OrangeGrid’s mortgage servicing solution now live at Flagstar Bank

By Edlyn Cardoza

OrangeGrid, one of the providers of mortgage servicing software, announces Flagstar Bank, one of the national leaders in mortgage lending and servicing, has implemented mortgage servicing software provided by OrangeGrid to manage its loss mitigation processes and enhance internal efficiencies.

“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.

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.”

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.

New York Community Bancorp, Inc. is the parent company of Flagstar Bank, N.A., one of the largest regional banks in the country. The Company is headquartered in Hicksville, New York, with regional headquarters in Troy, Michigan. On December 31, 2022, the Company had $90.1 billion of assets, $69.0 billion of loans, deposits of $58.7 billion, and total stockholders’ equity of $8.8 billion.

Flagstar Bank, N.A. operates 395 branches across nine states, including strong footholds in the Northeast and Midwest and exposure to high-growth markets in the Southeast and West Coast. Flagstar Mortgage operates nationally through a wholesale network of approximately 3,000 third-party mortgage originators.