stearns founded Stearns Lending in 1989, marking the beginning of the company's history. He was the chief executive officer (CEO) until May 2012, when he named Brian Hale as his successor.
In May 2017, David Schneider joined Stearns Lending as CEO and a member of its board of managers. Glenn Stearns' leadership and vision helped the company achieve significant growth.
Stearns Lending appeared on the Inc. 5000 list of fastest-growing private companies in America in 2013, 2014, and 2015. This recognition is a testament to the company's innovative approach to lending.
In August 2015, Stearns' parent company, Stearns Holdings, LLC, was purchased by The Blackstone Group. This acquisition marked a significant milestone in the company's history.
The American Bankers Association added Stearns Lending to its list of endorsed lending services through the Corporation for American Banking in May 2016. This endorsement is a seal of approval for the company's commitment to excellence.
Glenn Stearns' leadership and entrepreneurial spirit have been recognized through various awards, including Ernst & Young's prestigious Entrepreneur of the Year Award in 2002.
2019 Bankruptcy
In 2019, Stearns Lending filed for Chapter 11 bankruptcy on July 9, 2019.
The company's poor performance amid rising interest rates in 2017 and 2018 led to a failed attempt to restructure its debt with Pacific Investment Management Company (PIMCO), which owned 67% of the $183 million in senior secured notes owed by Stearns.
On September 11, 2019, Stearns announced that it had reached an agreement with its largest noteholders to support a plan of reorganization.
In 2021, Guaranteed Rate, a Chicago-based lender, bought Stearns for an undisclosed sum and discontinued the Stearns brand a year later.
Frequently Asked Questions
Who purchased Stearns Lending?
Guaranteed Rate acquired Stearns Holdings in January 2021 from Blackstone Group, a leading global financial institution. This acquisition marked a significant milestone in Guaranteed Rate's expansion into the mortgage lending market.
Did Glenn Stearns sell Stearns Lending?
Yes, Glenn Stearns sold Stearns Lending before taking a multi-year break with his family. He later pursued a reality TV career, starring in Undercover Billionaire on the Discovery Channel.
Where is Stearns Lending headquarters?
Stearns Lending is headquartered in Lewisville, TX. Our team is based in the Dallas-Fort Worth area, serving clients nationwide.
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