Source: Flagstar Bank
Flagstar Bank and Detroit FinTech Bay today announced the launch of the Flagstar Mortgage Tech Accelerator Program, which focuses on early stage startups active in developing innovative technology solutions for the mortgage industry.
This is the first and only accelerator program in the United States exclusively focused on mortgage technology.
The accelerator program is looking for applicants working on breakthroughs in all facets of the mortgage business, including mortgage origination, processing, marketing, servicing, compliance, sales, underwriting, credit, and quality assessment.
Individuals involved in mortgage-related startups across the United States are invited to apply to the program, which will be hosted at Detroit FinTech Bay, the FinTech Consortium's dedicated hub in Detroit. Remote and online participation may be possible on a case-by-case basis, but all participants will be expected to selectively travel to Detroit.
Benefits of the program include access to experienced Flagstar mentors, bespoke roadmap design for product acceleration and development, real product testing opportunities, access to workspace and to a wide network of potential customers. Qualifying applicants may also receive seed capital funding, access to investors, and a one-month residency at Silicon FinTech Bay to meet Silicon Valley institutions and venture capital firms.
“We’re excited to partner with the FinTech Consortium to launch the first startup accelerator in the U.S. exclusively focused on the mortgage industry,” said Rocky Stubbs, head of Digital Lending at Flagstar. “We have the depth and breadth of capabilities to support fintech startups operating at every point in the mortgage value chain, and we offer the best of both worlds—the advantages of a federally chartered bank combined with the agility of a typical nonbank.”
“The home financing experience for both homeowners as well as lenders needs to further transform by embracing innovation and the latest technologies,” said Maissan Almaskati, chief executive officer of the FinTech Consortium in the United States. “Detroit is home to a thriving mortgage industry, and we’re pleased to work alongside our founding partner, Flagstar Bank, to create an accelerator specific to this sector of fintech. Startups taking part will impact the growth of an industry and enhance the local and national fintech ecosystem.”
The program has been jointly designed by Flagstar Bank, the fifth largest bank mortgage originator in the country, and FinTech Consortium, the leading global fintech ecosystem builder. Interested entrepreneurs and startup founders may apply for the program June 27-July 27. Successful applicants will be notified by Aug. 15. More information is available on the Detroit FinTech Bay website.