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Fed approves revision to Regulation C to improve HMDA data reporting

National Mortgage Professional
Oct 26, 2008

Wingspan Portfolio Advisors and AFN Attorney Network partner to save homes from foreclosureMortgagePress.comWingspan Portfolio Advisors, AFN, foreclosures, delinquencies Wingspan Portfolio Advisors LLC, a Dallas-based mortgage servicer specializing in highly delinquent loans, has partnered with the AFN, the American Legal & Financial Network, in an innovative new approach to improve mortgage performance, protect creditors, and preserve homeownership. Through this joint program, participating investors, lenders, and law firms replace the last resort of foreclosure with the new concept of what the AFN and Wingspan call a "Total Default Solution." The AFN is a professional organization comprised of members of the residential mortgage banking and legal communities, focused on finding innovative solutions to major industry problems, such as the current wave of foreclosures. "At this time of maximum challenge in the mortgage industry, our work with Wingspan Portfolio Advisors can cause tremendous good," states William LeRoy, CEO of the AFN. "Through the Total Default Solution program that we have developed with Wingspan, we are combining the unique strengths of our member law firms with Wingspan's highly successful loan resolution strategies to make sure we seize every possible opportunity for borrowers to stay in their homes." Through the Total Default Solution, a servicer, lender or investor refers cases to Wingspan Portfolio Advisors. Next, Wingspan Portfolio Advisors collaborates with the AFN attorneys to maximize the chances of home retention while the legal proceedings move forward, effectively replacing the standard foreclosure process with the Total Default Solution. The borrower's information and documentation is electronically captured in Wingspan's default servicing platform, a technology developed by DRI Management Systems. The borrower information is then supplemented with additional third party data, such as credit and property value information, to ensure that Wingspan Portfolio Advisors is armed with a thorough understanding of the loan and the borrower's circumstances before it begins its loan resolution efforts. Wingspan Portfolio Advisors uses highly specialized people and methodology to work closely with borrowers and show them every possible way to stay in their homes and avoid the painful experience of foreclosure. Coordinating directly with the AFN member law firms ensures complete integration between Wingspan Portfolio Advisors' intensive loan resolution effort and parallel legal proceedings. "In this way, we are prepared to have an informed conversation with the borrower the moment they are ready to talk to us and to coordinate the actions of the law firm, as well as mortgage insurers, credit counselors and other third parties as necessary to expedite any workout," explains Steven Horne, president of Wingspan Portfolio Advisors. Where a viable workout alternative exists, Wingspan Portfolio Advisors either approves the workout pursuant to delegated authority or prepares a complete approval package tailored to the specific approval guidelines for that client. Coordination with the AFN law firms ensures no homes are inadvertently lost to foreclosure during the approval process. The costs of the program are largely covered by existing investor reimbursements for third party costs and workout incentive fees. Wingspan Portfolio Advisors compensation is directly tied to their success at helping borrowers keep their homes, so the incentives are completely aligned for all parties. "The AFN and our member attorneys care very much about keeping borrowers in their homes," says AFN's LeRoy. "And now, together with Wingspan Portfolio Advisors, we can help get borrowers back on track to paying their mortgages and keeping their homes, while preserving property values, improving neighborhoods and protecting lenders." For more information, visit
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