Flagstar Bank and Detroit FinTech Bay have announced the first startups to participate in the Flagstar Mortgage Tech Accelerator Program. The three companies are Brace, which focuses on servicing non-performing loans; boost.ai, which develops A1-based chatbots for the banking sector; and Home Captain, a real estate SAAS technology company that acts as a conversion optimization system.
The Flagstar Mortgage Tech Accelerator Program has been jointly designed by Flagstar Bank and The FinTech Consortium, a global fintech ecosystem builder. Detroit FinTech Bay is FinTech Consortium's dedicated hub in Detroit. The program focuses on startups active in developing innovative technology solutions for the mortgage industry. It is the first and only accelerator program in the United States exclusively dedicated to mortgage technology.
Flagstar and Detroit FinTech Bay solicited applications from companies working on breakthroughs in all facets of the mortgage business, including mortgage origination, processing, marketing, servicing, compliance, sales, underwriting, credit and quality assessment. Three organizations were selected based on company progress and growth. This first round of cohorts will be followed in the program by successive startups meeting the criteria.
“The response we’ve received since announcing the Flagstar Mortgage Tech Accelerator has been amazing,” said Rocky Stubbs, head of digital lending for Flagstar Bank. “We knew there was a need for a program like this, but even we didn’t anticipate the sheer number of fintech firms that would want to apply. It’s incredibly exciting to see these emerging technologies and business models—not just for the program, but as a window into the future of the industry.”
Maissan Almaskati, chief executive officer of the FinTech Consortium in the United States, said: “We’re thrilled to be working alongside Flagstar and these three exciting, high-quality fintech startups. We’ve curated an acceleration roadmap for each of them, and look forward to facilitating and supporting their growth during this important phase. Their participation in the Flagstar Mortgage Tech Accelerator is an opportunity to uniquely contribute to the inevitable end-to-end digitization of the mortgage process.”
The benefits of the three-month program include: Access to mentorship from experienced Flagstar executives; Bespoke roadmap design for product acceleration and development; real-product testing opportunities; access to a workspace at Detroit FinTech Bay, located at TechTown Detroit on the campus of Wayne State University; access to an extensive network of potential customers; and access to a residency at Silicon Fintech Bay, Fintech Consortium’s Silicon Valley innovation hub.
Source: National Mortgage Professional