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CU Sources to offer REO management services

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SOUTH JORDAN, UTAH (6/6/11)--CU Sources, a division of Mountain America Financial Services (MAFS), will provide real-estate owned (REO) management services to other credit unions and financial institutions through a partnership with Green River Capital (GRC). CU Sources will offer GRC’s REO management and disposition services. Credit unions that partner with CU Sources can access GRC’s REOConnex platform, which offers real-time reporting, valuation, offer acceptance and expense tracking, and can be accessed through any Internet connection. “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.” MAFS is a credit union service organization and a subsidiary of Mountain American CU, South Jordan, Utah.

CU item processors PCS CSI merge

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IRMO, S.C. (6/6/11)--Palmetto Cooperative Services and Cooperative Services Inc., have merged their item-processing operations, creating a new company called PCSi. The merger formalizes a long-standing relationship between the two similar-sized payment-systems providers. “Our processing services and image-based solutions have evolved to the point where we felt our item processing unit needed its own identity,” said Palmetto Cooperative Services CEO Ed Culpepper. “The merger of our item processing operations with Cooperative Services Inc. doubles our volume and increases our efficiency, which will allow us, in some cases, to pass along savings to our customers of up to 20%.” A logo for the new brand--three lime-green concentric squares in forward motion--was also unveiled with the announcement. PCSi will serve credit unions and banks in 20 states.