TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/120611
local edition SERVICING Concluding its highprofile transaction with Ocwen, ResCap announced the culmination of the purchase agreement between the two companies. Striking a purchase deal with Chase, the company acquired the bank's mortgage servicing component on Florida's Atlantic coast. Georgia // Residential Capital, "This is big news for us and we see it as indicative of where our industry is headed." —Steven Horne, Wingspan than 400 Chase employees and has acquired the lease of the Melbourne office building. The acquisition brings Wingspan's employee count to almost 2,000 in four locations in Texas and Florida. "These associates in Florida are recognized for their deep experience in servicing," Spooner said. "The addition of this team and its capabilities provides Wingspan a true strategic advantage in the marketplace." Launching the "It's Listed!" initiative, the company is enhancing efforts to keep servicers informed when properties hit the market. Florida // Florida-based Lender Processing Services, Inc. (LPS), introduced It's Listed! Alerts as a way to let servicers know when properties in their portfolios show up on the Multiple Listing Service (MLS). It's Listed! Alerts can be used by servicers to retain customers and speed up short sales, LPS explained. "Servicers benefit when they have early notification of when their customers put their properties on the market," said Rob Walker, managing director for the LPS Applied Analytics division. "It's Listed! Alerts is an early notification system that gives servicers the opportunity to help expedite short sales by identifying delinquent borrowers in their portfolio who have listed their properties. The solution can also help servicers retain their customers by giving their lending departments a heads-up when current borrowers have listed their properties." Through its exclusive relationship with Realtors Property Resource (RPR), It's Listed! Alerts will match properties from servicers' portfolios with listing price information available in the RPR system. In addition, RPR can notify the listing agent when a servicer seeks more information about a property. It's Listed! Alerts expands the capabilities of LPS' Lien Alert solution, which helps servicers better manage portfolio risk with instant notifications about key property-related activities such as foreclosure/default activity and involuntary liens and judgments. Lien Alert is available through LPS' MSP servicing platform, as well as through SiteXData.com and batch fulfillment. The M Report | 55 se c on da r y m a r k e t Florida // Wingspan Portfolio Advisors, a diversified component and special mortgage servicer based in Dallas, has entered into an agreement to acquire JPMorgan Chase's mortgage servicing operation in Melbourne, Florida. "This is big news for us and we see it as indicative of where our industry is headed," said Steven Horne, president and CEO of Wingspan. "We are now fully equipped to meet the needs LPS Introduces Listing Alerts for Servicers a na ly t ic s LLC (ResCap), announced it has completed the sale of its servicing platform assets to Ocwen Loan Servicing, LLC. Ocwen won an auction for ResCap's mortgage servicing and origination assets in a joint bid with Walter Investment Management Corp. last October following ResCap's bankruptcy last May. The U.S. Bankruptcy Court in Manhattan's Southern District approved the sale in November. The sale of ResCap's originations and capital markets platform to Walter was recently completed, as was the sale of a whole loan portfolio to Berkshire Hathaway. Together, the three transactions generated more than $4 billion in proceeds for the benefit of ResCap's creditors and preserved more than 3,800 jobs, according to a release from ResCap. "Today marks an important step in what has been a successful sale process for ResCap," said ResCap CEO Thomas Marano. "Since the court's approval of the deal, our focus has been to ensure a smooth transition for homeowners and preserve value for our creditors." "This complex transaction was settled in three components with three distinct purchasers, in cooperation with eight government agencies or regulatory authorities—all while keeping the business operating as a going concern," Marano said. "This successful outcome is a direct result of the hard work our employees, leadership, and advisors have dedicated over the last year." of clients as they downsize the scale of their default servicing operations." Jason Spooner, EVP of servicing operations for Wingspan, will be in charge of the site, which is based on Florida's east coast. As part of the agreement, Wingspan will offer positions to more s e r v ic i ng Wingspan Buys Sunshine State Servicing Operation Or ig i nat ion ResCap Completes Sale of Servicing Assets