Flagstar Bank Now Accepting Applications for MortgageTech Accelerator Program

Rhea-AI Summary

Flagstar Bank is accepting applications for its MortgageTech Accelerator Program until Sept. 30. The program, the first of its kind focused on the mortgage industry, will begin on Oct. 19. Selected startups will gain access to Flagstar mentors, seed funding, and opportunities for product testing and investor connections. Since launching in 2019, startups like Home Captain have benefited significantly, reducing their go-to-market time by 50%.

Positive

• Unique accelerator program focused on the mortgage sector.
• Access to mentorship, investors, and product testing opportunities.
• Startups have reported significant improvements, such as a 50% reduction in time-to-market.

Negative

• None.

TROY, Mich., Sept. 16, 2020 /PRNewswire/ -- Flagstar Bank and the Fintech Consortium are accepting applications for the Flagstar MortgageTech Accelerator Program now through Sept. 30. Qualifying applicants will be selected by Oct. 12, and the program will start Oct. 19.

The accelerator program focuses exclusively on incubating tech startup engaged in developing innovative solutions for the mortgage sector. It's the first and only U.S. accelerator of its kind in the mortgage industry.

Benefits of the program include access to experienced Flagstar mentors, bespoke roadmap design for product acceleration and development, real product-testing opportunities, 100% online program and access to a wide network of potential customers. Qualifying applicants may also receive seed capital funding, access to investors and expansion opportunities through the FinTech Consortium's global network.

"Our team sees this as an opportunity to share our industry and technical experience," said Jennifer Charters, chief information officer at Flagstar Bank. "We're proud to offer our support for startups working to improve various points in the mortgage value chain."

"This second edition of the Flagstar MortgageTech Accelerator Program demonstrates how financial institutions and startups can successfully innovate together. Flagstar's leadership and domain expertise in mortgage finance provide a unique opportunity to startups seeking to validate their technology and accelerate their growth," said Maissan Almaskati, chief executive officer of the FinTech Consortium in the United States.

Since the launch of the accelerator in September 2019, startups Home Captain, Brace and boost.ai have completed the program.

"Having access to mentorship, transparency, process orientation and problem-solving between the two organizations has benefited us greatly," said Grant Moon, CEO of Home Captain. "We have reduced our average go-to-market by 50 percent through the engagement and leadership team efforts at Flagstar Bank."

The program, entirely delivered in an online format, is open to any startup applicants who can participate in live sessions that will be scheduled in the U.S. Eastern time zone. For more information and to apply, please visit flagstar-accelerators.com/. 

About Flagstar
Flagstar Bancorp, Inc. (NYSE: FBC) is a $27.5 billion savings and loan holding company headquartered in Troy, Mich. Flagstar Bank, FSB, provides commercial, small business, and consumer banking services through 160 branches in Michigan, Indiana, California, Wisconsin and Ohio. It also provides home loans through a wholesale network of brokers and correspondents in all 50 states, as well as 89 retail locations in 28 states, representing the combined retail branches of Flagstar and its Opes Advisors mortgage division. Flagstar is a leading national originator and servicer of mortgage and other consumer loans, handling payments and record keeping for $214 billion of loans representing slightly over 1 million borrowers. For more information, please visit flagstar.com.

About Fintech Consortium 
The FinTech Consortium is a global fintech ecosystem builder that aims to further the development, interaction and acceleration of fintech ecosystems. We foster synergies among market players, including government bodies, financial institutions, corporates, investors and innovators, who believe that technology can bring added value to the financial industry.

Through our fintech incubation platform, we offer corporate incubation, research lab and venture acceleration, as well as access to analytical tools and fintech-related resources.

We believe that fintech is a crucial infrastructure layer for financial centers to maintain and strengthen leadership in financial services.

For more information, please visit fintech-consortium.com

For more information contact:

Rachel Cain
rcain@blne.email 
(712) 324-1241

 

View original content:http://www.prnewswire.com/news-releases/flagstar-bank-now-accepting-applications-for-mortgagetech-accelerator-program-301131591.html

SOURCE Flagstar Bancorp, Inc.

FAQ

What is the Flagstar MortgageTech Accelerator Program?

It is an incubator program accepting applications from tech startups developing solutions for the mortgage sector.

When are applications for the MortgageTech Accelerator Program due?

Applications are accepted until Sept. 30.

What are the benefits of joining the Flagstar MortgageTech Accelerator Program?

Benefits include mentorship from Flagstar experts, potential seed funding, and opportunities for product testing.

When will the Flagstar MortgageTech Accelerator Program start?

The program is set to begin on Oct. 19.

How has the MortgageTech Accelerator Program impacted startups?

Startups have reported significant reductions in their go-to-market time, such as a 50% decrease for Home Captain.