 |
 |
|
GREENSBORO, NC — United Guaranty Corporation (UGC) has announced that it has taken an equity position with Investors Mortgage Asset Recovery Company, LLC (IMARC), a provider of mortgage fraud recovery services. Headquartered in Irvine, CA, IMARC works with mortgage lenders, insurers, and investors to recover losses related to mortgage fraud. Robert Simpson, Esq. will remain as president and CEO. IMARC’s services provide comprehensive solutions to problems associated with mortgage fraud, a unique service in the housing finance industry. "Every participant in the mortgage process – the consumer, lender or servicer, insurer, and investor – stands to benefit from recovered losses, but many cases are either too difficult or too small to handle through typical recovery methods," said Cindy Kirkley, vice president and group executive of AIG United Guaranty’s Domestic Services Group. "IMARC effectively solves these problems at minimal cost to the client. We believe that demand for recovery services will continue to grow." IMARC provides the following recovery options, which are offered nationwide: Assignment services – IMARC recovers fraud losses on a contingency basis, perfect for losses that lenders want recovered, but don’t have the time or staff to pursue. IMARC does not bill for its services but retains a portion of what is recovered. "Gameplan" services – IMARC consults with mortgage lenders on the significant problems created by flipping schemes. IMARC’s expertise provides clients with the training to avoid flips and the skill necessary to recover these losses should they occur. IMARC provides a turnkey service to both recover and prevent mortgage fraud loans. "Our focus is on identifying those responsible for the fraud, those who knowingly originate false documents," said Mr. Simpson, president of the six-year-old firm. "Through IMARC, a lender can outsource the recovery of these losses, and they can do it without incurring any costs." IMARC’s recent recoveries have involved flip sales and mortgage loans based on stolen identifications. Case studies may be found at www.mortgagefraud.com. United Guaranty Corporation (AIG United Guaranty) and its subsidiaries are member companies of American International Group, Inc. (AIG). The company has been headquartered in Greensboro, North Carolina, since it was established in 1963. Subsidiaries of AIG United Guaranty provide mortgage guaranty insurance for first and second mortgages that protects against mortgage credit losses. In addition, AIG United Guaranty’s comprehensive range of financial products and services to lenders and investors includes mortgage fraud recovery services, student loan default insurance, and access to insurance products from AIG member companies. AIG United Guaranty’s international locations include offices in Jerusalem, Hong Kong, Taiwan, Madrid, London, Tokyo, Mexico City, Milan, and Beijing. American International Group, Inc. (AIG) is the world’s leading international insurance and financial services organization, with operations in more than 130 countries and jurisdictions. AIG member companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In the United States, AIG companies are the largest underwriters of commercial and industrial insurance and AIG American General is a top-ranked life insurer. AIG’s global businesses also include retirement services, financial services and asset management. AIG United Guaranty is a marketing term for United Guaranty Corporation and its subsidiaries. AIG United Guaranty media releases may be viewed on our Web site at www.ugcorp.com. |