*Conquering Servicing Growth Pains*
**By Tony Garritano**
***I enjoy bringing you stories about how technology is making a clear difference. In this case specialty servicer Wingspan Poretfolio Advisors has been growing and growing. I know you’re thinking this is a problem I’d like to hae. But when you grow so much you do have to deal with new issues. Very simply put, as the default management business across the country experienced rapid growth, Wingspan Portfolio Advisors started to see a significant increase in the number of its clients that needed assistance managing their portfolios. Whether it was contacting borrowers or managing loss mitigation efforts or defaults, Wingspan needed the technology to assist in all of these processes. By using proven analytics accompanied by a personal touch, Wingspan was able to harness technology to develop an effective servicing strategy. Here’s how Wingspan overcame the pains associated with heavy growth:
****With its business rapidly expanding, Wingspan wanted to continue to provide its customers and consumers with the stellar service that they had become accustomed to receiving. That meant reevaluating its internal processes. Management determined the company needed a more efficient, automated way of conducting borrower outreach in its component services business. After considering four vendors, Wingspan decided that partnering with IndiSoft as its technology provider would help them reach their business goals. Not only did IndiSoft work with a mutual client, a leading mortgage insurance provider, it had the advanced technology and experienced team to assist Wingspan in achieving its customer contact goals. Furthermore, Wingspan had additional confidence in the technology’s capabilities since it knew that HOPE LoanPort uses the RxOffice platform, which connects 14 mortgage servicers managing more than 85 percent of the residential mortgages in the U.S. with 750 housing agencies and more than 3,800 counselors to assist distressed borrowers.
****As a result, IndiSoft customized its RxOffice Outsourcer module to meet Wingspan’s workflow needs by creating enhanced communications and increasing the level of transparency throughout their process. Extremely impressed with the product, Wingspan selected another IndiSoft module, RxOffice Short Sale Services, to improve the efforts of its Wingspan Real Estate Network (WREN). The RxOffice module aids WREN by managing and accelerating the short sale process, serving as a liaison among its national network of real estate agents and brokers. The module allows real estate professionals to see the status of each file loaded in the system. RxOffice Short Sale ensures that borrowers, brokers and title companies consistently remain up-to-date on the status of the process. While Wingspan is not the servicer of record on the loans, this technology allows the company to offer this component service as a value-add to its clients. With the growing requirements of programs, such as the HAFA and HAMP, RxOffice gives Wingspan the ability to act as a control tower for all participants, which results in a smoother process and more positive outcomes.
****Since Wingspan started working with IndiSoft in 2010, the company has significantly improved the efficiency of its short sale process and created much needed transparency between all parties involved in the loss mitigation and default process. By working closely with the IndiSoft team, Wingspan was also able to customize the technology to fit its default management processes. Because RxOffice is intuitive, Wingspan easily trained users and now experiences minimal errors.
****Wingspan has run approximately 30,000 to 35,000 assets through the RxOffice platform thus far and has gained considerable time and cost savings as indicated in the amount of time needed to gather information from homeowners from 45 to 60 minutes down to just 10 to 15 minutes.
****Wingspan also reduced the number of days for it short sales process, which it attributes to the use of RxOffice Short Sales Service; the decisioning process is down to 40 to 50 days, which is much quicker than the industry norm. Wingspan has reduced turn times on approvals by at least one-third from normal industry standards by using technology and rule-based systems. The company uses technology to obtain all documents and decisionable files with improved legibility, due to interactive packages. Additionally, deploying borrower portals and allowing different intake strategies through technology allows Wingspan to increase efficiency and compliance.
****In addition, because of Wingspan’s effective use of technology and its proven processes, 80 percent of the loans Wingspan has modified are still performing.
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.