Wingspan Portfolio Advisors announced a new service offering to address a growing problem that is becoming a focus for servicers and regulators: Homeowners association (HOA) claims for unpaid fees. These claims pose threats to property sales and, in a number of areas, can result in liens that take precedence over first mortgages if not resolved successfully. Wingspan’s new HOA resolution services are designed to find, negotiate and resolve HOA issues to satisfy Freddie Mac and Fannie Mae requirements and protect lienholders against losses they often are completely unaware of as threats.
“HOAs continue to represent significant risks for servicers and investors,” said Ryan Lilly, senior vice president of Wingspan Portfolio Advisors. “There are over 350,000 HOAs in the United States, and involve about 80 percent of all new residential construction. When borrowers fall behind in their monthly obligations, or when lenders own properties within associations and are unaware of the HOA dues, clear title and even first lien positions are endangered."
The new HOA services offering is yet another highlight in a year that has seen Wingspan diversify and expand dramatically. In February, the company acquired the JPMorgan Chase servicing facility in Melbourne, Fla., and in May, it purchased San Diego and Dallas-based insurance claims management leader Dimont & Associates. Last month, Wingspan acquired a 400-person customer service facility from JPMorgan Chase in Monroe, La., and opened Lilly’s due diligence services operation in Denver, Colo. Wingspan has grown to more than 2,000 employees in 2013 with these new additions and has substantially diversified its capabilities for the mortgage industry.