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UGC and IMARC Offer Fraud Recovery.
United Guaranty Corp. here has entered into an alliance with Investors Mortgage Asset Recovery Co. LLC, Newport Beach, Calif., to market its fraud-related loss recovery services.
According to Len Sweeney, senior vice president, strategic planning and corporate development at UGC, the mortgage insurer's role will be to help introduce IMARC's services to its lender customers. Otherwise the customer will work directly with IMARC.
UGC is a customer of IMARC, he noted, but this deal is not a result of UGC seeing an increase in fraudulent activities. But with the rise in interest rates, the market could see an increase in mortgage-related fraud.
IMARC offers two recovery options for lenders. Assignment services involve recovery of losses (both large and small) resulting from misrepresentation or fraud. The lender assigns the loss to IMARC, and IMARC pursues recovery in its own name. IMARC does not bill for its services, but retains a portion of what is collected.
Then there is what IMARC calls its "Gameplan" services. IMARC acts as a consultant to mortgage lenders where a large number of fraudulent loans are discovered, usually associated with flipping. IMARC provides the customer with a "litigation-ready" file, thus supporting the client's legal counsel in taking action. These services are offered nationwide.
By working with IMARC, Mr. Sweeney said, lenders are "outsourcing a specific expertise to the folks that have the knowledge and ...
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Source: HighBeam Research, UGC and IMARC Offer Fraud Recovery.