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Boynton's Peachtree launches reverse mortgage business
By Palm Beach Business.com
BOYNTON BEACH — JGWPT, parent of J.G. Wentworth and Boynton Beach-based Peachtree Financial Solutions, said Wednesday that it is launching a reverse mortgage division that will become part of the Peachtree group of companies operating out of Boynton Beach.
"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," JGWPT CEO David Miller said.
"We decided to reaffirm our commitment to Peachtree's Boynton Beach presence, where it continues to be a significant employer of financial services experts and by establishing the new division there under the management of Peachtree's COO, Alberto Cairo," Miller said. "This decision means that Peachtree's four existing divisions will be joined by a fifth."
The reverse mortgage business started about a year ago as a pilot program at Radnor, Pa.- based J.G. Wentworth. After J.G. Wentworth bought Peachtree in July, it was decided that, strategically, it made business sense to make the reverse mortgage division an extension of Peachtree, which provides specialty financial products.
"In addition, we will be hiring a national sales manager to assist in building the business," says Miller.
"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," Peachtree Financial COO Alberto Cairo said.
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