Integrating Technology in Servicing and Lending

first_imgSubscribe Tagged with: Finance FinTech Technology Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Integrating Technology in Servicing and Lending Earlier this year, Flagstar Bank and Detroit FinTech Bay announced the first startups to participate in the Flagstar Mortgage Tech Accelerator Program. DS News spoke to FinTech professionals including Flagstar Head of Digital Lending Rocky Stubbs about how the program is impacting the shape of FinTechs in the mortgage and real estate industry, and where technology needs to grow and adapt.According to Stubbs, the response to the program from the industry has been positive.“We have other competitors in this space who are very excited to see that we are taking some leadership here,” Stubbs said. “Once these companies deliver their technology into the marketplace of available solutions, we all benefit.”“Once we’re successful with the program, we will all be successful,” he added.“The launch of the program for the first cohort of the Flagstar Mortgage Tech Accelerator is an indication of its effectiveness in sourcing interesting and high quality startups from a uniquely defined vertical of FinTech,” said Maissan Almaskati, FinTech Consortium CEO “This milestone, which coincides with the opening of Detroit FinTech Bay, signifies the potential of the collaboration between Flagstar Bank and the FinTech Consortium to deliver innovation and enhancement across both the mortgage customer experience as well as lender efficiencies.”Stubbs discussed the importance of innovation in FinTech, noting that there are plenty of new tools out there that are making the customer service experience easier and more cost efficient.“There are technologies that are delivering value to the client, within the context of the servicing relationship,” said Stubbs. “We’re able to start thinking about how to push this through to the benefit of the customer.”Another important topic is the legacy systems in place in the servicing industry, and the challenges with integrating new systems with the old.“It is incumbent upon the FinTechs themselves who are developing the technologies to consider their customer base and understand that this is a near-universal problem,” Stubbs told DS News. Fortunately, he notes, technology is starting to catch up, becoming less of an issue in recent years.”Mortgage servicing technology is largely outdated and has been overlooked in this recent wave of FinTech innovation,” said Eric Rachmel, Founder and CEO of Brace. “Partnering with Flagstar and the FinTech Consortium to rethink one of the hardest elements of servicing, default servicing, demonstrates the forward-thinking nature of their leadership teams and will drive value for the broader ecosystem for years to come.”Learn more about the Flagstar Mortgage Tech Accelerator Program here.  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Integrating Technology in Servicing and Lending Related Articles Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago September 12, 2019 1,333 Views center_img Previous: The Industry Pulse: Update on Altisource, Fund That Flip, and More Next: New Executives at Fintech Company Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Technology The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Sign up for DS News Daily Finance FinTech Technology 2019-09-12 Seth Welborn About Author: Seth Welborn Servicers Navigate the Post-Pandemic World 2 days agolast_img

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