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Flagstar Bank named Home Lending Pal, Stavvy and RealKey as the companies that will be participating in its Flagstar MortgageTech Accelerator program. The program focuses on startups that have been developing technology solutions for the mortgage industry and according to a press release, it is the first and only accelerator program in the U.S. that is exclusively dedicated to mortgage technology.
"With the pandemic accelerating innovation in the mortgage industry, the timing could not be better for a program that introduces new paradigms and tech solutions for old processes," said Courtney Thompson, head of Default Mortgage at Flagstar and sponsor of the accelerator program. "The outcomes of this program make our industry stronger and position Flagstar to continue to provide technology-enabled products to our customers."
"Each business receives a curated acceleration roadmap, which we help facilitate and support during this important growth phase," said Erin Hennessy, director of digital strategies for Flagstar Bank and leader of the accelerator program.
Flagstar selects companies who are working on technology solutions across all facets of the mortgage industry including mortgage origination, processing, marketing, servicing, compliance, sales, underwriting, credit, and quality assessment. Flagstar also uses progress and prospects for growth in determining which companies will participate in the accelerator program.
The three companies selected will receive access to mentors with deep industry and technical experience, a bespoke program design based on current and immediate needs, the ability to test product/solution in a real-world controlled environment and access to a wide network of potential customers and investors.