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    The fallout from Wells Fargo's fake account fiasco is far from over, as the bank announced late Tuesday that it reached a $110 million settlement in a class action lawsuit brought on behalf of the bank’s customers who had a fake account opened in their name. Click the headline to read more about the settlement.

Servicing The Ticker

Wingspan makes acquisition of JPM servicing operations official

It’s official. As HousingWire reported in its Ticker Section days ago, Wingspan Portfolio Advisors has entered into an agreement to acquire JPMorgan Chase’s mortgage servicing operations in Melbourne, Fla.

Wingspan, a component and special mortgage servicer, said it would offer positions to more than 400 Chase staff members, while officially acquiring the lease of the staff’s Melbourne office building.

The expansion means Dallas-based Wingspan now has an employee base of 2,000 staff members in four locations throughout Texas and Florida.

Wingspan said it will assume control of all on-site operations and provide Chase with services.

"This is big news for us and we see it as indicative of where our industry is headed," said Wingspan CEO and President Steven Horne. "We are now fully equipped to meet the needs of clients as they downsize the scale of their default servicing operations."

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