OrangeGrid Launches Default Management Ecosystem Solution
OrangeGrid, LLC (“OrangeGrid”), formally launched its mortgage loan default management suite, GridReady. The product is built upon OrangeGrid’s cloud-based, no/low code GridTracks workflow management system, which enables financial institutions to replace siloed data reporting tools with dynamic case management using standard software objects – tasks, workflows, and dashboards – all from a user-configurable administration portal.
According to RealtyTrac, in January, 2022, foreclosure starts were up 29% month-over-month and 139% year-over-year. GridReady helps servicers who lack modern production oversight technology address these spikes in volume and improve efficiency by providing affordable, preconfigured use cases of GridTracks in the common default servicing tasks such as foreclosure, bankruptcy, loss mitigation, property inspection, preservation management and REO dispositions. From there, servicers may continue customizing the workflows of GridTracks to suit their needs, even by expanding the reach of the system to provide connectivity to their vendors through GridSource, enabling process automation throughout the default lifecycle.
“GridReady solves the problem of servicers who need to rapidly deploy modern default management technology, while preserving access to the power of GridTracks – automation – which stems from its ability to aggregate data from disparate sources into a single environment and provide ‘single pane of glass’ visibility for exception management. The addition of GridSource eliminates the email paper chase, streamlining communications with vendors and adding value to their operations by mechanizing order management. As a SaaS provider, we are shifting our strategy from custom builds to out of the box foundations that customers can easily deploy and continue to transform,” said OrangeGrid CEO Todd Mobraten.
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