In 2012, the West Valley, Utah-based provider of REO asset management and loss mitigation services launched a servicing division in response to a growing demand for individual, customized services.
The servicing division supports institutional investors and lenders involved in various REO-to-rental initiatives. Green River provides pre- and post-acquisition services including collateral underwriting, property and market level due diligence and transaction management services such as title searches, title curative activities, escrow administration and repair oversight.
GRC said the division currently provides these services on more than 4,000 properties each month. Also, the company has developed a flexible platform to absorb additional volume as needed for a client.
Another highlight of 2012 for Green River was the addition of key executives, including Kim Schroeder as chief information officer and Tim Reilly as senior vice president of the company’s short sale unit, GR Financial.
Schroeder has more than 25 years of systems development and IT experience. In his new role, Schroeder will lead GRC’s technology and infrastructure strategies.
Before joining GRC, Reilly was senior vice president of default administration at BankUnited where he implemented the bank’s default servicing process and oversaw collections, loss mitigation, short sales, modifications, foreclosure and bankruptcy, REO sales and charge off/recovery activities. He was also previously vice president of default and asset management for Deutsche Bank Securities and executive manager for Real Estate Disposition Corp.
All of Reilly’s previous experiences helped GRC experience 163% growth rate in short sale and door knocking referrals in 2012. GRC said it maintained a right party contact rate on highly delinquent/no contact assets of 56% over this growth period.
“With the company’s ongoing growth in the short sale division as well as the launch of our component servicing division, 2012 has been dedicated to responding to the market’s changing needs,” said Joe D’Urso, president of Green River Capital in a press release. “As our short sale activities to grow, Tim’s leadership skills will prove to be very valuable and drive further success. Additionally, Kim’s knowledge will only enhance our current infrastructure and day-to-day operations.”