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Weststar Mortgage

WestStar Mortgage - Tired of all the Noise?

Tired of all the noise? Turn the radio on and in no time you will hear some guy playing consumer advocate, only to find out that your information ...

Kent Wiechert, owner of Weststar Mortgage, acquires Goldwater Bank

Weststar Mortgage is a privately owned company, which was established in 1983. In the early 1990’s, the company grew to include a retail mortgage origination channel.

Weststar Mortgage originates retail mortgage loans in over 30 states covering nearly every market outside of the Eastern Seaboard. In 2015, Weststar Mortgage expects to report new loan originations exceeding $1 billion.

Weststar also provides both private and agency loan servicing to more than $2 billion in loans in over 30 states.

Goldwater Bank focuses on providing financial services in a variety of different avenues within all aspects of a client’s life, which it refers to as “lifestyle banking.”

Wiechert, who made the acquisition privately, said that he is excited by the opportunities that the deal holds.

“We are very excited about this new acquisition, and look forward to offering our clients even more products and services through our new relationship with Goldwater Bank,” Wiechert said.

J.G. Wentworth completes transition into mortgage lender

According to a release from the companies, the acquisition is now complete.

The final purchase price was $53.2 million in cash and $13.5 million in J.G. Wentworth shares, for a total purchase price of $66.7 million.

WestStar is based in Woodbridge, Virginia, and is licensed to operate in 40 states. The company was founded in 2000 and currently has more than 300 employees spread over 15 states.

With the deal finalized, WestStar will now operate as J.G. Wentworth Home Lending , a newly-rebranded division in the J.G. Wentworth family of brands.

The addition of WestStar’s 300 employees will nearly double J.G. Wentworth’s workforce.

“Diversification to deliver ‘Cash Now’ is a fundamental part of our strategy for growth,” said Stewart Stockdale, chief executive officer, J.G. Wentworth.

“The acquisition of WestStar is strong evidence of this strategy in action,” Stockdale contined. “Together with our structured settlement payment purchasing business and other key initiatives, we are delivering financial products and solutions that allow our customers access to funds that will help them achieve their goals.”

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