JGWPT announced it’s officially launching a reverse mortgage division under its Peachtree Financial Solutions company.
RMD reported that J.G. Wentworth was getting into the business late last year and it has since been running a small “pilot operation” out of its Randor, PA office. Peachtree and J.G. Wentworth became part of JGWPT, a newly formed and privately held holding company earlier this year.
“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,” said David Miller, CEO.
The new division will be operated out of Peachtree’s Boynton Beach location and managed under Alberto Cairo, who currently serves at Peachtree’s COO.
Both J.G. Wentworth and Peachtree financial purchases structured settlement payments and other special assets. Over the last twenty years, the companies have purchased over $9 billion in future payment obligations and other specialty receivables.
JGWPT said it decided to make the reverse mortgage division an extension of Peachtree’s existing business because it’s a better fit operationally.
“This is a business with excellent potential that we can grow over the coming years in Boynton Beach. We are moving quickly to capitalize on this opportunity,” said Cairo.
The company added that it’s searching for a national sales director.