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Timios Inc. and OrangeGrid LLC have announced a strategic partnership, making Timios the preferred provider of title, escrow, valuation, and asset management services within OrangeGrid's GridReady default management ecosystem.
In addition, Timios said it also has made a “significant equity investment” in OrangeGrid to increase distribution capacity, and that the companies will collaborate on a number of co-marketing initiatives to accelerate market adoption of the solution. Terms of the equity investment were not disclosed.
Mortgage servicers who are GridReady customers will be able to seamlessly order title, escrow, and valuation products, as well as track fulfillment by Timios through the GridSource vendor management component of the ecosystem, the company said.
GridReady “is poised to disrupt default management by making modern workflow technology — which spans the business processes of both mortgage servicers and their vendors — easily accessible and rapidly deployable,” Ray Davison, CEO of Timios, said. “Timios is excited to join OrangeGrid at the forefront of the digitization of mortgage servicing, enabling our servicing clients to experience the power of process integration that only OrangeGrid can provide."
OrangeGrid CEO Todd Mobraten said his company is thrilled to partner with Timios “as our first GridSource strategic partner and as an investor in our company. This equity investment will enable us to significantly scale our product delivery resources to meet spiking demand from the rise in default-related activity, and the addition of Timios, a first-rate nationwide provider of title, valuation, asset management, and escrow services, will further enhance the value of GridReady for our mortgage servicing customers."
Dallas-based FinTech OrangeGrid is a developer and vendor of no/low code software technologies that improve the operational efficiency and effectiveness of financial institutions and their service providers.
Westlake, Cali.-based Timios provides a full suite of national title and settlement services, including an end-to-end suite of default services, loan modification, foreclosure, REO asset management, BPO, valuations, and appraisal.