C-BASS Enters Seller-Financed Market

C-BASS has entered the seller-financed mortgage market by acquiring Wynwood Inc. and South Plains Mortgage Inc. C-BASS said the Tacoma, Wash.-based Wynwood is the nation's largest servicer of seller-financed mortgages and South Plains, located in Midland, Texas, is a leading buyer.Seller-financed mortgages are loans originated when the seller of a property accepts a mortgage note directly from the buyer. "C-BASS will combine our existing capabilities in servicing and securitizing residential mortgage loans with the data and customer relationships of Wynwood and the purchasing expertise of South Plains Mortgage," said C-BASS CEO Bruce Williams. C-BASS's specialty servicing company, Litton Loan Servicing, will provide collection and loss mitigation services for owners of seller-financed notes, Mr. Williams said.