Westmark Group Holdings - WGHI- Profile

Westmark Group Holding, Inc. through its wholly-owned subsidiaries purchases and sells residential mortgage loans. The company pools and sells mortgage loans to institutional investors within 30 days of origination or purchase. These loans are not serviced by the company. Customers of the company include Household Financial Services Inc., Green Tree Financial Corp., First City Capital Corp and Cont Mortgage Corp. Marketing is done through brokers and in-house executives through telephone and face-to-face meetings. On July 2000 the company suspended the operations of its wholly owned mortgage banking subsidiary , Westmark Mortgage Corporation. Gain on sale of loans accounted for 72% of 1999 revenues; interest income, 16% and loan origination fees, 12%.