Flagstar Bank completes third MortgageTech Accelerator program
Flagstar Bank announced it has wrapped up its third MortgageTech Accelerator program - the first and only accelerator in the United States solely dedicated to mortgage technology. Four startups graduated after a final presentation closed out the three-month program.
Flagstar looked for startups working on breakthroughs in all facets of the mortgage business, including mortgage origination and servicing, compliance, secondary marketing, and fulfillment, as well as activities performed under the Community Reinvestment Act. Among the criteria for selection were company progress in product development, prospects for growth, and potential for CRA impact.
The graduating class of fintechs included:
- LoanSense of Ypsilanti, Mich.
- OrangeGrid of Flower Mound, Texas
- Calque of Austin, Texas
- CredEvolv of Naples, Fla.
Lee Smith, President of Mortgage, Flagstar Bank: "We place a huge value on using technology to change consumers' lives and offer an industry-leading customer experience. This program makes our industry stronger and positions Flagstar to deliver a more seamless, frictionless, tech-enabled home loan experience for our customers."
The program offered one-on-one interaction with senior members of Flagstar Bank's mortgage leadership team, including opportunities for direct interaction and access to expertise. Flagstar mentors engaged with the companies on topics such as integrating technology, pricing strategies, and product roadmaps.
Catalina Kaiyoorawongs, Founder and CEO, LoanSense: "Flagstar's MortgageTech Accelerator allowed LoanSense to prepare to serve depository institutions. Not only did we get insight into the way leaders thought about our product and pricing, but also how they made technology purchase decisions. Plus, we were able to work closely with an executive sponsor who really championed our success. Overall, it was an invaluable experience that I'd recommend to other mortgage technology companies who want to work with bank lenders."
Todd Mobraten, Founder and CEO, OrangeGrid: "After 18 months of creating our default management workflow templates, we were fortunate to participate in Flagstar's MortgageTech Accelerator where we worked closely with Flagstar's loss mitigation leadership team. That helped us continue to enhance our product functionality and increase our value proposition throughout the mortgage servicing space. In fact, we've already begun exploring other strategic opportunities with Flagstar and look forward to having them not only as a customer, but as a partner."
Past alums that have continued to grow and innovate since participating in the program include Stavvy, Brace, Home Lending Pal, and Home Captain. Their experience has led to additional partnership opportunities with Flagstar post-accelerator. Flagstar plans to launch its fourth accelerator program in early 2023. Startups engaged in mortgage tech innovations interested in participating may email Ashwin Mago, Flagstar's director of Mortgage Digital and MIS, at email@example.com.