Industry: Mortgages and Loans
The firm’s primary initial focus was to develop specialized software that enabled the company to deliver best of breed affordable loan servicing solutions to clients who offered seller financing as an alternative to traditional real estate financing. Weststar’s private loan servicing division continues to offer this service on a portfolio in excess of $1 billion of loans primarily in the Southwest and Northwest.
Beginning in the early 1990’s, the business model grew to include a successful retail mortgage origination channel. Serving consumer needs in its home state of New Mexico, Weststar’s commitment to outstanding customer service throughout the mortgage origination process quickly led to expansion into Texas and Arizona. Retail mortgage origination became a natural and effective strategic compliment to all markets where Weststar’s core platform of private servicing operations were already recognized as a leader in providing solutions to consumers and real estate investors alike. 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.
Thanks to Weststar Mortgage’s powerful combination of extensive loan servicing experience, devoted corporate leadership, strong capital position and a consistent history of profitable operations it was granted approval by Fannie Mae to become a Seller/Servicer as well as approval from GNMA to issue mortgaged-backed securities.
Weststar’s unique mix of expert proficiency in escrow administration and direct issuer status with GNMA propelled product development for its origination business and was soon recognized as a leader in FHA construction and rehabilitation financing through HUD’s 203(b) and (k) programs. Soon after ensuring that its customer service standards could be efficiently delivered on these complex products as smoothly as any conventionally available loan program, Weststar began offering its niche lending expertise to third party originators and loan correspondents as a boutique provider of mortgage solutions well beyond the reach of its retail footprint. Through a measured pace of growth, selective partnerships and a dedicated commitment to its counterparty relationships, Weststar has grown its retained servicing portfolio of agency loans and private loans to exceed $2 billion.
Weststar’s history of success and its expectations to continue a similar trend in the decades to come is driven by the same principles that it was started with over 30 years ago: we provide cutting-edge technology to an outstanding team of associates who consistently exceed the expectations of our customers, affiliates and counterparties. This allows us to provide superior execution of the solutions needed in the residential real estate industry, even if the need is sometimes “outside of the box.”