February 03, 2011

Specialty servicer provider looks to IndiSoft again for efficient, transparent short sale transactions

COLUMBIA, Md.--(BUSINESS WIRE)--IndiSoft, a technology development firm that focuses on systems for the default services industry, announced that Wingspan Portfolio Advisors, LLC, the Dallas-based specialty and component mortgage servicer focusing on highly delinquent loans, has expanded its partnership with IndiSoft by selecting additional RxOffice® portals to address the needs of homeowners who do not qualify for loan modification or who are unable to retain their homes. Using these additional portals will continue to ensure transparency, accountability and efficiency for all parties involved in short sale transactions.

“Today, managing short sales is a very important step in addressing the issues surrounding the growing number of borrowers looking for a way to sell their homes instead of going through foreclosure,” said Karun Khanna, COO of IndiSoft. “IndiSoft’s technology enables companies to help struggling homeowners make a graceful exit from their current mortgage commitment and sustain far less damage to their credit ratings. Designed to support the entire default life cycle, from loan retention to loan disposition, our technology is helping companies such as Wingspan improve efficiencies and succeed through this challenging time.”

In addition to the Loss Mitigation portal, Wingspan has added IndiSoft’s RxOffice Realtor Portal, which enables Realtors to work with homeowners to manage the short sale process by collecting hardship documents and listing and marketing the property. The RxOffice Realtor Portal, working in conjunction with the RxOffice Short Sale Vendor Portal used by Wingspan’s experts, is a collaborative solution that helps the homeowner, real estate agent and Wingspan assemble a complete package for servicer approval. Key components of the RxOffice Short Sale solution include robust case management, compliant document preparations and the ability to configure workflow processes to support the specific requirements of servicers, which allows for the delivery of complete short sale packages that can be acted on quickly by servicers.

Wingspan Portfolio Advisors uses highly specialized approaches and sophisticated, alternative servicing techniques to turn non-performing loans into re-performing assets and prevent foreclosure. Wingspan tailors its strategies to meet the unique needs of its clients, which include servicers, investors and mortgage insurance companies. The company has turned to IndiSoft’s technology to continue to improve efficiencies and expand its capacities to accommodate its impressive growth over the last 24 months.

“RxOffice has proven to be a highly effective platform in our efforts to expedite transactions and fine tune our loss mitigation capabilities,” said Steven Horne, founder and president of Wingspan Portfolio Advisors. “This outstanding solution helps us accelerate short sale transactions to benefit distressed sellers, new buyers and servicers alike, in addition to reducing the number of REO properties in the national housing inventory. IndiSoft’s technology touches every part of the default process, allowing us to meet the rapidly growing needs of the mortgage industry and empower lenders to recover value in non-performing loans.”