""Wingspan Portfolio Advisors, LLC"":http://www.WingspanAdvisors.com, a Dallas-based mortgage servicer specializing in highly delinquent loans, has announced its selection by the ""National Association of Federal Credit Unions (NAFCU) Services Corporation"":http://www.nafcu.org/nafcuservices [IMAGE]as the group's designated special servicer and preferred partner for dealing with defaulting loans. Wingspan will be providing its services to member credit unions in an effort to save as many of their problem loans as possible from foreclosure.
""It should come as no surprise that residential mortgages in default represent a challenge, today and likely for some time to come as well,"" said David C. Frankil, president of NAFCU Services Corporation. ""Wingspan brings a wealth of experience and range of solutions that can significantly improve the ability of any credit union to address residential mortgage issues.""
According to Wingspan's CEO, his company was a natural choice because of its success in dealing with borrowers in a close and personal way, echoing credit unions' signature trait of high service levels to their customers. Credit unions are typically owned by their membership and have traditionally been conservative in the types of residential real estate loans they offer, but that doesn't mean they have been spared the problem of rising delinquencies.[COLUMN_BREAK]
""Like all lenders, credit union mortgages are affected by the national economic problems,"" said Steven Horne, president and CEO of Wingspan Portfolio Advisors. But noting the uniqueness of credit union ownership, Horne says their delinquent borrowers require different treatment than other lenders'.
""Wingspan employs a uniquely high-touch approach to defaulting loans, spending a lot of time with borrowers to truly understand their individual situations and exploring lasting ways to keep them in their homes,"" Horne said. ""Our methodology is highly effective, and is a perfect match for the credit unions' close relationship with their members.""
Wingspan Portfolio Advisors specializes in finding ways to help loans return to performing status and regain value to lenders and investors. Acting as a specialty servicer rather than as a primary servicer that handles current and chronically delinquent loans, Wingspan's objective is to return loans to the regular servicing portfolio once they achieve re-performing status.
Wingspan Portfolio Advisors is compensated not by borrowers, but by lenders when it is successful in restoring loans to paying status. Horne notes that the demand for Wingspan's services has necessitated the tripling of their office space and substantially increasing their workforce of specially trained resolution specialists.
""Our peopleÃ¢â‚¬Â¦are especially talented at finding ways to help motivated borrowers save their homes, and there is a great deal of job satisfaction in doing that on a daily basis. We look forward to helping as many NAFCU Services credit union members as possible to avoid the heartache of foreclosure and remain in their homes,"" Horne said.
NAFCU Services Corporation is a wholly owned subsidiary of the National Association of Federal Credit Unions (NAFCU). Since 1975, NAFCU Services has partnered with the industry's solutions providers to offer value-added products and services at a discount to credit unions. Currently, it offers 28 preferred partner programs to the credit union community.