Flagstar Bank Completes Third MortgageTech Accelerator Program
Flagstar Bank recently completed its third MortgageTech Accelerator program, graduating four startups focused on innovations in mortgage technology. The program, aimed at enhancing mortgage origination and servicing, engaged startups like LoanSense, OrangeGrid, Calque, and CredEvolv. Flagstar's mentorship facilitated growth in product development and operational strategies. With a commitment to technology-driven solutions, Flagstar aims to enhance the customer experience in home loans. The bank plans to launch its fourth accelerator program in early 2023.
- Successful graduation of four startups enhances Flagstar's innovation profile.
- One-on-one mentorship by Flagstar's mortgage leaders provided valuable insights to startups.
- Flagstar's tech initiatives aim to improve customer experiences in home loans.
- None.
Four startups graduated from three-month collaborative program
TROY, Mich. , July 14, 2022 /PRNewswire/ -- Flagstar Bank has wrapped up its third MortgageTech Accelerator program—the first and only accelerator in the United States solely dedicated to mortgage technology. Four startups graduated recently after a final presentation closed out the three-month program.
Flagstar looked for startups working on breakthroughs in all facets of the mortgage business, including mortgage origination and servicing, compliance, secondary marketing, and fulfillment, as well as activities performed under the Community Reinvestment Act. Among the criteria for selection were company progress in product development, prospects for growth, and potential for CRA impact.
The graduating class of fintechs included:
- LoanSense of Ypsilanti, Mich.
- OrangeGrid of Flower Mound, Texas
- Calque of Austin, Texas
- CredEvolv of Naples, Fla.
The program offered one-on-one interaction with senior members of Flagstar Bank's mortgage leadership team, including opportunities for direct interaction and access to expertise. Flagstar mentors engaged with the companies on topics such as integrating technology, pricing strategies, and product roadmaps.
"We place a huge value on using technology to change consumers' lives and offer an industry-leading customer experience," said Lee Smith, president of Mortgage for Flagstar Bank. "This program makes our industry stronger and positions Flagstar to deliver a more seamless, frictionless, tech-enabled home loan experience for our customers."
"Flagstar's MortgageTech Accelerator allowed LoanSense to prepare to serve depository institutions," said Catalina Kaiyoorawongs, founder and CEO of LoanSense. "Not only did we get insight into the way leaders thought about our product and pricing, but also how they made technology purchase decisions. Plus, we were able to work closely with an executive sponsor who really championed our success. Overall, it was an invaluable experience that I'd recommend to other mortgage technology companies who want to work with bank lenders."
"After 18 months of creating our default management workflow templates, we were fortunate to participate in Flagstar's MortgageTech Accelerator where we worked closely with Flagstar's loss mitigation leadership team," said Todd Mobraten, founder and CEO of OrangeGrid. "That helped us continue to enhance our product functionality and increase our value proposition throughout the mortgage servicing space. In fact, we've already begun exploring other strategic opportunities with Flagstar and look forward to having them not only as a customer, but as a partner."
"Flagstar's Accelerator program helped deepen our capabilities in numerous areas, including lender integration, operations, and compliance," said Jeremy Foster, CEO of Calque. "The accelerator team we worked with were true partners, and we're a better company with a stronger product as a result of our participation in the program."
"We are mortgage bankers developing consumer credit solutions for mortgage bankers," said Jeff Walker, CEO of CredEvolv. "Flagstar's leadership across multiple origination and servicing channels presents an ideal opportunity to test our business model across several dimensions."
Past alums that have continued to grow and innovate since participating in the program include Stavvy, Brace, Home Lending Pal, and Home Captain. Their experience has led to additional partnership opportunities with Flagstar post-accelerator. Flagstar plans to launch its fourth accelerator program in early 2023. Startups engaged in mortgage tech innovations interested in participating may email Ashwin Mago, Flagstar's director of Mortgage Digital and MIS, at ashwin.mago@flagstar.com.
About Flagstar
Flagstar Bancorp, Inc. (NYSE: FBC) is a
For more information contact:
Susan Bergesen
Flagstar Bank
(248) 312-6237
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SOURCE Flagstar Bancorp, Inc.
FAQ
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