Green River Capital, along with its sister companies Infinity Valuation Services and Green River Financial, finished the fiscal year of 2010 by adding new clients and completing a SAS 70 Type II certification.
The REO asset management and loss mitigation provider for mortgage servicers, investment firms and banking institutions based in West Valley, Utah, brought in a total of seven additional customers.
Infinity Valuation Services, which offers broker price opinions, also increased its yearly revenue in 2010 by 36%. The main reason for the higher revenues was a 52% increase in BPO orders.
Green River Financial, a short sale company, also experienced success last year. GRF increased its number of short sale clients by 50%, raising the company’s inventory by 42%. Short sale closings also doubled in 2010 compared to the previous year.
Other highlights that the company achieved last year was that it became a licensed debt collector in 49 states. Also in 2010, more than 1,000 neighborhood home consultants were trained on the Fair Debt Collection Practices Act to effectively communicate with financially at risk borrowers.
“Training our own agents enables us to ensure attentive and thoughtful service for borrowers, many who are facing tough financial circumstances and need an industry professional they can trust,” said Joe D’Urso, president of Green River Capital. “Our agents are proficient in all legal issues surrounding REO asset management and provide guidance to help borrowers understand all of the options available to them.”
Both GRC and GRF completed an audit of internal operational controls, which is available for their clients and their auditors. The report details the companies’ operational controls and tests them for effectiveness in both business and technology.
The SAS 70 report provides an overview of the company’s REO and short sale management services, systems and processes as well as a description of related control objectives and user control considerations.
“We are dedicated to implementing controls that ensure the utmost efficiency in our processes, as well as the security of our data,” D’Urso said. “Our goal is to provide attentive service to meet the unique needs of each client. Achieving the SAS 70 Type II certification demonstrates the controls we have in place that allow us to uphold our commitment to maximizing returns for clients. Despite a challenging year that included moratoriums and a robo-signing concern, GRC remained focused on excellence in our business practices and we look forward to continued growth in 2011.”