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Texas Companies Turn to E-Mods to Prevent Foreclosures

To provide faster service and acceptance of loan restructurings, ""Wingspan Portfolio Advisors"":http://www.WingspanAdvisors.com, a Carrollton, Texas firm specializing in saving seriously delinquent loans from foreclosure, has selected electronic mortgage solutions from Houston-based ""SigniaDocs"":http://www.SigniaDocs.com.
Wingspan is employing SigniaDocs' eVaulting and eSigning capabilities to make its loan modifications more effective and keep more Americans safe from foreclosure, the companies said.
Steven Horne, Wingspan's founder and CEO, explained, ""One of the most common reasons for loan modifications to fail before they get started is that borrowers will often give up on the transaction during the period between agreeing to the loan modification and signing the paper documents that create the new loan.
""With SigniaDocs’ eModification service, it all happens very quickly, and speed is essential to making the process work,"" Horne said. ""They allow us to execute loan modifications in minutes by using the Internet and SigniaDocs’ eMortgage electronic vault, instead of waiting for courier services.""
According to Horne, the secret to making loan modifications work effectively is two-fold. First, he says, you have to approach each modification as a highly individualized transaction, tailoring modification offerings closely to each borrower's needs and situation. When it comes to loan restructuring, Horne said, ""one size fits all has proven not to work well, as evidenced by all the loan modifications that have already failed.""
The second factor, Horne said, is the speed with which the modification is accepted and signed by the borrower, and that’s where SigniaDocs comes in. By integrating SigniaDocs eModification technology with Wingspan’s platform, the Wingspan loan resolution specialist is able to send the necessary documentation instantly, while the borrower is still in close contact, is eager to stay in their home, and has agreed to a payment plan that will work for them.
Tim Anderson, SigniaDocs president, explained, ""The borrower receives a secure link to our eVault, where the documents reside, executes them on the spot with a ‘click to sign’ signature, and the deal is finalized. Wingspan Portfolio Advisors then takes delivery instantly, directly from our eVault.""
Wingspan Portfolio Advisors works mainly with borrowers who have given up hope because they are so far behind on their payments that lenders have often already begun the foreclosure process.
Horne said, ""We spend a lot of time on the phone with borrowers, learning about their individual cases. Once we determine that they are really motivated to stay in the home, we work on creating a payment plan that they can handle, which often means a loan modification. We find that most borrowers, if you throw them a lifeline, will grab it and hold on tightly.""
Getting the loan modification executed quickly, Horne says, is essential to that process. ""Borrower commitment is a strong motivating factor in the process,"" Horne said. ""By offering eModifications as opposed to relying on other slower methods, we are much more likely to end up with a loan modification that will work over the long haul.""

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.
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