Flagstar Bank and the Fintech Consortium are taking new functions for a year-old program geared toward supporting the creation of revolutionary expertise within the mortgage trade.
The Flagstar MortgageTech Accelerator program was designed to provide certified members entry to skilled mentors and potential clients. Candidates may additionally obstain entry to seed capital funding. Help might be supplied by way of reside on-line classes scheduled throughout East Coast hours. The deadline for functions is Sept. 30.
Corporations accepted into this system in 2019 included Residence Captain, a fintech that appears to extend mortgage-lead conversion charges by pairing prequalified homebuyers with actual property brokers. Additionally accepted into this system final 12 months have been Brace, a fintech centered on distressed loan servicing, and Enhance.ai, a supplier of digital assistant expertise utilized by mortgage lenders and different monetary companies corporations. Brace raised $10 million in February following its participation in this system. The Sequence A funding was led by Level72 Ventures.
Jap Michigan, the place Flagstar is headquartered, has grow to be a hub for mortgage expertise growth lately.
Different technology-forward corporations primarily based there embrace Rock Holdings’ Quicken Loans, which created the Rocket Mortgage platform, and United Wholesale Mortgage, which has been one of many early adopters of distant notarization.
Along with operating an incubator program for fintechs, Flagstar’s technology-forward initiatives have included early adoption of digital notes by each its warehouse lending and servicing divisions.
The corporate additionally at one level ran its personal doc administration system. It agreed to promote that system, DocVelocity, to trade vendor Capsilon in 2013. (Capsilon later was acquired by origination expertise supplier Ellie Mae, which in flip was acquired lately by Intercontinental Trade.)
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