Specialty mortgage servicer Wingspan Portfolio Advisors says it is further expanding into new residential-related sectors, including technology and insurance.
The company's information technology affiliate is now widely disseminating a preview of a beta-version management-reporting tool, and is rolling out an insurance services unit. (The company also has a real estate network it unveiled three months ago.)
The beta tool, which has been used internally by the company, was designed to meet a “need for an air traffic control function” in order to “coordinate disparate parties involved in any nonperforming loan situation,” Steven Horne, Wingspan's founder and CEO said in an interview with National Mortgage News.
The company credits former GSE technology executive E.J. Kite – currently serving as senior vice president, information management, at Wingspan -- with playing a central role in the creation of this “single source of truth” database approach to management reporting.
Horne said the external rollout of the tool is still relatively new and the demo the company is making available at the Five Star conference Monday is more a “teaser” than a full product launch.
In addition to expanding its technology effort, the company also is now an insurance broker working with partners to address risks associated with insufficient coverage in servicing portfolios.
Previously, the “market in the secondary servicing space has not focused on insurance needs,” said managing director Vik Jain, who heads the unit.
