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OrangeGrid, a provider of mortgage servicing software, has launched a loss mitigation initiative that will give 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.
The solution meets all 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, the company says in a release.
“OrangeGrid provides innovative mortgage servicers with the ability to easily scale up when dealing with a sudden surge in loss mitigation cases,” says Todd Mobraten, CEO and founder of OrangeGrid. “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.”
According to ATTOM’s recent Foreclosure Market Report, there were a total of 30,881 properties in the U.S. with foreclosure filings in May, 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, underscores the need for automated solutions in default loan servicing.
OrangeGrid is tackling loss mitigation as it is one of the first process management needs in the default loan servicing lifecycle.
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