Wingspan creates due diligence division
Company stays ahead of loan demand, regulatory envrionment
Wingspan Portfolio Advisors is providing due diligence services to tackle the demanding regulatory environment for lenders and servicers.
The company's due diligence services is based out of its Denver offices. The idea is to enhance the firm's ability to quickly address an uptick in loan volume and demand while handling new regulations that hit the market early next year.
"Our diligence platform was built to be the best at its business, whether in foreclosure management, rental oversight, due diligence, underwriting support and valuation, or in related technology," said Wingspan senior vice president Ryan Lilly.
He added, "We are proud to now become an integral part of the industry’s best provider of diversified services for lenders, investors and mortgage servicers, bringing our special expertise to Wingspan’s impressive array of offerings."
Wingspan is staying one step ahead of the ever-evolving market and plans on providing other forms of forensic review in the future to the secondary market for lenders, servicers and investors.
The new Wingspan office will provide a variety of services, including due diligence, forensic file review and single-family rental oversight.
"I think part of being an active player is being prepared in advance of what is to come, so Wingspan is focused on building in new ideas to stay ahead of the game," Lilly said.
With continued delays in foreclosure timelines and an increase in secondary market activity, Wingspan believes it is poised to offer traditional support along with loss mitigation strategies.
The Denver addition is the latest expansion for Wingspan. The company decided to launch its due diligence division to compliment other services for defaults, originations and compliance, Lilly explained.
"It made sense to leverage that experience and build out new services that we can offer to servicers and investors," the senior vice president said.
Last month, the company acquired a JPMorgan Chase (JPM) servicing facility in Louisiana, expanding its employment count to more than 2,000 staffers this year to handle the diversified services in the mortgage industry, according to the company.
"Our servicers and investors benefit from a full range of services for all their distressed loans and REO, along with complete loan fulfillment and other capabilities through Wingspan Lender Services," said Wingspan CEO and president Steven Horne.
He concluded, "Wingspan clients now have all of the key resources they need for every aspect of their businesses and no longer have to worry about scaling up or down for volume fluctuations, with all of the attendant costs."