RIO Software Solutions recently launched a national platform offering direct sales of non-performing notes and REO directly to local investors on an individual or bulk basis from institutional holders.
“This is something that just made sense for a lot our clients,” stated RSS president Charis Wayman. “With such limited property inventories in so many markets – local investor demand is incredible.”
RSS said local investors are much better equipped to deal with NPL’s at their level and typically bid much more aggressively as compared to a national fund buying in bulk and attempting to resell or otherwise recover. This new platform mitigates those differences and will increase exposure across pools of local and national buyers and sellers.
“For the sellers of these non-perfuming loans – it is the best of all possible worlds; massive buyer pool, faster disposition times, better returns, and of course a reduction in media risk when they are no longer the owner of the loan and/or forced to be the one foreclosing,” added RIO CEO Michael Krein.
The new platform will speed up the resolution process, unclog the pipelines for everyone and grant direct access to more inventory, the company said.