Wingspan Portfolio Advisors, a diversified mortgage services company, says companies in the servicing business should adapt to the changing industry and keep their eyes open for new opportunities to expand their footprints.
‘The role of the component services provider has changed dramatically over the last year or two,’ says Steven Horne, CEO and president. ‘There are fewer companies in number, but they are much larger and offer many more services.
‘Companies in our business must be equipped to perform a broad array of functions on a very large scale, and this means extensive investment in technology, deep legal expertise, bulletproof compliance and vast financial resources," he explains. "Sometimes that involves acquiring companies rather than building from scratch."
Wingspan says it had several acquisitions in 2013 that substantially increased the company's size and expanded its capabilities as its footprint grew to include Florida, California, Louisiana and Colorado – growing to more than 2,000 employees at seven locations in the U.S.
Horne notes that the company will be receptive to additional acquisitions if the right opportunities present themselves but will be more focused on helping clients "meet their challenges in the new regulatory environment."