TheMReport — News and strategies for the evolving mortgage marketplace.
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local edition SERVICING Or ig i nat ion $10 donation to the Red Cross to support Oklahomans in need. Wingspan Acquires Hazard Insurance Claims Company The acquisition of Dimont & Associates gives Wingspan a foothold in San Diego. TEXAS // In Dallas, Wingspan OKLAHOMA // Guardian Mortgage Company, an independent mortgage lender with offices in Texas and Michigan, is seeking help to raise relief funds for Oklahomans affected by the Moore tornado on May 19. Guardian employees have already taken the initiative to help and are now reaching out to their mortgage customers, associations, and lending partners to raise additional funds to help those impacted by the devastating tornado. During an internal effort held May 24, Guardian and its employees raised more than $1,500 during a 20-minute drive period to support the cause. To further help those in need, the company invites its customers and lending partners to participate in the effort by texting the phrase "REDCROSS" to 90999. Each text will send a Following a merger, the company is now known as Caliber Home Loans. TEXAS // Vericrest Financial, Inc., a financial services company with centers in Texas, Oklahoma, and California, announced it has changed its corporate name to Caliber Home Loans, Inc., effective immediately. Caliber Funding and Vericrest previously announced in January plans to combine organizations to create a full-service residential mortgage banking organization offering origination and servicing solutions. The new name was selected to represent the company's customer-friendly focus and broad range of mortgage banking services. "Vericrest Financial and Caliber Funding have continued to grow and evolve since the merger was announced, and our teams have been hard at work bringing our two companies together," said Joe Anderson, chairman and CEO of Caliber Home Loans. "Changing Vericrest Financial's corporate name to Caliber Home Loans marks a significant milestone in this process and brings us one step closer to combining these two companies." The legal close of the merger is expected in coming months and is subject to customary closing conditions. The combined organization will continue to be owned by and have the capital backing of Lone Star Funds. The M Report | 47 se c on da r y m a r k e t The independent mortgage lender is working to raise money for tornadoaffected Oklahomans. Vericrest Changes Corporate Name a na ly t ic s Guardian Mortgage Reaches Out for Relief Fundraising Portfolio Advisors announced its acquisition of Dimont & Associates, the nation's leading hazard insurance claims management company. The acquisition increases Wingspan's size to approximately 2,000 employees and expands its reach to the San Diego area. "Dimont & Associates has built great brand recognition by serving mortgage holders' insurance claims needs with superb skill since 1996," said Wingspan CEO and president Steven Horne. "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." "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," said Dimont & Associates founder Bernie Dimont, who will continue in his leadership role. "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." Under the terms of the agreement, Dimont & Associates will retain its name and become a wholly owned subsidiary of Wingspan Portfolio Holdings, Inc. According to Horne, Dimont & Associates will "experience few, if any, noticeable changes." s e r v ic i ng a seamless handoff of servicing transfers between two participating servicers, easing compliance with new regulations handed down by the Consumer Financial Protection Bureau (CFPB) that require servicers to implement policies and procedures to ensure smooth, transparent transitions. Registered servicers can now electronically transfer existing cases to other registered servicers without losing portal data, documentation, or communication history or requiring homeowners to restart the process. "Compliance is the No. 1 priority for servicers as deadlines for regulatory requirements, including the CFPB's rules, draw closer," said Sanjeev Dahiwadkar, CEO and founder of IndiSoft. "IndiSoft and Hope LoanPort share a common vision of helping servicers remain compliant, and these system enhancements promote the high levels of process transparency that are now required." In addition, HLP added features to its foreclosure alternative portal to help housing counselors and servicers process qualified applications through the Making Home Affordable Outreach and Intake Project, which launched at the beginning of May. Other portal enhancements ensure compliance with new requirements for document feedback and provide access to updated reports for housing counselors and servicers. "Timeliness and accuracy are paramount for servicers," said Camillo Melchiorre, president and CEO of HLP. "Our continued partnership with IndiSoft allows us to empower servicers with the tools to easily and quickly adapt as the regulatory landscape changes and new guidelines emerge. This longstanding relationship makes it possible for us to help servicers achieve compliance and work with housing counselors as they both focus their attention on best serving the needs of homeowners."