JAM Invests in Specialty Servicer

JAM Equity Partners, a Los Angeles-based private equity firm, has invested $2.5 million in Wingspan Portfolio Advisors, a mortgage servicer specializing in delinquent loans. Wingspan, Dallas, said proceeds from the financing will be used to build out the company's servicing and technology platform. The arrangement includes an option for JAM to invest additional capital in Wingspan. Wingspan's founder and president, Steven Horne, is a lawyer who previously served as director of servicing risk with Fannie Mae and also spent nine years as a partner at Sherman Financial Group, where he built a unit that purchased and resolved portfolios of delinquent mortgage loans. He also served as director of default servicing for Ocwen. Mike Sekits, a partner at JAM, said, "We believe there are very few servicers that can match Wingspan's expertise in servicing distressed second mortgages and low-balance first mortgages, a huge opportunity that is especially problematic."