*Wingspan Closes Another Big Acquisition*
**By Tony Garritano**
***Hot off the presses, I learned this morning that specialty servicer Wingspan Portfolio Advisors has acquired Dimont & Associates, the nation’s leading hazard insurance claims management company, with offices in San Diego, California and Dallas, Texas. This acquisition significantly expands Wingspan’s capabilities and increases the size of the company to approximately 2,000 employees.
****It is the second large transaction for Wingspan in 2013. In February, the company announced the acquisition of the JPMorgan Chase servicing facility in Melbourne, Florida, retaining the existing staff to service loans for Chase as well as Wingspan’s other clients.
****Under the terms of the agreement, Dimont & Associates will retain its name and become a wholly-owned subsidiary of Wingspan Portfolio Holdings, Inc. Founder Bernie Dimont will continue his leadership role at Dimont & Associates.
****“Dimont & Associates has built great brand recognition by serving mortgage holders’ insurance claims needs with superb skill since 1996,” says Steven Horne, Wingspan’s CEO and president. “We will retain the Dimont name, leadership and company structure, and leverage its brand power in the claim recovery services arena, where Dimont is already successfully managing claims for many of the country’s highest volume servicers and GSEs.” Horne continues, “We are truly excited about the many synergies between our two companies, as well as the unique ways in which Dimont and Wingspan will complement each other to bring an even more impressive array of services to our clients.”
****Dimont & Associates specializes in filing and negotiating insurance claims for lenders, servicers, investors and the GSEs. Presenting and pursuing these claims to satisfactory resolutions involves utilizing an expert team of licensed professionals who maintain in excess of 1,300 state licenses in 46 regulating jurisdictions. Dimont & Associates has made a science out of managing the claims process on residential and multifamily properties and in maximizing recoveries for clients.
****“Our guiding principle has been to maximize value for clients in the insurance they have paid for with meticulous accuracy. We have worked hard to set new standards for our industry over the past 17 years,” Dimont says. “Our new relationship with Wingspan Portfolio Advisors represents the best of both worlds. Our company provides an important new dimension to Wingspan, already known for its award-winning capabilities.”
****Horne says that Dimont and Associates will experience few, if any, noticeable changes. What will be evident is that, “Wingspan clients will benefit from the collaboration of two innovative and effective industry leaders under a single, unified banner,” he observes. “That’s a winning combination.”
****Wingspan will now have offices in Dallas, Frisco, and Carrollton, Texas, and in Melbourne, Florida, along with Dimont & Associates’ offices in Dallas and San Diego, California. Financing for the transaction has been provided by BMO Harris Bank, N.A., Fifth Third Bank, Farmers & Merchants Bank, and THL Corporate Finance, Inc. Investment advisory services were provided by Barrier Advisors for Wingspan Portfolio Holdings and were provided by JMP Securities for Dimont & Associates. No other transaction details were disclosed.
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 email@example.com.