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 www.WingspanAdvisors.com.
