While transactions where banks are buying mortgage companies and/or other banks have been commonplace in the industry since the financial crisis regulatory authorization for a mortgage company (or its sole owner) purchasing a controlling interest in a nationally chartered bank is relatively unheard of, to say the least.
Weststar Mortgage Corporation is a privately owned company established in 1983 in Albuquerque, New Mexico 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. Today, Weststar provides both private and agency loan servicing to more than $2B in loans in over 30 states.
Beginning in the early 1990’s, the business model grew to include a successful retail mortgage origination channel. Today, Weststar Mortgage 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," says Kent Wiechert, owner and President of Weststar Mortgage Corporation and now Goldwater Bank.
Goldwater Bank, located in Scottsdale, AZ, 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," says Julie Merhege, President of Goldwater Bank.
