OrangeGrid founder and CEO Todd Mobraten says his company is on a mission to rid the mortgage loan 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 California title and escrow services company Timios—which has made a “significant equity investment” in OrangeGrid.

“Part of this growth capital is we need good resources, and they’re here,” Mobraten told Dallas Innovates. “I don’t have to look very far for people that are specialized that we can add to the mix.”

Simplifying business processes

OrangeGrid was founded in 2014 by Mobraten and Dustin Sauter, the startup’s CIO and COO—both of whom cut their teeth in the real estate technology space at competing firms, with Mobraten as president and COO of RES.NET and Sauter as VP of IT operations at Equator.

Focused on targeting loan servicing groups, OrangeGrid’s no-code platform allows users to create automated workflows across different software systems, especially in highly regulated industries, and bring them into a single dashboard.  

“(Businesses) have technology, but it’s fragmented. Our whole vision is we want to help consolidate that into more of a single pane of glass,” Mobraten said. “We wanted to come up with a better model to empower the business units to be more agile, to have control and consolidate these multiple systems into a single environment. They use our systems to streamline those complex processes, those rules, and in the end, they’re getting control over their own software process environment.”

Building out a local team in ‘the mortgage servicing capital of the country’

Initially launching its product in California in 2017, OrangeGrid moved its headquarters to Dallas-Fort Worth in March, drawn by the density of mortgage servicing companies in the area. Mobraten said. He added that DFW’s central location makes it easier to do business with firms across the U.S., in addition to having a talent pool with experience in financial technology and mortgage loan servicing.

Mobraten said his company currently has a team of about 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 solution support analyst.

“Probably about a decade and a half ago, a lot of the big mortgage loan servicing groups moved 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 about $15 million

While not disclosing specifics, Mobraten said the new funding from Ideanomics-owned Timios, which has a processing center in Plano, brings its total to about $15 million. With the funding, OrangeGrid plans to invest in marketing to reach more clients and building its team to deliver new solutions more quickly. Mobraten said he sees a potential growing demand as rising inflation could create a mirrored rise in mortgage delinquency rates, making the servicing of the loans more complex for firms.

“Our focal point right now is mostly around delinquent loan servicing. It starts from collections to loss mitigation, forbearance, and bankruptcy,” Mobraten said. “All of those areas have their own complexities, their own set of rules. Then, on top of it, you’ve got the federal government putting in new regulations that are constantly changing. So these mortgage servicing groups need some serious help.”

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