Troy-based Flagstar Bank and Detroit FinTech Bay today have named three startup companies to participate in the Mortgage Tech Accelerator Program to develop technology solutions for the mortgage industry.
The three outstate companies, Brace, boost.ai, and Home Captain will receive resources and support. They were chosen based on company progress and growth, and the first round will be followed by more startups.
Brace, located in California and New York, was founded in 2017 and creates enterprise software solutions enabling mortgage servicers to service non-performing loans more efficiently. Its platform includes a digital borrower packet, configurable servicer workflow to support business processes, and self-serve investor waterfalls, which allow servicers to quickly updated rules and guidelines.
Boost.ai was founded in 2016, is based in Norway, and develops artificial intelligence chat bots for the banking sector. It recently expanded into the U.S., where its headquarters are in California.
Home Captain Inc. of New York is a real estate software-as-a-service technology company that acts as a conversion optimization system with multiple listing service aggregation, artificial intelligence engagement, and human touch to increase lender lead conversion and consumer retention across loan products.
“The response we’ve received since announcing the Flagstar Mortgage Tech Accelerator has been amazing,” says Rocky Stubbs, head of digital lending for Flagstar Bank. “We knew there was a need for a program like this, but even we didn’t anticipate the sheer number of fintech firms that would want to apply. It’s incredibly exciting to see these emerging technologies and business models, not just for the program, but as a window into the future of the industry.”
The three-month program begins next month and will include mentorship from Flagstar executives; bespoke roadmap design for product acceleration and development; product testing opportunities; access to a workspace at Detroit FinTechBay, located on Wayne State University’s campus; access to a network of potential customers; and access to a residency at Silicon Fintech Bay, Fintech Consortium’s Silicon Valley innovation hub.
Flagstar Bancorp. Inc. is a $20.2 billion savings and loan holding company. It has 160 branches in Michigan, Indiana, California, Wisconsin, and Ohio and provides home loans in all 50 states.
Detroit FinTech Bay works to bring all financial market participants and stakeholders together to forward the region’s fintech ecosystem. It is FinTech Consortium’s hub in Detroit.
The Fintech Consortium is an incubator and ecosystem builder that aims to further the development, interaction, and acceleration of the global FinTech landscape.