LOGS Diversifies Services

LOGS Financial Services, Northbrook, Ill., a default management and outsourcing provider for the mortgage industry, has announced the expansion of its services into the subprime and chattel mortgage markets.The company has formed a subprime default management group in its Outsourcing Division, with an emphasis on manufactured housing. LOGS said it recently contracted to service delinquent loans in Baton Rouge, La., to complement the work being done in its Northbrook and Jacksonville, Fla., locations. "Losses in the manufactured housing market continue to rise to the point where fewer financing opportunities exist for the purchase of new units," said Michael C. Barron, LOGS' general counsel. "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." LOGS said it is also expanding its default management services to handle mixed collateral loans, home equity, and other unusual financing arrangements. The company can be found online at http://www.logs.com.