Four startups graduated from three-month
collaborative program
TROY, Mich. , July 14,
2022 /PRNewswire/ -- Flagstar Bank has wrapped up its
third MortgageTech Accelerator program—the first and only
accelerator in the United States
solely dedicated to mortgage technology. Four startups graduated
recently after a final presentation closed out the three-month
program.
Flagstar looked for startups working on breakthroughs in all
facets of the mortgage business, including mortgage origination and
servicing, compliance, secondary marketing, and fulfillment, as
well as activities performed under the Community Reinvestment Act.
Among the criteria for selection were company progress in product
development, prospects for growth, and potential for CRA
impact.
The graduating class of fintechs included:
- LoanSense of Ypsilanti,
Mich.
- OrangeGrid of Flower Mound,
Texas
- Calque of Austin, Texas
- CredEvolv of Naples, Fla.
The program offered one-on-one interaction with senior members
of Flagstar Bank's mortgage leadership team, including
opportunities for direct interaction and access to expertise.
Flagstar mentors engaged with the companies on topics such as
integrating technology, pricing strategies, and product roadmaps.
"We place a huge value on using technology to change consumers'
lives and offer an industry-leading customer experience," said
Lee Smith, president of Mortgage for
Flagstar Bank. "This program makes our industry stronger and
positions Flagstar to deliver a more seamless, frictionless,
tech-enabled home loan experience for our customers."
"Flagstar's MortgageTech Accelerator allowed LoanSense to
prepare to serve depository institutions," said Catalina
Kaiyoorawongs, founder and CEO of LoanSense. "Not only did we get
insight into the way leaders thought about our product and pricing,
but also how they made technology purchase decisions. Plus, we were
able to work closely with an executive sponsor who really
championed our success. Overall, it was an invaluable
experience that I'd recommend to other mortgage technology
companies who want to work with bank lenders."
"After 18 months of creating our default management workflow
templates, we were fortunate to participate in Flagstar's
MortgageTech Accelerator where we worked closely with Flagstar's
loss mitigation leadership team," said Todd
Mobraten, founder and CEO of OrangeGrid. "That helped us
continue to enhance our product functionality and increase our
value proposition throughout the mortgage servicing space. In fact,
we've already begun exploring other strategic opportunities with
Flagstar and look forward to having them not only as a customer,
but as a partner."
"Flagstar's Accelerator program helped deepen our capabilities
in numerous areas, including lender integration, operations, and
compliance," said Jeremy Foster, CEO
of Calque. "The accelerator team we worked with were true partners,
and we're a better company with a stronger product as a result of
our participation in the program."
"We are mortgage bankers developing consumer credit solutions
for mortgage bankers," said Jeff
Walker, CEO of CredEvolv. "Flagstar's leadership across
multiple origination and servicing channels presents an ideal
opportunity to test our business model across several
dimensions."
Past alums that have continued to grow and innovate since
participating in the program include Stavvy, Brace, Home Lending
Pal, and Home Captain. Their experience has led to additional
partnership opportunities with Flagstar post-accelerator. Flagstar
plans to launch its fourth accelerator program in early 2023.
Startups engaged in mortgage tech innovations interested in
participating may email Ashwin Mago,
Flagstar's director of Mortgage Digital and MIS, at
ashwin.mago@flagstar.com.
About Flagstar
Flagstar Bancorp, Inc. (NYSE: FBC) is a
$23.2 billion savings and loan
holding company headquartered in Troy,
Mich. Flagstar Bank, FSB, provides commercial, small
business, and consumer banking services through 158 branches in
Michigan, Indiana, California, Wisconsin and Ohio. It also provides home loans through a
wholesale network of brokers and correspondents in all 50 states,
as well as 82 retail locations in 28 states. Flagstar is a leading
national originator and servicer of mortgage and other consumer
loans, handling payments and record keeping for $300 billion of loans representing almost 1.3
million borrowers. For more information, please visit
flagstar.com.
For more information contact:
Susan Bergesen
Flagstar Bank
(248) 312-6237
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SOURCE Flagstar Bancorp, Inc.
