J.G. Wentworth Reverse Mortgage Business About to Launch?

J.G. Wentworth is getting ready to start originating reverse mortgages according to several sources who have been in contact with the company.

Despite announcing it would enter the business in August 2011, J.G. Wentworth has been silent since then on any sort of plans until recently.

The company will be run out of an office in Boyton Beach, Florida, but it is not clear who is leading the division. Several calls made to J.G. Wentworth asking for more info were not returned, but LinkedIn shows that Kurt Heide was hired to be their Sales Manager.

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According to the National Mortgage Licensing System, the company is licensed in 10 states and will operate under the name J.G. Wentworth Home Equity Services.

When RMD asked a Peachtree Financial—which is owned by J.G. Wentworth—representative on their website whether they offered reverse mortgages, we were told yes and given a number to call. However, when we called, the receptionist said the company didn’t offer reverse mortgages at this time. So while there might be some confusion at the Peachtree office, it’s pretty clear that the company is about to start originating.

Exactly what J.G. Wentworth’s plans are for reverse mortgages aren’t clear right now, but having a new national brand enter into the space will be a big boost to the industry after losing MetLife earlier this year.

J.G. Wentworth says it’s the largest buyer of deferred payments from illiquid financial assets, purchasing over $4 billion of future obligations from consumers.

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  • Will this type of lender enhance our industry image?  It is a cash flow discounter with the purpose of supplying immediate cash needs.  In my view it confuses the industry image.

    The typical JGW transaction is a purchase of the underlying asset.  JGW will purchase the entire asset or only a portion of the cash flow. It is a different business model and it is unclear how they enhance what it is we do.

    Perhaps they will end up like NY Life with no entry into our market space.  Time will tell.

    • I do not think The_Critic was attacking the company but was merely addressing different images and the confusion its entrance, image, and marketing might cause.  Your comment seems a little out of place unless there was a conviction or admission of such claims by the company.

  • Thomas,

    I am just a cynic wondering what is your motive to make such claims.  If the claims are public record, so be it.  But claims like this are generally anecdotes which are intended to do more damage than good.

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