OrangeGrid, a provider of mortgage servicing software, has launched its loss mitigation initiative to enable the company to provide more focused default servicing capabilities to the mortgage servicers. The initiative is designed to offer its users the ability to quickly scale up when facing sudden increases in the number of default servicing requirements without having to hire large numbers of new staff.
According to ATTOMs recent Foreclosure Market Report there were a total of 30,881 properties in the United States with foreclosure filings in May 2022 including default notices, scheduled auctions or bank repossessions. That coupled with the staggering number of nearly 1.7 million properties that are 30 or more days past due, according to Black Knight Data, the need for quickly launch automated solutions in default loan servicing is paramount. OrangeGrid is tackling loss mitigation as it is one of the first process management needs in the default loan servicing lifecycle.
OrangeGrid is now capable of offering its users the ability to quickly scale up when facing a sudden increase in the number of default servicing requirements without having to hire large numbers of new staff. The solution enables servicers to use a single solution to conduct all its loss mitigation process and production management needs without having to rely on IT departments for customizations or keep up with ever changing regulatory requirements from agencies such as the CFPB. It also creates an eco-system of convergence for all data from a variety of sources, including many popular legacy systems, used in the servicing of mortgage loans.
“OrangeGrid provides innovative mortgage servicers with the ability to easily scale up when dealing with a sudden surge in loss mitigation cases,” said Todd Mobraten, OrangeGrid’s chief executive officer and founder. “Our comprehensive default suite provides process and exception management capabilities offering dynamic workflows, dynamic dashboards, and configurable workflows to give users the ability to handle higher volumes of mortgage servicing duties more efficiently.”