OrangeGrid [1], a provider of mortgage servicing software, announced that Flagstar Bank [2], a national mortgage lender and servicer, has implemented mortgage servicing software provided by OrangeGrid to manage its loss mitigation processes and enhance internal efficiencies.
The software provides Flagstar with a collaborative operating system to help handle the complexities inherent in the loss mitigation process, which by its nature, involves unique borrower scenarios. It has the added benefits of enhancing compliance, tracking metrics for internal staffing, generating comprehensive reporting on turn-time on loss mitigation requests, and delivering a clear audit record for every step in the workflow.
"OrangeGrid’s technology mitigates processing exceptions that are an impediment to timely completion of a customer’s loss mitigation solution,” said James Campbell, Head of Servicing and Subservicing at Flagstar. “The workflow created with OrangeGrid avoids the processing exceptions a servicer would experience with a less sophisticated solution, thus keeping the loan within the scheduled timeline for resolution.”
“OrangeGrid is good news for Flagstar’s borrowers because it means a faster review for them and a more timely return to a performing status for their loan. And for Flagstar, it increases both capacity and efficiency,” said Todd Mobraten, CEO and founder of OrangeGrid.
Founded in 2014, OrangeGrid, a Dallas-based fintech, is the developer of no code/low code software that enables mortgage servicers and their vendors to more effectively manage their workflows across legacy systems and data reporting tools.
Be sure to check out Five Star and OrangeGrid's complimentary webinar next week entitled "Getting Servicing Technology Approved: From Concept to Completion in 90 Days." You can register for the webinar by clicking here [3].