Flagstar Bank Opens Applications For Fifth Annual Mortgagetech Accelerator
HICKSVILLE, N.Y. and TROY, Mich., March 18, 2024 /PRNewswire/ -- Flagstar Bank, N.A., the bank subsidiary of New York Community Bancorp, Inc., (NYSE: NYCB) (the "Company" and "Flagstar"), today announced it is now accepting applications for its fifth annual MortgageTech Accelerator program.
The program, which is the first and only one in the United States solely dedicated to mortgage technology, focuses exclusively on incubating fintech startups engaged in developing innovative solutions for the mortgage sector.
Commenting on the program, Cyril Berdugo, CEO of Landis, a 2023 MortgageTech Accelerator participant noted: "The collaboration and partnership we received as part of our participation was invaluable in advancing our mission to make homeownership more accessible and affordable. I would encourage any company that wants to take their business to the next level to apply for the opportunity be lucky enough to be part of the program."
Fintech companies in all facets of the mortgage business, including origination, processing, marketing, servicing, compliance, sales, underwriting, credit, and quality assessment are encouraged to apply. Criteria for selection include potential for technological innovation, prospects for growth and CRA impact.
All applications are due April 15, 2024. For additional program details or to apply, please visit to www.Flagstar.com/accelerator.
Flagstar 2024 MortgageTech Accelerator program participation benefits include:
- Customized curriculum based on current and future needs
- Technical assistance and knowledge-sharing with technologists from Freddie Mac
- Informal sessions on compliance and regulatory strategies with attorneys from the Consumer Finance and Fintech practice at Sheppard Mullin, a leading, global law firm
- Informal Q&A sessions with Fannie Mae
- Ability to test product/solution in a real-world controlled environment
- Access to senior executive mentors from Flagstar with deep industry experience
- Partnering with an established national bank with over 35 years in the mortgage industry
- Potential for investment from Flagstar upon successful completion of the program
- Potential for a vendor relationship with Flagstar upon successful completion of the program
- Access to a wide network of potential customers
"In our fifth year of this program, Flagstar's MortgageTech Accelerator has introduced us to talented fintechs who innovate across every segment of the mortgage process. It's been incredibly rewarding to mentor and empower program participants to achieve new success, while simultaneously adopting some of these new technologies at Flagstar to improve mortgage operations and how we service and connect with customers," said Lee Smith, president of mortgage at Flagstar. "We look forward to meeting our next class of entrepreneurs who will test their solutions in real-world environments while being mentored by our talented senior executive team."
"Flagstar's MortgageTech Accelerator connected Greenline with an ideal launch pad in 2023," said Daniel Hayes, CEO of Greenline. "The expertise, support and industry network has been invaluable to our business which still benefits today from our working relationship with Flagstar and its TPO channel."
The accelerator program is delivered remotely and is open to any startup applicant who can participate in sessions that will be scheduled in the U.S.
About New York Community Bancorp, Inc.
New York Community Bancorp, Inc. is the parent company of Flagstar Bank, N.A., one of the largest regional banks in the country. The Company is headquartered in Hicksville, New York. At December 31, 2023, the Company had $114 billion of assets, $86 billion of loans, and deposits of $82 billion.
Flagstar Bank, N.A. operates 420 branches, including strong footholds in the Northeast and Midwest and exposure to high growth markets in the Southeast and West Coast. Flagstar Mortgage operates nationally through a wholesale network of approximately 3,000 third-party mortgage originators. In addition, the Bank has 134 private banking teams located in over ten cities in the metropolitan New York City region and on the West Coast, which serve the needs of high-net worth individuals and their businesses.
New York Community Bancorp, Inc. has market-leading positions in several national businesses, including multi-family lending, mortgage origination and servicing, and warehouse lending. The Company is the second largest multi-family portfolio lender in the country and the leading multi-family portfolio lender in the New York City market area, where it specializes in rent-regulated, non-luxury apartment buildings. Flagstar Mortgage is the seventh largest bank originator of residential mortgages for the 12-months ending December 31, 2023, while we are the industry's fifth largest sub-servicer of mortgage loans nationwide, servicing 1.4 million accounts with $382 billion in unpaid principal balances. Additionally, the Company is the second largest mortgage warehouse lender nationally based on total commitments.
Investor Contact:
Salvatore J. DiMartino
(516) 683-4286
Salvatore.DiMartino@Flagstar.com
Media Contact:
Nicole Yelland
(248) 312-5872
Nicole.Yelland@Flagstar.com
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SOURCE New York Community Bancorp, Inc.
