Dallas-area mortgage servicing specialist, Wingspan Portfolio Advisors (Carrollton, Tex.), has been formed to now lenders and servicers beset by seriously delinquent loans. The service applies a borrower-focused servicing methodology and is aimed at mitigating losses and helping borrowers achieve full payment status. This results in "re-performing" loans for lenders who appeared unable to save the transactions from foreclosure.
The company was founded by and is led by servicing industry veteran Steven Horne, a lawyer who formerly served as director of Servicing Risk Strategy with Fannie Mae. Horne spent nine years as a partner with Sherman Financial Group, where he built three of the firm's most successful business lines, including a unit that purchased and resolved portfolios of delinquent mortgage loans.
Wingspan Portfolio Advisors aims to give servicers, investors and other stakeholders, such as mortgage insurance companies, a fighting chance to save loans that otherwise would have gone to foreclosure.