Mortgage News March 24, 2023
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:
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.
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