Wendover to Exit Subservicing Biz

Wendover Financial Services is exiting the residential subservicing arena and will close its headquarters here, Mortgage Servicing News has learned.

A spokeswoman for the parent company, Electronic Data Systems of Plano, Texas, confirmed the unit will be shut, but noted that Wendover will still service certain types of consumer loans. "The office in Greensboro will close early next year," she said. Wendover's residential portfolio is down to just 7,000 loans. The company would not provide a dollar volume.

A few years back its portfolio totaled about $16 billion. In recent quarters it stopped answering quarterly servicing surveys sent to it by MSN.

One servicing executive told MSN about the Wendover move early last week, noting that its clients had been told "to find another subservicing solution." The spokeswoman said Wendover will service auto, home-equity loans and other consumer products out of its office in Wayne, Pa.

It has 134,000 loans in its consumer portfolio. "EDS continues to offer both mortgage and consumer loan services outside the U.S.," she said. (c) 2006 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com

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