Source: Flagstar Bank
Flagstar Bank announced the second cohort of startups to participate in the Flagstar MortgageTech Accelerator program.
The three companies are Home Lending Pal, Stavvy and RealKey.
The Flagstar MortgageTech Accelerator 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.
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 looked for companies working on breakthroughs in all facets of the mortgage business, including mortgage origination, processing, marketing, servicing, compliance, sales, underwriting, credit, and quality assessment. Among the criteria for selection were company progress and prospects for growth.
“With the pandemic accelerating innovation in the mortgage industry, the timing could not be better for a program that introduces new paradigms and tech solutions for old processes,” said Courtney Thompson, head of Default Mortgage at Flagstar and sponsor of the accelerator program. "The outcomes of this program make our industry stronger and position Flagstar to continue to provide technology-enabled products to our customers.”
"We're fortunate to be working alongside these three impressive, high-quality fintech startups,"
said Erin Hennessy, director of digital strategies for Flagstar Bank and leader of the accelerator program. "Each business receives a curated acceleration roadmap, which we help facilitate and support during this important growth phase."
Benefits of the program include:
• Access to mentors with deep industry and technical experience
• Bespoke program design based on current and immediate needs
• Ability to test product/solution in a real-world controlled environment
• Access to a wide network of potential customers and investors
About the Cohorts:
Home Lending Pal, based in Miami, Fla., uses chatbots, machine learning, and blockchain to help first-time homebuyers through the home research and 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.
Stavvy is a Boston, Mass., venture-backed financial technology company that designs platforms to manage security risk, eliminate fragmentation, and increase speed and transparency in real estate transactions. The company’s mission is to create efficiency and security in the consumer/mortgage lending life cycle.
RealKey, based in San Francisco, is an innovative provider of digital mortgage technologies that enable bank and non-bank mortgage loan 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 Feb. 4, 2021.