DALLAS, May 29, 2013 /PRNewswire/ -- Wingspan Portfolio Advisors, a Dallas-based diversified component and special mortgage servicer, announces it has acquired Dimont & Associates, the nation's leading hazard insurance claims management company, with offices in San Diego, California and Dallas, Texas. This acquisition significantly expands Wingspan's capabilities and increases the size of the company to approximately 2,000 employees.
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It is the second large transaction for Wingspan in 2013. In February, the company announced the acquisition of the JPMorgan Chase servicing facility in Melbourne, Florida, retaining the existing staff to service loans for Chase as well as Wingspan's other clients.
Under the terms of the agreement, Dimont & Associates will retain its name and become a wholly-owned subsidiary of Wingspan Portfolio Holdings, Inc. Founder Bernie Dimont will continue his leadership role at Dimont & Associates.
"Dimont & Associates has built great brand recognition by serving mortgage holders' insurance claims needs with superb skill since 1996," says Steven Horne, Wingspan's CEO and president. "We will retain the Dimont name, leadership and company structure, and leverage its brand power in the claim recovery services arena, where Dimont is already successfully managing claims for many of the country's highest volume servicers and GSEs." Horne continues, "We are truly excited about the many synergies between our two companies, as well as the unique ways in which Dimont and Wingspan will complement each other to bring an even more impressive array of services to our clients."
Dimont & Associates specializes in filing and negotiating insurance claims for lenders, servicers, investors and the GSEs. Presenting and pursuing these claims to satisfactory resolutions involves utilizing an expert team of licensed professionals who maintain in excess of 1,300 state licenses in 46 regulating jurisdictions. Dimont & Associates has made a science out of managing the claims process on residential and multifamily properties and in maximizing recoveries for clients.
"Our guiding principle has been to maximize value for clients in the insurance they have paid for with meticulous accuracy. We have worked hard to set new standards for our industry over the past 17 years," Dimont says. "Our new relationship with Wingspan Portfolio Advisors represents the best of both worlds. Our company provides an important new dimension to Wingspan, already known for its award-winning capabilities."
Horne says that Dimont and Associates will experience few, if any, noticeable changes. What will be evident is that, "Wingspan clients will benefit from the collaboration of two innovative and effective industry leaders under a single, unified banner," he observes. "That's a winning combination."
Wingspan will now have offices in Dallas, Frisco, and Carrollton, Texas, and in Melbourne, Florida, along with Dimont & Associates' offices in Dallas and San Diego, California. Financing for the transaction has been provided by BMO Harris Bank, N.A., Fifth Third Bank, Farmers & Merchants Bank, and THL Corporate Finance, Inc. Investment advisory services were provided by Barrier Advisors for Wingspan Portfolio Holdings and were provided by JMP Securities for Dimont & Associates.
About Wingspan Portfolio Advisors
Wingspan Portfolio Holdings, Inc. and its wholly-owned subsidiary, Wingspan Portfolio Advisors, LLC, are award-winning, diversified mortgage services companies, partnering with lenders, servicers, investors, mortgage insurers, attorneys and real estate agents throughout the U.S. With multiple offices in Texas, California and Florida, Wingspan's team of experienced professionals provides a wide range of mortgage-related services. For more information on Wingspan Portfolio Advisors, please visit www.WingspanPortfolioAdvisors.com.
About Dimont & Associates
Founded in 1996, Dimont & Associates leads the industry in providing best-in-class residential and commercial hazard claim and mortgage insurance claim recovery services offered to mortgage servicers, investors and government sponsored entities (GSEs). Dimont & Associates is headquartered in Dallas, Texas with an operations center located in San Diego, California. For more information, visit www.DimontandAssociates.com.
SOURCE Wingspan Portfolio Advisors