Wingspan Portfolio Advisors, a diversified mortgage services company, had several high profile acquisitions in 2013 that increased the company’s size and expanded its footprint into Florida, California, Louisiana and Colorado. Steven Horne, chief executive officer and president of Wingspan Portfolio Advisors, said the company will be receptive to additional acquisitions if the right opportunities present themselves.
“The role of the component services provider has changed dramatically over the last year or two,” Horne said. “There are fewer companies in number but they are much larger and offer many more services. Companies in our business must be equipped to perform a broad array of functions on a very large scale, and this means extensive investment in technology, deep legal expertise, bulletproof compliance and vast financial resources. Sometimes that involves acquiring companies rather than building from scratch.”
Wingspan acquired a 400-person servicing facility from JPMorgan Chase in February of 2013 in Melbourne, Fla., and a customer service operation in Monroe, La., in September 2013, also from JPMorgan Chase, adding another 400 employees to Wingspan’s ranks. In May 2013, the company purchased Dimont & Associates, the mortgage industry’s leader in insurance claims management, based in San Diego, California and Dallas. In September 2013, Wingspan also opened a due diligence facility in Denver that provides forensic file review, valuation services, single family rental oversight, as well as a full range of default and post-acquisition support services on a national basis. A month later, this division announced a service to monitor and resolve homeowners association claims that can cloud title, delay property sales and even endanger first lien status in some areas. Last year saw Wingspan grow to more than 2,000 employees at seven locations around the country.
Wingspan Portfolio Advisors hires new chief operations officer
“We are definitely open to additional expansion if the right opportunity becomes available,” Horne said. “But we are most focused on helping new and existing clients be profitable and meet their challenges in the new regulatory environment.
“We can’t have enough expertise in our business, and we have added about a century’s worth of experience with four key hires in business development and operations,” he continued.
Susan Pettem was named executive vice president for business development in October 2013 and Arleen Scavone, Wingspan’s new chief operations officer, joined the company in January 2014, each bringing 30 or more years of industry experience. Aaron Luburich and John Guy were hired as senior vice presidents of business development as well, adding about 40 more years of know-how to the senior team.
Guy brings 24 years of banking and finance experience to Wingspan, most recently as managing director of business development for Auction.com. He worked as a senior executive in servicing, secondary marketing and securitization, as well as in the origination side of the business. He entered the industry with Bank of America after graduating cum laude from the University of Florida with a degree in finance and real estate. He later spent seven years with Ocwen and subsequently held senior business development and portfolio acquisition roles with several investment corporations, including Fortress Investment Group and Security National, based in South Florida.
In his newly created position at Wingspan Portfolio Advisors, Guy continues to be based in Florida and reports to Pettem. He is responsible for generating business across Wingspan’s entire line, including component services outsourcing, and will work with clients across the United States as Wingspan continues its expansion program.
Scavone is an expert in operational management, technology and business development for large organizations. Prior to joining Wingspan, she founded and remains president of OpExNow, a process improvement and management consultancy serving major lenders and servicers in the mortgage industry.
“Bringing Arleen Scavone aboard is almost like an acquisition all by itself,” Horne said. “One of my reasons for launching Wingspan was to be able to work with all of the smartest people in the business – and we’re making excellent progress in that direction. We are exploring ways to leverage Arleen’s consulting expertise with very large organizations to enhance Wingspan’s capabilities and look forward to pursuing all possibilities.”