With the mortgage industry reeling from foreclosure documentation problems, specialty servicers are in greater demand than ever to work their magic to keep homes from entering the foreclosure process in the first place.
[IMAGE]Increasing demand requires greater efficiency to free up overwhelmed staffs, and specialty servicers like Steven Horne, CEO of ""Wingspan Portfolio Advisors"":http://www.WingspanAdvisors.com, are finding technology essential for maximizing both time and human resources.
Wingspan Portfolio Advisors is a component and specialty servicer headquartered in Carrollton, Texas, that is focused on bringing defaulting loans back from the brink of foreclosure by returning them to performing status or through a short sale. Wingspan's business depends on a combination of technology and high-touch servicing techniques for success.
The company had been using the Windows-based version of ""DRI Management Systems'"":http://www.DRIdefault.com default solution as its technology platform since commencing operations.
""We needed additional speed, flexibility, and customized features to support our growth,"" Horne said. ""When DRI offered the advanced capabilities of its revolutionary Rincon platform, we jumped at the chance to be among the first to adopt it. It's taking our business to a whole new
[COLUMN_BREAK]level, and now with judicial foreclosure processes in turmoil across the country, we're ready for the surging demand.""
Duke Olrich, CEO of Newport Beach, California-based DRI, says working through the nation's foreclosure crisis simply won't be possible without default management technology.
""It's not like the S&L crisis, back when we started DRI,"" Olrich said. ""Not only are the tasks more complex, but the sheer size of the current situation overwhelms servicing staffs with workflow tasks and repetitive steps that benefit from automation.""
Olrich added, ""Rincon helps primary servicers handle many more loans than would otherwise be possible, and also to deploy more experienced people to problem areas like foreclosure documentation.""
Wingspan Portfolio Advisors has garnered a reputation for leveraging innovative technology to improve the effectiveness of servicing delinquent loans. Deploying DRI's new Rincon system seemed like a natural progression to Horne.
""DRI already had the best default management technology available,"" Horne said. ""But they trumped their own achievements with the new platform. With Rincon, more tasks are automated, more customization is readily available, and our loan resolution specialists can spend more time than ever on quality calls with borrowers.""
Horne colorfully explained, ""It's like putting our business on steroids - in a good way. We're hitting a lot of home runs.""
DRI's Olrich notes that Rincon, nearly four years in development, was designed from the ground up to be scalable and easily customizable for servicers without requiring big IT investments.
""Servicers generally lack the time and financial resources to consider sweeping changes to basic servicing systems,"" Olrich said. ""We've built Rincon with that in mind. It implements in a matter of weeks and that keeps costs and organizational impact low.""