Mortgage servicer Wingspan Portfolio Advisors launched its homeowners association resolution services unit to address a growing problem for servicers and regulators, the company said.
The unpaid claims pose a threat to property sales and could even result in liens that take precedence over first mortgages if not resolved successfully.
As a result, the new service is designed to find, negotiate and resolve HOA issues to satisfy Freddie Mac and Fannie Mae requirements while protecting lienholders against losses they often are completely unaware of as threats.
"HOAs continue to represent significant risks for servicers and investors," says Ryan Lilly, senior vice president of Wingspan Portfolio Advisors. "Wingspan’s new service identifies, tracks and deals directly with the HOAs to resolve claims, preserving lenders’ and investors’ interests, and it helps the housing recovery in other ways, too."
