Dallas-based mortgage servicing software provider OrangeGrid announced on Thursday that Flagstar Bank has implemented its mortgage servicing software to “manage its loss mitigation processes and enhance internal efficiencies.”

“OrangeGrid is good news for Flagstar’s borrowers because it means a faster review for them  and a more timely return to a performing status for their loan,” Todd Mobraten, CEO and founder of OrangeGrid, said in a statement.

OrangeGrid’s operating system, which claims to have a low-code/no-code architecture, will aim to provide Flagstar the tools needed to improve compliance, track internal staffing metrics, turn time reporting on loss mitigation requests and audit records for the workflow, according to a press release.

This January, the company launched GridSource, a new product that can connect all vendor types to the suite of products in its mortgage servicing platform.

“The workflow created with OrangeGrid avoids the processing exceptions a servicer would experience with a less sophisticated solution, thus keeping the loan within the scheduled timeline for resolution,” James Campbell, head of servicing and subservicing at Flagstar, said in a statement.

OrangeGrid is currently integrated with technology companies like Amazon, 8×8, Adobe Echosign, Microsoft Office, Fannie Mae Servicing Management Default Underwriter (SMDU), Fedex and LexisNexis, among others.

The announcement comes soon after Flagstar Bank’s recent decision to make drastic cuts to its retail mortgage operation and lay off hundreds of employees.

The company recently received Fed approval to merge with New York Community Bank and acquired Flagstar for $2.6 billion last December. NYCB confirmed on Tuesday that it is closing 69% of the retail home lending offices, not including its branches.

Thomas Cangem, NYCB president and CEO, said restructuring the company’s business was a strategic decision.

“Going forward, our distributed retail channel will operate as an in-branch footprint model and we will close all out-of-footprint locations,” Cangem said.

Flagstar originated $27 billion in mortgages in 2022, a decline of about 38% year-over-year. According to prior reporting on HousingWire, Flagstar’s net income totaled $172 million from October to December 2022. It added $25.8 billion to NYCB’s assets and $17.2 billion in loans following the acquisition.