Call it a sign of the times. A Utah-based CUSO has partnered with a firm that specializes in real estate owned by financial institutions to offer services to other credit unions.
Mountain America Financial Services is a wholly owned subsidiary of Mountain America Credit Union, a federal credit union based in South Jordan, Utah, with $2.9 billion in assets and roughly 354,000 members.
Under the partnership, MAFS will offer Green River Capital through its CU Sources gateway where it already offers some REO management services, according to the CUSO's website.
The partnership will enable participating credit union to both manage and move real estate off their books in a more efficient manner, the CUSO said, through Green River's REOConnex platform that offers “real time” reporting, valuation, offer acceptance and expense tracking.
“Financial institutions are experiencing a large volume of properties that are foreclosing and they don’t have the time or resources to properly manage them,” said Gene Erickson, chief operating officer of MAFS.
“This new partnership allows us to take the hassle out of the process and allows institutions to effectively and efficiently move their REO assets off of their books,” Erickson said.
“By joining Mountain America and CU Sources we are able to provide the technology and experience to help credit unions effectively manage their growing volumes of REO assets and focus on providing exceptional member service,” said Brent Taggart, senior vice president of Business Development and Client Relations for Green River.
Credit unions have largely not been impacted too greatly by large numbers of foreclosures that wind up in REO, according to industry experts, but credit unions in severely impacted states are carrying a relatively large number of properties on their books and have embarked on innovative programs to move them off their books.