DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
Issue link: http://digital.dsnews.com/i/183390
IN THE NEWS Alabama rank: 42 90+ Day Foreclosure Unemployment Delinquency Rate RateRate march 2012 4.02%1.79% 7.4% year ago 4.06%1.90% 9.3% percent point change -0.8% -6.1%-20.4% Top County COOSA COUNTY 90+ Day Delinquency Rate Foreclosure Rate march 2012 3.78%3.54% year ago 6.00%2.88% percent point change -37.0%23.0% Top Core-Based Statistical Area MOBILE, AL 90+ Day Delinquency Rate Foreclosure Rate march 2012 6.64%2.35% year ago 6.23%2.31% percent point change 6.6%1.6% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the March 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary March 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. Alabama Stephanie J. Ford Top 3% of Alabama Re/Max Agents 205.873.1075 www.stephanieford.com sford@stephanieford.com STAT INSIGHT -13% Year-over-year decrease in home prices in April for Alabama's BirminghamHoover metro. Source: Clear Capital 80 IL Group's Customer Service Earns Repeat Business IL Group, a provider of customized lender-placed insurance products and services headquartered in Gulf Shores, Alabama, has counted Chicago-based Fay Financial as a client for three years. The company recently announced that Fay Financial will continue to leverage IL Group for customized lenderplaced and forced-placed insurance products and services to streamline workflow, improve efficiencies, and maintain regulatory compliance. Fay Financial was founded in 2007 to address the growing dislocation within the housing market driven by the effects of the housing crisis. To support its efforts, the institution selected IL Group to provide the company with lender-placed hazard insurance, lender-placed flood insurance, and flood determinations. Fay Financial cites several benefits to working with IL Group, including the provider's professional staff, responsiveness, and overall customer service. "It is crucial for our company to provide top-notch insurance products to our customers, so it is essential we work with an organization that can provide those products, paired with a highly knowledgeable and easy-towork-with staff," said Edward Fay, CEO and founder of Fay Servicing, LLC, the servicing unit of Fay Financial that works closely with both lenders and investors. "Since the beginning of the relationship in 2009, IL Group has consistently been responsive to our requests," Fay continued. "They are always willing to work with us and answer any questions, and in doing so have helped our organization see greater efficiencies and a streamlined workflow process." IL Group also accommodates unique requests, such as sending disclosure letters as if they are from Fay Financial directly when borrowers fail to maintain their own insurance. "This is key for us, as we know we can rely on IL Group to strictly adhere to government regulations to protect investors and our company," Fay said. Larry Cason, president of IL Group, says with today's continually changing regulatory environment, it's extremely important for institutions to stay abreast of the myriad of new rules and maintain compliance. "Because of our keen understanding of the industry, many of our customers, like Fay Financial, have worked with us for many years to not only support their insurance needs, but maintain compliance," Cason said. IL Group launched a new company website last month to better reflect its strategic vision and support anticipated growth. The new site, ILGroup.com, has been designed to allow visitors to quickly find information on services that best meet their needs, the company explained. IL Group's online domain includes information on all available products as well as how the company aims to create and execute best practice processes for each client through its "Client Relationship Management" approach. Visitors will also find an online newsroom featuring client testimonials. "We're thrilled about our new website. It is much more reflective of who we are and what we aim to do," Cason said. "Since our founding more than 23 years ago, we have continued to expand to now serve clients across the entire country. In 2011, we grew our staff and opened a new office to support that growth, and we knew it was time for a new website to better communicate our value proposition." Founded in 1989, IL Group provides customized lender placed products and services to lending institutions nationwide. The company says its team of licensed agents leverages relationships with top insurance carriers to provide the right solution to insure each lender's loan portfolio. Alabama Man Pleads Guilty to Role in Rigging Bids and Mail Fraud An Alabama real estate investor agreed to plead guilty and serve prison time for his role in rigging bids at real estate foreclosure auctions, the Department of Justice announced in late April. Charges were filed in the U.S. District Court in Mobile against Lawrence B. Stacy, assessing one count of bid rigging and one count of conspiracy to commit mail fraud. According to the plea agreement, Stacy agreed to serve six months in prison and pay a $10,000 fine. Stacy participated in the bid rigging and mail fraud schemes from as early as May 2002 until at least January 2007, according to the department.