OrangeGrid Founder and CEO Todd Mobraten said his company is on a mission to rid the mortgage servicing industry of the need for emails and spreadsheets.
After quietly moving its headquarters to the region earlier this year, the Flower Mound-based business process workflow fintech has found a strategic partner and institutional investor in the California-based securities and escrow services company Timios, who made a “significant capital investment” in OrangeGrid.
“Part of that growth capital is that we need the right resources, and they’re there,” Mobraten told Dallas Innovates. “I don’t have to look very far for specialist people that we can add to the mix.”
Simplification of business processes
OrangeGrid was founded in 2014 by Mobraten and Dustin Sauter, CIO and COO of the startup, who both cut their teeth in real estate tech at competing ventures, with Mobraten serving as president and COO of RES. NET and Sauter as vice president of IT operations. at the equator.
Focused on targeting lending service groups, OrangeGrid’s no-code platform allows users to create automated workflows on different software systems, especially in highly regulated industries, and integrate them into a chart single edge.
“(Companies) have the technology, but it’s fragmented. Our overall vision is that we want to help consolidate this in more than one pane,” Mobraten said. “We wanted to provide a better model to allow business units to be more agile, to have control and to consolidate these multiple systems into a single environment. They use our systems to streamline these complex processes, these rules, and ultimately , they get control of their own software process environment.
Build a local team in “the nation’s mortgage servicing capital”
Initially launching its product in California in 2017, OrangeGrid moved its headquarters to Dallas-Fort Worth in March, attracted by the density of mortgage service companies in the area. said Mobraten. He added that DFW’s central location makes it easy to do business with companies across the United States, in addition to having a pool of talent experienced in fintech and mortgage servicing.
Mobraten said his company currently has a team of around 35 employees and plans to add between 15 and 20 new positions at its Flower Mound offices. Its website currently lists local positions including Business Analyst, Database Administrator, and Solutions Support Analyst.
“Probably about a decade and a half ago, many large mortgage servicing groups moved their headquarters to the Dallas-Fort Worth area,” Mobraten said. “Essentially, DFW is the mortgage servicing capital of the country.”
New funding brings OrangeGrid’s total to around $15 million
Without disclosing details, Mobraten said the new funding for Owned by Ideanomics Timios, who has a treatment center in Plano, brings his total to about $15 million. With this funding, OrangeGrid plans to invest in marketing to reach more customers and strengthen its team to deliver new solutions faster. Mobraten said he sees potential growing demand as rising inflation could create a parallel rise in mortgage default rates, making it more complex for businesses to service loans.
“Our focus right now is primarily on servicing delinquent loans. It starts with collections, loss mitigation, forbearance and bankruptcy,” Mobraten said. “All of these areas have their own complexities, their Then, on top of that, the federal government puts in place new regulations that are constantly changing, so these mortgage service groups need some serious help.
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