Private holding company JGWPT, which recently announced the acquisition of ""J.G. Wentworth"":http://www.jgwentworth.com/ and ""Peachtree Financial Solutions"":http://www.peachtreefinancial.com/, has made another advancement, with the launch of its reverse mortgage division. The newly formed reverse mortgage segment will operate as part of the Peachtree group of companies and will be based in Boynton Beach.[IMAGE]
Approximately one year ago, JGWPT began a pilot program for reverse mortgages via J.G. Wentworth's Radnor, Pennsylvania, office, and with the merging of Peachtree and J.G. Wentworth seven weeks ago, the company executed a strategic decision to initiate the reverse mortgage division, noting Peachtree's specialty product lines already in place.[COLUMN_BREAK]
Deciding that reverse mortgages were an operational fit post-acquistion, JGWPT moved forward with the new segment, and the company is planning to add sales staff accordingly.
CEO of JGWPT, David Miller, said of the transaction, ""We anticipated that there were going to be new market opportunities under a single holding company and today's announcement of this new division is tangible evidence of that.""
Continuing his comments, Miller stated, ""We decided to reaffirm our commitment to Peachtree's Boynton Beach presence where it continues to be a significant employer of financial services experts and by establishing the new division there under the management of Peachtree's COO, Alberto Cairo. This decision means that Peachtree's four existing divisions will be joined by a fifth.""
Adding to Miller's statements, Cairo weighed in, saying, ""This is a business with excellent potential that we can grow over the coming years in Boynton Beach. ├âÔÇÜ├é┬áWe are moving quickly to capitalize on this opportunity.""
Pennsylvania-based J.G. Wentworth's family of companies and Florida-based Peachtree's family of companies are heavy buyers of non-liquid financial assets.
Operated independently for more than 20 years, the companies have collectively purchased over $9 billion in future payment obligations and other receivables during the past two decades.