Dallas Based Mortgage Servicing Software Provider orangegrid announced on Thursday Flagstar Bank Has implemented its mortgage servicing software to “manage its loss mitigation processes and increase internal efficiencies”.
“OrangeGrid is great news for Flagstar borrowers because it means faster reviews for them and a more timely return to performance status for their loans,” Todd Mobreton, CEO and founder of OrangeGrid, said in a statement.
OrangeGrid’s operating system, which claims to be a low-code/no-code architecture, aims to provide Flagstar with the necessary tools for improving compliance, tracking internal staffing metrics, turn time reporting on loss mitigation requests and As per the audit records of the workflow. for a press release.
This January the company launched gridsource, A new product that can connect all vendor types to a suite of products in its mortgage servicing platform.
James Campbell, Head of Servicing and Subservicing at Flagstar, said in a statement, “Workflows created with OrangeGrid avoid the processing exceptions that a servicer would experience with a less sophisticated solution, thus helping to resolve loans within the stipulated time frame for resolution.” Will keep.”
OrangeGrid is currently integrated with technology companies Amazon, 8×8, Adobe EcoSign, Microsoft Office, Fannie Mae Servicing Management Default Underwriters (SMDU), FedEx And LexisNexis, among others.
The announcement comes soon after Flagstar Bank’s recent decision to drastically cut its retail mortgage operations and lay off hundreds of employees.
The company had recently received Fed approval for the merger. New York Community Bank And last December it acquired Flagstar for $2.6 billion. NYCB confirmed Tuesday that it is closing 69% of its retail home lending offices, excluding its branches.
NYCB President and CEO Thomas Canagem said the company’s restructuring of its business was a strategic decision.
“Going forward, our distributed retail channel will operate as an in-branch footprint model and we will close all out-of-branch footprint locations,” Cangum said.
Flagstar commits to $27 billion in mortgages through 2022, a decline of nearly 38% year-over-year. According to an earlier report on HousingWire, Flagstar’s net income for October to December 2022 totaled $172 million. It added $25.8 billion to NYCB’s assets and $17.2 billion in debt following the acquisition.
