Utah-headquartered Green River Capital (GRC), an REO asset management and loss mitigation provider, recently partnered with Mountain America Credit Union to provide commercial and residential REO management services.
""As we anticipate continued challenges for the housing market, GRC is meeting the needs of community credit unions by allowing them to merge their REO properties to leverage its technology and benefit from the reduction in time and cost associated with maintaining our
non-performing assets,"" said Gene Erickson, COO of Mountain America Financial Services, based in West Jordan, Utah.
GRC's technology platform, REOConnex, is an SAS 70-compliant workflow application that allows Mountain America to identify the status of its properties at any time. The REOConnex platform provides GRC clients with real-time reporting, valuation, offer acceptance, and expense tracking online, which the company says allows them to make decisions faster.
""Mountain America wanted to proactively manage its REO assets and reduce the burden on employees, allowing them to focus on quality member service,"" said Brent Taggart, SVP of business development and client relations for GRC.
""Together we developed a strategy to aggregate the REO properties of other community credit unions across the country to collectively use the GRC technology platform, accommodating the particular needs of Mountain America as well as several other credit unions in the same position,"" Taggart explained.