J.G Wentworth Completes Acquisition of WestStar Mortgage
The J.G. Wentworth Company has announced that it has finalized its acquisition of WestStar Mortgage Inc., a privately held residential mortgage company. The transaction consisted of $53.2 million in cash and $13.5 million in company shares, for a total purchase price of $66.7 million.
“Diversification to deliver Cash Now is a fundamental part of our strategy for growth,” said Stewart A. Stockdale, chief executive officer of The J.G. Wentworth Company. “The acquisition of WestStar is strong evidence of this strategy in action. 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. We are excited to welcome the WestStar team to our company.”
Headquartered in the Washington, D.C. suburb of Woodbridge, Va., and licensed to operate in 40 states, WestStar built its success over the past 15 years in originating conventional, VA, and FHA loans. Known for its reputation and commitment to excellence, WestStar has earned several prestigious awards, including Costco Mortgage Services’ 2013 Operational Excellence Award and 2014 Lender of the Year Award. Based on an independent analysis conducted by consumer finance site LendingTree.com, WestStar has a 95 percent consumer satisfaction rating, among the highest in the industry. The addition of WestStar’s 300 employees will nearly double The J.G. Wentworth Company workforce.
WestStar will now operate as J.G. Wentworth Home Lending Inc., a newly-rebranded division in the J.G. Wentworth family of brands. The new division is expected to benefit from J.G. Wentworth’s 72 percent aided national brand awareness and hundreds of thousands of customer inquiries seeking financial solutions as a result of direct marketing initiatives.
WestStar’s Executive Vice President, Roger W. Jones, will serve as president of the J.G. Wentworth Home Lending division.
“The team at WestStar is excited to join an established direct-to-consumer leader like J.G. Wentworth, and we look forward to bringing a new suite of product solutions to J.G. Wentworth’s established and growing customer base,” said Jones.