Mortgage lender and servicer Flagstar Bank is now using 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.
OrangeGrid says its solution 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, the company says in a release.
“OrangeGrid’s technology mitigates processing exceptions that are an impediment to timely completion of a customer’s loss mitigation solution,” says 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,” adds Todd Mobraten, CEO and founder of OrangeGrid. “And for Flagstar, it increases both capacity and efficiency.”
