A trio of vendors that play in the nonperforming loan space have formed a cooperative to unload NPLs to Realtors seven days before they are offered to the public.
The three firms include TREO International, Granite Loan Solutions and FCI Lender Services, a specialty servicer that focuses on privately held mortgages and other products.
The firms said in a press statement that word of the effort “has already generated thousands of inquiries from the real estate agent market.” The group added, “The program is expected to expand rapidly.”
Granite has been a bulk buyer of NPLs in the past. TREO is an asset management firm.