Mortgage servicer Wingspan Portfolio Advisors selects SigniaDocs eVaulting and eSigning to boost loan modification efforts MortgagePress.comloan modification, Wingspan Portfolio Advisors, SigniaDocs, eVaulting, eSigning, Steven Horne
In an effort to make loan modification programs more effective,
Wingspan Portfolio Advisors, a Carrollton, Texas firm specializing
in saving seriously delinquent loans from foreclosure, has selected
SigniaDocs' eVaulting and eSigning capabilities to provide faster
service for its loan modification efforts.
"One of the most common reasons for loan modifications to fail
before they get started is that borrowers will often give up on the
transaction during the period between agreeing to the loan
modification and signing the paper documents that create the new
loan," says Steven Horne, Wingspan Portfolio Advisors founder and
CEO. "With SigniaDocs' eModification service, it all happens very
quickly, and speed is essential to making the process work. They
allow us to execute loan modifications in minutes by using the
Internet and SigniaDocs eMortgage electronic vault, instead of
waiting for courier services."
The secret to making loan modifications work effectively is
two-fold, Horne explains. "First, you have to approach each
modification as a highly individualized transaction. 'One size fits
all' has proven not to work well, as evidenced by all the loan
modifications that have already failed. That's why we tailor
modification offerings closely to each borrower's needs and
situation," he says, adding, "The second factor is the speed with
which the modification is accepted and signed by the borrower, and
that's where SigniaDocs comes in." By integrating SigniaDocs
eModification technology with Wingspan Portfolio Advisors'
platform, the Wingspan loan resolution specialist is able to send
the necessary documentation instantly, while the borrower is still
in close contact, is eager to stay in their home and has agreed to
a payment plan that will work for them. "The borrower receives a
secure link to our eVault, where the documents reside, executes
them on the spot with a 'click to sign' signature, and the deal is
finalized," says Tim Anderson, SigniaDocs president. "Wingspan
Portfolio Advisors then takes delivery instantly, directly from our
eVault."
Wingspan Portfolio Advisors works mainly with borrowers who have
given up hope because they are so far behind on their payments that
lenders have often already begun the foreclosure process. "We spend
a lot of time on the phone with borrowers learning about their
individual cases," says Steven Horne. "Once we determine that they
are really motivated to stay in the home, we work on creating a
payment plan that they can handle, which often means a loan
modification. We find that most borrowers, if you throw them a
lifeline, will grab it and hold on tightly." Getting the loan
modification executed quickly, Horne says, is essential to that
process. "Borrower commitment is a strong motivating factor in the
process. By offering eModifications as opposed to relying on other
slower methods, we are much more likely to end up with a loan
modification that will work over the long haul."
For more information, visit www.SigniaDocs.com or www.WingspanAdvisors.com.
