Wingspan Receives Capital Infusion; Names New President

Updated.

Wingspan Portfolio Advisors, a diversified mortgage services firm headquartered in Dallas, has a new president following a multi-million dollar capital infusion from its stockholder investor group.

The news follows Thursday's announcement that insurance claims management firm Dimont & Associates, which Wingspan acquired in May 2013, had broken away as an independent company after receiving capital from institutional investors.

At the same time, Wingspan appointed its current EVP of national operations, Jason Spooner, as president. Spooner has 22 years' experience in the mortgage industry, including leadership roles at Bank of America, Sun Trust, and Wells Fargo. He joined Wingspan in 2012 to manage national operations and will now also oversee the company's daily operations as president.

In his new role, Spooner succeeds founder and CEO Steven Horne. Contrary to recent speculation that the company had lost faith in his decision-making abilities, Wingspan announced that it is moving Horne to a senior adviser role.

With the divestiture of Dimont & Associates and the addition of new capital, Horne says the company is now debt-free.

"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," he said. "As the company's founder, I am excited by the opportunities ahead for Wingspan."

While acknowledging that Wingspan has "experienced a fair degree of turbulence" with the industry's shift out of the default crisis, Horne added that the company has made moves to diversify its services and align its workforce to the new environment.

"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," he said.

Spooner echoed Horne's optimism.

"With our new leadership team and a capital infusion from our stockholders, we are now in an even stronger position to meet the needs of our clients going forward," he said. "Our operational excellence, culture of compliance and true subject matter expertise will enable Wingspan to better serve our clients as the industry continues to rapidly evolve."