LOGS Financial Services, Inc., the premier default management and outsourcing provider for the mortgage industry and the creator of the national field counsel industry, is expanding its portfolio of services beyond default management and into the subprime and chattel mortgage markets.
(PRWEB) July, 2003 -- LOGS Financial Services, Inc., the premier default management and outsourcing provider for the mortgage industry and the creator of the national field counsel industry, is expanding its portfolio of services beyond default management and into the subprime and chattel mortgage markets.
We are always developing new methods to respond to the needs of our clients and increase the scope of our services,” says Gerald Shapiro, chairman and chief executive officer of LOGS.
LOGS has formed a Subprime Default Management group in its Outsourcing division. The new group includes the outsourcing of traditional subservicing of subprime loans with an emphasis on the manufactured housing market. LOGS has several key client relationships in the manufactured housing industry, and it recently entered into a contract to service delinquent loans in Baton Rouge, Louisiana to complement the work already being done in its Northbrook, Illinois and Jacksonville, Florida locations.
Michael C. Barron, LOGS general counsel and former general counsel of The United Companies, was instrumental in identifying the need for diversification into this space. Losses in the manufactured housing market continue to rise to the point where fewer financing opportunities exist for the purchase of new units,” he says.
This has resulted in higher pricing for these loans and, consequently, a higher default risk. By applying the process-driven structure of our Outsourcing division to the management of these loans for our servicing clients, we are confident we can reduce the cost of liquidation while ensuring the best possible recovery on the collateral value.”
The new subprime group reports to Fred Zakula, LOGS senior vice president and a 23-year veteran of mortgage servicing. The challenges of managing manufactured housing loans are considerably different from those in typical real estate mortgages,” Zakula says. The legal skills are different; there are risks of the real estate not being included on the security instrument. In some cases, we find our clients only have a security interest in the home without any lien on the real estate at all.”
In addition to the manufactured housing business, LOGS is expanding its default management services to handle mixed collateral loans, home equity, and other atypical financing arrangements. LOGS views these opportunities as appropriate hedges against the constant consolidation of the A” paper mortgage market to a few extremely large national servicers,
This service diversification will allow LOGS to increase its capacity to service its existing clients and allow us to increase our client base,” Barron says.
About LOGS Financial Services, Inc.
With more than 30 years of experience in default management, LOGS Financial Services, Inc. offers a complete package of outsourced default management services for lenders nationwide—concentrating on the risk-sensitive areas of foreclosure, bankruptcy, eviction, REO management and loss mitigation.
For more information on LOGS Financial Services, Inc., visit www.logs.com or contact Michelle Spellerberg, director of communications, at (847) 291-9100, ext. 137 or michelles.hq@logs.com.
-###-
|
