Wingspan Reaches Growth Milestone with 300 Employees

Dallas-based ""Wingspan Portfolio Advisors"":http://www.WingspanAdvisors.com, which specializes in severely delinquent loans and managing foreclosure alternatives to reduce loss severity, offers proof of the demand for special servicing outsources with its recent company growth announcement. The company, which began operations in 2008 with a small group of former GSE and servicing executives, reached 300 employees this month.

""We do things that the current servicing model doesn't allow primary servicers to do,"" said founder Steven Horne, an attorney and former director of risk servicing at Fannie
[IMAGE] [COLUMN_BREAK] Mae. ""We only get paid when we succeed in helping borrowers avoid foreclosure either with a modification, a short sale, or another alternative. And we succeed because we spend a tremendous amount of time with borrowers in an effort to understand their situations and their commitment to remain in the home.

""Primary servicers simply can't afford to invest that kind of time under the compensation model that has been in place for decades,"" he added.

According to Horne, Wingspan is successful with 80 percent of its cases in maintaining payments on modified loans for a year or more.

""Combining highly specialized skill sets with highly specialized technology has been the key to our success,"" Horne said.

The company invested early in default management technology and currently uses the DRI Office technology platform to streamline workflows. The company also employs a technology from IndiSoft that accelerates the short sale cycle from 12-16 weeks down to six weeks or fewer.

Wingspan Portfolio Advisors was named Servicer of the Year by Mortgage Technology magazine for 2009-2010.