J.G. Wentworth Company Acquires WestStar Mortgage

Posted by Patrick Barnard on August 04, 2015 No Comments
Categories : Residential Mortgage

The J.G. Wentworth Co., a purchaser of structured settlement payments and other receivables, has completed its acquisition of Woodbridge, Va.-based WestStar Mortgage Inc., a privately held residential mortgage company licensed to operate in 40 states.

The transaction involved $53.2 million in cash and $13.5 million in company shares, for a total purchase price of $66.7 million.

Per the terms of the acquisition, WestStar will now operate as J.G. Wentworth Home Lending Inc., a newly re-branded division under the J.G. Wentworth umbrella.

J.G. Wentworth says that the new division will benefit from its 72% aided national brand awareness and hundreds of thousands of customer inquiries seeking financial solutions. With the addition of WestStar's 300 employees, the company workforce will double in size.

WestStar's executive vice president, Roger W. Jones, will serve as president of the new home lending division.

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