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Kent Wiechert, owner and president of Weststar Mortgage Corporation, has acquired Goldwater Bank NA in a stock purchase. Weststar Mortgage is a privately-owned company established in 1983 in Albuquerque, N.M. where it maintains corporate headquarters to this day. The firm’s primary initial focus was to develop specialized software that enabled the company to deliver best of breed loan servicing solutions to clients who offered seller financing as an alternative to traditional real estate financing.
Weststar provides both private and agency loan servicing to more than $2 billion in loans in more than 30 states. Beginning in the early 1990s, the business model grew to include a successful retail mortgage origination channel. Today, Weststar 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.
“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,” said Wiechert.
Goldwater Bank, located in Scottsdale, Ariz., focuses on providing financial services in a variety of different avenues, within all aspects of a client’s life, also known as Lifestyle Banking.
“We’re excited to pair our commercial bank platform with Weststar’s mortgage business and bring our unique approach in banking to even more customers,” said Julie Merhege, president of Goldwater Bank.
On Aug. 28th, 2015, the Office of the Comptroller of the Currency (OCC) issued a letter to Goldwater Bank concurring to a plan submitted by the Bank and Weststar Mortgage almost a year prior which allowed Wiechert to acquire a controlling interest in the Bank. The details of the plan include a host of provisions that will align the two firms around their common and complementary business lines; including the integration of the Weststar’s highly successful retail mortgage origination channel into the bank’s already established mortgage division.
“By the time we have fully executed the plan submitted to the OCC the two companies will employ more than 600 professionals spanning 40 states and all aspects of the banking, lending and loan servicing disciplines” said Wiechert. “This marks a new adventure for both companies, allowing us to offer even more value to clients and customers nationwide."