Company offers to incubate startups and help them test their mortgage tech innovation
Flagstar Bank has opened applications for its fourth MortgageTech Accelerator program, offering fintech startups an opportunity to develop innovative solutions for mortgage technology.
The accelerator program incubates fintech startups working on innovative solutions in all facets of the mortgage business, including origination, processing, marketing, servicing, compliance, sales, underwriting, credit, and quality assessment. Criteria for selection include potential for technological innovation, prospects for growth, and CRA impact.
According to Flagstar, which recently finalized its $2.6 billion merger with New York Community Bancorp, benefits of the program include:
- Partnering with an established national bank with over 35 years in the mortgage business
- Customized curriculum based on current and future needs
- Access to senior executive mentors from Flagstar with deep industry experience
- Informal Q&A sessions with Fannie Mae
- Informal sessions on compliance and regulatory strategies with Orrick, a leading tech-focused law firm
- Ability to test product/solution in a real-world controlled environment
- Access to a wide network of potential customers
- Potential for investment from Flagstar on successful completion of the program
- Potential for a vendor relationship with Flagstar on successful completion of the program
“Flagstar’s MortgageTech Accelerator is about helping fintechs in order to give Flagstar mortgage customers a better experience throughout the mortgage lifecycle,” said Lee Smith, president of mortgage at Flagstar. “We think we have a great value proposition for innovators who join the program: Test your innovation in real-world situations; learn firsthand how a mortgage company operates in a regulated bank environment; and let us help take you to the next level.”
“We got tremendous support and insight from the team at Flagstar,” said Jeremy Foster, chairman of Calque Inc. “They helped us see how our product should be deployed in a bank environment and technologically what was involved in getting it right. As a result, we ended up with a process that’s dramatically more convenient. The program was incredibly valuable.”
Applications are due by March 24, 2023 and open to any startup applicant who can participate in remote sessions.
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