Steve Horne, the founder, CEO and president ofWingspan Portfolio Advisors, was removed from leading the company he founded in 2008, multiple sources have told HousingWire.
Several sources have confirmed to HousingWire that Horne was removed from his position two weeks ago and failed in his recent efforts to be reinstated by the company he founded.
As of 12:41 a.m. on Thursday, Horne was still listed on the company’s website as its CEO and president.
“Steven Horne brings a wealth of mortgage servicing experience to clients,” Wingspan’s website states. “He is a career-long expert in creating and executing strategies to mitigate losses in real estate portfolios of all types, with a specialized concentration in managing the most challenging assets.”
Dallas-based Wingspan is a mortgage services provider that partners with lenders, servicers, investors, mortgage insurers, and attorneys to provide outsourced services, including mortgage underwriting, due diligence and other services.
One source said the Horne was removed from his position after a series of questionable decisions.
The primary pain point, they said, was the acquisition ofDimont & Associates. The source said the deal, rumored to be $90 million in cash, was a vast overpayment.