Flagstar Financial institution adopts OrangeGrid mortgage servicing software program

Dallas-based mortgage servicing software program supplier OrangeGrid introduced on Thursday that Flagstar Financial institution has carried out its mortgage servicing software program to “handle its loss mitigation processes and improve inside efficiencies.”

“OrangeGrid is sweet information for Flagstar’s debtors as a result of it means a quicker evaluation for them  and a extra well timed return to a performing standing for his or her mortgage,” Todd Mobraten, CEO and founding father of OrangeGrid, mentioned in an announcement.

OrangeGrid’s working system, which claims to have a low-code/no-code structure, will goal to offer Flagstar the instruments wanted to enhance compliance, observe inside staffing metrics, flip time reporting on loss mitigation requests and audit information for the workflow, in accordance with a press launch.

This January, the corporate launched GridSource, a brand new product that may join all vendor varieties to the suite of merchandise in its mortgage servicing platform.

“The workflow created with OrangeGrid avoids the processing exceptions a servicer would expertise with a much less subtle resolution, thus preserving the mortgage inside the scheduled timeline for decision,” James Campbell, head of servicing and subservicing at Flagstar, mentioned in an announcement.

OrangeGrid is at the moment integrated with expertise corporations like Amazon, 8×8, Adobe Echosign, Microsoft Workplace, Fannie Mae Servicing Administration Default Underwriter (SMDU), Fedex and LexisNexis, amongst others.

The announcement comes quickly after Flagstar Financial institution’s latest choice to make drastic cuts to its retail mortgage operation and lay off a whole lot of staff.

The corporate not too long ago acquired Fed approval to merge with New York Neighborhood Financial institution and acquired Flagstar for $2.6 billion final December. NYCB confirmed on Tuesday that it’s closing 69% of the retail residence lending places of work, not together with its branches.

Thomas Cangem, NYCB president and CEO, mentioned restructuring the corporate’s enterprise was a strategic choice.

“Going ahead, our distributed retail channel will function as an in-branch footprint mannequin and we’ll shut all out-of-footprint areas,” Cangem mentioned.

Flagstar originated $27 billion in mortgages in 2022, a decline of about 38% year-over-year. In accordance with prior reporting on HousingWire, Flagstar’s web revenue totaled $172 million from October to December 2022. It added $25.8 billion to NYCB’s belongings and $17.2 billion in loans following the acquisition.