Flagstar Bank and the Fintech Consortium are accepting new applications for a year-long program designed to help create innovative technologies in the mortgage industry.
The Flagstar MortgageTech Accelerator Program is designed to provide qualified participants with access to experienced mentors and prospects. Applicants can also hinder access to seed funding. Support is provided through live online sessions that take place during east coast opening hours. The application deadline is September 30th.
Companies enrolled in the program in 2019 included Home Captain, a fintech company looking to increase mortgage lead conversion rates by matching pre-qualified homebuyers with real estate agents. Also included in the program last year were Brace, a fintech company focused on bad loans, and Boost.ai, a provider of virtual assistant technology used by mortgage lenders and other financial services companies. Brace raised $ 10 million in February after participating in the program. Series A funding was led by Point72 Ventures.
Eastern Michigan, where Flagstar is headquartered, has emerged as a hub for mortgage technology development in recent years.
Other tech companies based there include Rock Holdings' Quicken Loans, which formed the Rocket Mortgage platform, and United Wholesale Mortgage, one of the first to introduce the remote notarial application.
Flagstar's Technology Forward initiatives not only ran a fintech incubator program, but also included the early adoption of electronic banknotes in both lending and maintenance.
The company once operated its own document management system. It was agreed to sell this system, DocVelocity, to the industrial supplier Capsilon in 2013. (Capsilon was later acquired by origination technology provider Ellie Mae, which in turn was recently acquired by Intercontinental Exchange.)