Wingspan Founder And CEO Transitions To New Role

Steve Horne has apparently stepped down from his role as CEO and president of Wingspan Portfolio Advisors, the special servicer that he founded in 2008.

As per a company press release, Horne has transitioned to a senior advisor position at the company; however, the release doesn't offer any explanation for the change.

Jason Spooner, previously executive vice president of national operations at Wingspan, has been named president of the company. As per the release, Spooner, who joined Wingspan in 2012, has more than 20 years of mortgage industry experience, including leadership roles at Bank of America, Sun Trust and Wells Fargo.

In an event that may or may not be related to Horne's change of role, the company also announced that it has divested itself of insurance claims management firm Dimont & Associates, which it acquired in May 2013.

In a separate release, officials from Dimont & Associates say the company has been recapitalized ‘by existing institutional investors including THL Credit, Inc.’ and that ‘Dimont is now an independent company and no longer affiliated with Wingspan Portfolio Holdings.’

Beyond the two announcements, no details were provided as to why the two companies dissolved their relationship.

Wingspan has also announced a multi-million dollar capital infusion from its stockholder investor group.

‘We have just finalized a significant strategic transaction with an investor group and we are now debt free,’ says Horne in the release. ‘The transaction will give Wingspan a stronger financial foundation than we have ever had and further enhances our ability to deliver exceptional service to our clients.

‘As Wingspan's founder, I am excited by the opportunities before Wingspan,’ adds Horne. ‘Over the past year, like many other companies in the servicing industry, Wingspan has experienced a fair degree of turbulence as the industry is successfully transitioning out of the default crisis. Wingspan has diversified its services and aligned its workforce accordingly. With the closing of this strategic transaction, we have secured the financial support we need to continue as the leader in component servicing and outsourcing solutions.’

Wingspan made news earlier this month when it confirmed a round of layoffs at its call center facilities in Monroe, La., and Melbourne, Fla.

In a statement, company officials said, ‘It is in the nature of our work with large financial institutions to wrap up specific contracts for services and to have brief periods of time before new contracts begin.’

Company officials did not disclose the exact number of layoffs.


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