Flagstar Bank 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.
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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.
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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.
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