Flagstar Bank has announced that it is accepting applications for its fourth MortgageTech Accelerator program. The program is aimed at fintech startups and provides them with the opportunity to develop innovative solutions in mortgage technology. The accelerator program is designed to incubate fintech startups working on solutions in all areas of the mortgage business, including origination, processing, marketing, servicing, compliance, sales, underwriting, credit, and quality assessment. The selection criteria for the program are based on potential for technological innovation, growth prospects, and CRA impact.
Flagstar, which recently merged with New York Community Bancorp in a $2.6 billion deal, offers several benefits to participants of the program. These include:
- Collaborating with a well-established national bank that has been operating in the mortgage industry for more than 35 years.
- Tailored curriculum that aligns with present and future requirements, coupled with access to senior executive mentors from Flagstar, who possess extensive industry knowledge.
- Casual Q&A meetings with Fannie Mae.
- Casual meetings with Orrick, a leading law firm focused on technology, to discuss compliance and regulatory strategies.
- Opportunity to test products or solutions in a controlled, real-world environment.
- Availability of a broad network of potential customers.
- The possibility of receiving investment from Flagstar upon successful completion of the program.
- The possibility of working with Flagstar as a vendor if the program is successfully completed.
The MortgageTech Accelerator program is designed to provide fintechs with the opportunity to test their innovations in real-world situations, learn firsthand how a mortgage company operates in a regulated bank environment, and receive help to take their ideas to the next level. According to Lee Smith, president of mortgage at Flagstar, Flagstar’s MortgageTech Accelerator aims to assist fintechs to improve the overall mortgage experience for Flagstar’s customers. The program offers an attractive proposition for innovators who choose to participate.
According to Jeremy Foster, Calque Inc.’s chairman, the team at Flagstar provided excellent support and guidance. They assisted in identifying the best way to implement the product in a banking environment and the necessary technology to ensure its success. Consequently, Calque Inc. was able to develop a significantly more convenient process. They considered the program to be of immense value.