Flagstar Bank and Detroit FinTech Bay have announced the launch of the Flagstar Mortgage Tech Accelerator Program, which focuses on early stage startups active in developing technology solutions for the mortgage industry.
The 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. It will be hosted at Detroit FinTech Bay, the FinTech Consortium’s hub in Detroit. Remote and online participation may be possible on a case-by-case basis, but all participants will be expected to travel to Detroit.
“The home financing experience for both homeowners as well as lenders needs to further transform by embracing innovation and the latest technologies,” says Maissan Almaskati, CEO of the FinTech Consortium in the U.S. “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.”
Participants will have access to Flagstar mentors, roadmap designs for product acceleration and development, product testing opportunities, access to workspace, and a 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 area institutions and venture capital firms.
“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,” says Rocky Stubbs, head of digital lending at Flagstar.
The program has been jointly designed by Flagstar Bank, the fifth largest bank mortgage originator in the country, and FinTech Consortium, a global fintech ecosystem builder.
Interested entrepreneurs can find more information and apply through July 27 here. Successful applicants will be notified by Aug. 15.