Wingspan Lender Services, the mortgage processing, closing and quality control division of Dallas-based diversified mortgage services provider Wingspan Portfolio Advisors, has expanded its operations to Florida and is changing industry standards in the process. Rather than hire remote underwriters who work from home, they have taken an opposite course that is fueling the company’s growth. Wingspan Lender Services’ approach distinguishes it from other providers in the business process outsourcing arenas as lenders seek help in finding ways to reduce headcount in their organizations.
Outsource lending fulfillment providers often use contractors who work out of their homes or small offices far removed from the company’s oversight and control. Wingspan Lender Services takes a different approach by using W-2 employees who work either in Wingspan Portfolio Advisors’ offices in the Dallas area or in the company’s Melbourne, Florida facility, recently acquired from JPMorgan Chase. The Wingspan Lender Services selection process entails rigorous testing and requires relevant, recent experience.
“Having the working groups together in our facilities brings a missing component to the mortgage processing and underwriting value proposition,” said Jim Gallagher, senior vice president of Wingspan Portfolio Advisors and executive in charge of Wingspan Lender Services. “Collaboration and a centralized environment are critical to a topflight offering, we have found.”
Gallagher’s team vets underwriting candidates using a two-part testing process that includes questionnaires and case files, along with in-depth interviews in Wingspan’s offices. Wingspan Lender Services also requires a minimum of three years underwriting experience within the last five years to ensure current knowledge.
“A great many of the outsource providers are counting on resumes alone to qualify underwriting professionals,” notes Gallagher. “We test and interview candidates extensively, so we can represent to our clients that they are getting the most current professional services available. We provide pre-closing and post-closing quality control underwriting in addition to origination fulfillment, and this requires people who are thoroughly researched and up to date,” he says. “There is just too much at stake in this regulatory environment.”
Gallagher also notes that Wingspan Lender Services is completely up to speed on licensing requirements. “We are SAFE Act compliant,” said Gallagher, referring to the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, enacted to standardize licensing and registration for mortgage loan origination personnel.