Flagstar Bank Now Accepting Applications for Third MortgageTech Accelerator Program

Rhea-AI Summary

Flagstar Bank has opened applications for its third MortgageTech Accelerator program, targeting fintech startups innovating in the mortgage sector. Applications are due by Feb. 18, 2022. The program offers national recognition, mentorship from industry experts, and opportunities for real-world product testing. Past participants, like Brace, have enhanced their platforms significantly through collaboration with Flagstar. This initiative aims to propel technological advancements in a rapidly evolving mortgage market.

Positive

• Launch of the third MortgageTech Accelerator program aimed at fintech startups.
• Partnership opportunities for startups to improve mortgage technology.
• Mentorship from industry experts to enhance participant growth.
• Real-world testing opportunities for innovative mortgage solutions.

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• None.

TROY, Mich., Jan. 31, 2022 /PRNewswire/ -- Flagstar Bank today announced applications are now open for its third MortgageTech Accelerator program. The national program was designed by Flagstar Bank, the sixth largest bank mortgage originator and subservicer in the country. All applications are due Feb. 18, 2022, at flagstar.com/accelerator.

The accelerator program focuses exclusively on incubating fintech startups engaged in developing innovative solutions for the mortgage sector. It is the first and only accelerator program in the United States solely dedicated to mortgage technology. 

With the pandemic accelerating innovation in the mortgage industry, the timing could not be better for a program that introduces new paradigms and technology solutions.

In seeking applicants for the accelerator, Flagstar is looking for fintech companies working on breakthroughs in all facets of the mortgage business, including origination, processing, marketing, servicing, compliance, sales, underwriting, credit and quality assessment. Among the criteria for selection are company progress and prospect for growth.

Benefits of the program include: 

• National industry recognition
• Access to senior mentors with deep industry experience
• Bespoke program based on current and immediate needs
• Ability to test product/solution in a real-world controlled environment 
• Access to a wide network of potential customers

"We're excited to partner with industry innovators and provide guidance along the way," said Lee Smith, executive vice president and president of mortgage at Flagstar. "This program allows Flagstar to influence and be at the forefront of technological advances in the mortgage market while also providing startups real-world experience and potential investment at an early stage of their growth cycle."

Brace, a now growing mortgage fintech, participated in the accelerator in 2020. Flagstar and Brace worked together to customize the Brace platform to support Flagstar's requirements to significantly decrease the time to process forbearance grants and loss mitigation applications. By providing homeowners with a more interactive and responsive experience, Brace was able to provide quick relief to thousands of borrowers, while improving operating efficiencies and reducing costs for Flagstar.

"Flagstar has been an invaluable asset to the innovation taking place in the space," said Eric Rachmel, CEO at Brace. "The partnership with Flagstar enabled us to learn a tremendous amount about how a large mortgage servicer actually works on complex issues at scale. This helped us further iterate what we had already developed and improve the experience for both the consumer and the enterprise."

The program, delivered entirely online, is open to any startup applicants who can participate in live sessions that will be scheduled in the U.S.

About Flagstar
Flagstar Bancorp, Inc. (NYSE: FBC) is a $25.5 billion savings and loan holding company headquartered in Troy, Mich. Flagstar Bank, FSB, provides commercial, small business, and consumer banking services through 158 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 83 retail locations in 28 states. Flagstar is a leading national originator and servicer of mortgage and other consumer loans, handling payments and record keeping for $291 billion of loans representing over 1.2 million borrowers. For more information, please visit flagstar.com.

For more information contact:
Susan Bergesen
Flagstar Bank
(248) 312-6237

View original content:https://www.prnewswire.com/news-releases/flagstar-bank-now-accepting-applications-for-third-mortgagetech-accelerator-program-301471114.html

SOURCE Flagstar Bancorp, Inc.

FAQ

What is the deadline for applications to the MortgageTech Accelerator program?

Applications for the MortgageTech Accelerator program are due by February 18, 2022.

What type of startups can apply for Flagstar Bank's MortgageTech Accelerator?

Fintech startups focusing on innovations in the mortgage sector can apply.

What benefits does Flagstar's MortgageTech Accelerator offer?

The program offers national recognition, mentorship, tailored programs, product testing, and networking opportunities.

How does the MortgageTech Accelerator impact Flagstar Bank?

The accelerator allows Flagstar to influence technological advances in the mortgage market and support startup growth.

Who participated in the previous MortgageTech Accelerator program?

Brace, a growing mortgage fintech, participated in 2020 and benefited from Flagstar's mentorship.