Chicago-based lender Guaranteed Rate is acquiring wholesale lender Stearns Lending for an undisclosed sum, multiple sources told HousingWire Tuesday.

Employees at Stearns, a wholesale lender that is owned by financial giant Blackstone Group, were told in an all-hands call on Tuesday afternoon, sources told HousingWire.

Neither Guaranteed Rate, a heavy hitter in retail lending, nor Stearns were immediately available to comment.

This is a breaking news story. Check back for more updates.

IDX Real Estate