Flagstar Bank Now Accepting Applications for Third MortgageTech Accelerator Program
TROY, Michigan, Jan. 31, 2022 /PRNewswire/ — Flagstar Bank today announced that applications are now open for its third MortgageTech Accelerator program. The national program was designed by Flagstar Bank, the country’s sixth largest bank mortgage originator and contractor. All applications are due February 18, 2022 at flagstar.com/accelerator.
The acceleration program focuses exclusively on incubating fintech startups committed to developing innovative solutions for the mortgage industry. 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 couldn’t be better for a program that introduces new paradigms and technological solutions.
In seeking candidates for the accelerator, Flagstar seeks fintech companies working on breakthroughs in all facets of the mortgage industry, including origination, processing, marketing, service, compliance, sales, underwriting, credit and quality assessment. Among the selection criteria are the progress of the company and its growth prospects.
Program benefits include:
- National industry recognition
- Access to senior mentors with deep industry experience
- Tailor-made program based on current and immediate needs
- Ability to test the product/solution in a real controlled environment
- Access to a large 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 mortgages at Flagstar. “This program allows Flagstar to influence and be at the forefront of technological advancements in the mortgage market while providing startups with real-world experience and potential investment early in their growth cycle.”
Spacer, a growing mortgage fintech, participated in the accelerator in 2020. Flagstar and Brace worked together to customize the Brace platform to meet Flagstar’s requirements to significantly reduce forbearance grant processing time and loss mitigation claims. By providing owners with a more interactive and responsive experience, Brace was able to quickly relieve thousands of borrowers, while improving operational efficiency and reducing costs for Flagstar.
“Flagstar has been an invaluable asset to the innovation taking place in space,” said Eric Rachmel, CEO of Brace. “Partnering with Flagstar has allowed us to learn a tremendous amount about how a great mortgage manager actually works on complex, large-scale issues. experience for the consumer and the company.”
The program, entirely online, is open to all startup candidates who can participate in live sessions that will be scheduled in the United States.
About FlagstarFlagstar Bancorp, Inc. (NYSE: FBC) is a $25.5 billion savings and loan holding company headquartered in Troy, Michigan. Flagstar Bank, FSB, provides corporate, small business and consumer banking services through 158 branches in Michigan, Indiana, California, Wisconsin and Ohio. It also offers home loans through a wholesale network of brokers and correspondents in all 50 states, as well as 83 outlets in 28 states. Flagstar is a leading nationwide originator and servicer of mortgage and other consumer loans, handling payments and record keeping for $291 billion in loans representing more than 1.2 million borrowers. For more information, please visit flagstar.com.
For more information contact: Susan Bergesen Flagstar Bank (248) 312-6237
SOURCE Flagstar Bancorp, Inc.