Green River Capital adds credit union client, expands commercial coverage
REO asset management firm Green River Capital nabbed its first credit union client to kick off expansion of REO management into the credit union industry. Brent Taggart, senior vice president at Salt Lake City-based Green River, said the company will represent Mountain America Credit Union, handling both residential and commercial REO management. The two firms also signed a joint marketing agreement in which Mountain America will market Green River’s services to other credit unions and send referrals its way. The new business "gives us an 'in' to prove ourselves with credit unions," Taggart said, while speaking with HousingWire during the Mortgage Bankers Association’s National Mortgage Servicing Conference & Expo. Taggart said the company is hopeful that this initial credit union client will lead to a greater representation across the credit union industry. Credit unions, in general, tend to have more conservative lending standards than banks and haven’t been as hard-hit by the economic downturn as the nation’s big residential lenders. Green River, which has spent the past eight years in residential REO asset management, also began expanding into commercial REO work recently when one of its residential clients asked it to handle commercial properties valued at $7.5 million or less, Taggart said. Since then, it has been handling REO management of properties such as car washes, strip retail centers and small hotels for that client. As delinquencies peak on the commercial side, Green River said it sees the commercial sector becoming a more prominent piece of its business. Write to Kerry Curry. Follow her on Twitter @communicatorKLC.