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42 In a recent Five Star and OrangeGrid webinar entitled "Getting Servicing Technology Approved: From Concept to Completion in 90 Days," Todd Mobraten, CEO of OrangeGrid; James Campbell, EVP and Head of Servicing for Flagstar's residential mortgage busi- ness; Jarrad Lewis, who leads the delivery management capability of OrangeGrid's product team; and 28-year industry veteran James Vinci, CTO, Selene Finance, discussed defining project objectives, selecting the right vendor, handling complexities, and getting project and budget approvals. "For mortgage servicing, the big topic is tech- nology," said Mobraten, who moderated the we- binar. "We need more of it, or we need to change it out. So, we're either looking to add, replace, or connect things in your technology world. It's the only way we're going to become more efficient and increase margins." However, that's no easy task for mortgage servicing and associated businesses, Morbra- ten said. e business side and IT side of the organization need to work together, which can be challenging. In addition, servicing is changing faster than ever, Campbell noted. "As we look at technology initiatives, they need to be quick to [both devel- opment and deployment.] You can't have projects take a year or two years anymore. I'm looking for technology solutions that I can scope out, devel- op, and integrate in a short period of time." With that in mind, a 90-day window pro- vides an agile timeframe so a servicer can imple- ment some changes but not spend too much time in development, Campbell added. "IT is here to help enable and facilitate the business. We all win by getting things done, and getting them done timely is important," Vinci said. "A large project is almost destined to fail just because of the rapid changes in our environment." Today, servicing professionals need informa- tion more quickly. So, the quicker analysts can have the necessary information, the better, Vinci added. A 90-day timeframe, versus a longer scope, lowers complexity, so it lends itself to a higher chance of success, fewer defects, and better time to market, Vinci said. "It also helps on 'scope creep.' Both the business side and the IT side feel more of a sense of accomplishment by iterating through these things and getting them done." "Time is a killer of all things," Mobraten agreed. HOW TO DEFINE PROJECT OBJECTIVES If a servicer fails to discuss the objectives at the beginning, there may be a myriad of issues, including scope creep, lack of alignment with internal teams, and other problems, Lewis suggested. Scope creep "is death by a thousand cuts," Campbell said. "You never want scope creep. What you want to do is take the time to develop your business requirements, be very specific and exact about it, know what your end objective is, and take THE SPEED OF INNOVATION Representatives of Flagstar, Selene Finance, and OrangeGrid discuss the keys to getting mortgage servicing technology projects approved and executed within a 90-day timeframe. Feature By Phil Britt

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