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Insurance Adds Value To Troubled Junior Liens.(Brief Article)
Distressed debt buyers occasionally ask about buying some of the loans from Universal Assurors Agency Inc.'s subperforming junior lien mortgage portfolio, but they never seem to offer the right price as far as the company is concerned.
Frederick J. Ostdiek, vice president and national sales manager at UAA, said potential buyers generally offer about five cents on the dollar for the loans versus the 20 cents on the dollar that Universal Assurors Agency, based here, wants for them.
UAA's portfolio comes from claims lenders are eligible to file whenever delinquencies on any of their insured junior lien mortgages surpass the 90-day mark. If the lenders' claims are successful, Universal will cover the default risk on the loans in question by buying them. The insurer then either will use its internal collector to resolve the loans, or if the loans are particularly troublesome, outsource the collections work to specialists. The company obtains around 20% of its claims through collections, Mr. Ostdiek ...
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