55
Industry Updates
ORANGEGRID
LAUNCHES DEFAULT
MANAGEMENT
ECOSYSTEM SOLUTION
OrangeGrid, LLC formally launched
its mortgage loan default management
suite, GridReady, at the MBA Servicing
Conference. e 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. e 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,"
OrangeGrid CEO Todd Mobraten said.
