Woodbridge Mortgage Firm Bought By Pa. Company: Media Report

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A Woodbridge financial services firm is being acquifred by a larger player in the field in a $54 million deal.

J.G. Wentworth Co. announced Tuesday that it will buy out WestStar Mortgage Inc. of Woodbridge under an agreement that includes cash and Class A common shares, according to the Wall Street Journal. WestStar is a privately held residential mortgage company.

Last year, WestStar closed $1.5 billion of new loan originations, selling or securitizing about half of those loans to government-backed organizations, and the other half to third-party institutional investors, the Journal reported.

Based in Radnor, Pa., J.G. Wentworth’s main line of business involves paying lump sums to people who get regular payments from legal settlements or lottery winnings, the newspaper said. The company had $192.35 million in sales in 2014.