TROY, Mich., December 1, 2020 /PRNewswire/ — Flagstar Bank today announced the second cohort of startups to participate in the Flagstar MortgageTech Accelerator program. The three companies are Home Loan Friend, Stavy and real key.
The Flagstar MortgageTech Accelerator focuses on startups active in developing innovative technology solutions for the mortgage industry. This is the first and only acceleration program in United States exclusively dedicated to mortgage technology.
The online program was designed by Flagstar Bank, the sixth largest bank mortgage originator in the country. This is the second round of startups to participate in the program since its launch in 2019.
In seeking applicants for the Mortgage Accelerator, Flagstar sought companies working on breakthroughs in all facets of the mortgage industry, including mortgage origination, processing, marketing, service, compliance, sales, underwriting, credit and quality assessment. Among the selection criteria were the progress of the company and its growth prospects.
“With the pandemic accelerating innovation in the mortgage industry, the timing couldn’t be better for a program that introduces new paradigms and technology solutions for old processes,” said Courtney Thompson, Head of Default Mortgage at Flagstar and Accelerator Program Sponsor. “The results of this program strengthen our industry and position Flagstar to continue to provide technology products to our customers.”
“We are fortunate to be working alongside these three impressive, high-quality fintech startups,” said Erin Hennessy, Director of Digital Strategies for Flagstar Bank and Acceleration Program Leader. “Each business receives a curated acceleration roadmap, which we help facilitate and support during this important growth phase.”
Program benefits include:
- Access to mentors with deep industry and technical experience
- Tailor-made program design based on current and immediate needs
- Ability to test the product/solution in a real controlled environment
- Access to a large network of potential clients and investors
Home Loan Friendsituated at Miami, Florida., uses chatbots, machine learning, and blockchain to help first-time homebuyers through the home-hunting and home-buying process. Home Lending Pal’s business model differs from that of typical marketplaces in that it connects to trusted digital sources to validate underwriting information earlier in the process for potential borrowers.
Stavy is a Boston, Mass., a venture capital-backed fintech company that designs platforms to manage security risk, eliminate fragmentation, and increase the speed and transparency of real estate transactions. The company’s mission is to create efficiency and security in the life cycle of consumer loans and mortgages.
real key, based in San Francisco, is an innovative provider of digital mortgage technologies that enable bank and non-bank mortgage originators (MLOs) to streamline the mortgage processing experience for borrowers. RealKey’s cloud-based platform automates the document collection, verification and review process. Additionally, RealKey enables centralized communication for all parties involved to efficiently exchange information and improve response times.
The program will end February 4, 2021. For more information, please email [email protected].
Flagstar Bancorp, Inc. (NYSE: FBC) is a $29.5 billion savings and credit holding company headquartered in Troy, Mich. Flagstar Bank, FSB, provides corporate, small business and consumer banking services through 160 branches in Michigan, Indiana, California, Wisconsin and Ohio. It also offers home loans through a wholesale network of brokers and correspondents in all 50 states, as well as 87 outlets in 29 states, representing the combined retail branches of Flagstar and its mortgage division Opes Advisors. Flagstar is a leading nationwide originator and servicer of mortgages and other consumer loans, handling payments and maintaining records for $227.4 billion loans representing just over 1.1 million borrowers. For more information, please visit flagstar.com.
About the Flagstar Bank MortgageTech Accelerator
The Flagstar Bank MortgageTech Accelerator is the only program of its kind in United States specifically focused on emerging technologies in the mortgage industry with the ultimate goal of accelerating growth or time to market for start-up companies. With its deep and extensive knowledge of all facets of the mortgage industry, Flagstar is in a unique position to deliver value to participants of this tailored program.
For more information contact:
Susan BergesenFlagstar Bank
SOURCE Flagstar Bancorp, Inc.