MReport February 2021

TheMReport — News and strategies for the evolving mortgage marketplace.

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M R EP O RT | 5 MTECH real-time data about transactions that take place within Black Knight's Optimal Blue platform. The initial launch features a documentation page that provides details about all events available for subscription, with the corre- sponding business definition and the complete schema payload for each event, and a self-serve dash- board can be configured based on a client's personal preferences and can maintain specific notification URLs. "Our expanding universe of APIs is essential to our continu- ous innovation," Happ said. "The new webhooks component of our Optimal Blue API platform is the next step, saving our clients valuable time and effort by elimi- nating the need to request data. Webhooks take automation one step further and deliver up-to- date, relevant details directly to the user." Flagstar Bank Names New Cohort for MortgageTech Accelerator Program THREE COMPANIES ARE CHOSEN TO RECEIVE MENTORSHIP AND NETWORKING OPPORTUNITIES. F lagstar Bank announced the second cohort of start- ups to participate in its Flagstar MortgageTech Accelera- tor program are Home Lending Pal, Stavvy, and RealKey. Miami-based Home Lending Pal uses chatbots, machine learning, and blockchain to help first-time homebuyers through the home research and buying process. The company's platform connects to trusted digital sources to validate underwriting infor- mation earlier in the process for potential borrowers. Boston-headquartered Stavvy is a venture-backed financial technology company that designs platforms to manage security risk, eliminate fragmentation, and increase speed and transparency in real estate transactions, thus enhancing the lending life cycle between borrowers and lenders. RealKey, based in San Francisco, offers a cloud-based platform that automates the document collection, verification, and review process, thus enabling bank and nonbank mortgage loan originators to streamline the mortgage processing experience for borrowers. The platform also provides centralized communica- tion for all parties involved to efficiently exchange information and improve response times. The Flagstar MortgageTech Accelerator focuses on startups active in developing innova- tive technology solutions for all aspects of the mortgage industry, including origination, processing, marketing, servicing, compli- ance, sales, underwriting, credit, and quality assessment. Among the criteria for selection were company progress and prospects for growth. The program launched in 2019 and provides the participat- ing companies with access to industry mentors, the ability to test products in a real-world controlled environment and contact to a wide network of potential customers and investors. According to the Troy, Michigan- based bank, this is the first and only accelerator program in the country exclusively dedicated to mortgage technology. "With the pandemic accelerat- ing innovation in the mortgage industry, the timing could not be better for a program that intro- duces new paradigms and tech solutions for old processes," said Courtney Thompson, Head of Default Mortgage at Flagstar and sponsor of the accelerator pro- gram. "The outcomes of this pro- gram make our industry stronger and position Flagstar to continue to provide technology-enabled products to our customers." "We're fortunate to be working alongside these three impressive, high-quality fintech startups," said Erin Hennessy, Director of Digital Strategies for Flagstar Bank and leader of the accelerator program. "Each business receives a curated acceleration roadmap, which we help facilitate and support during this important growth phase." MAXEX Creates Programs for Underserved Markets NEW OFFERINGS ARE DESIGNED TO SPECIFICALLY SUPPORT MINORITY-, WOMEN-, AND VETERAN-OWNED MORTGAGE LENDERS. M AXEX, an Atlanta- based digital mortgage exchange and clearing- house, has launched its first two programs in its new Environmen- tal, Social, and Corporate Gover- nance (ESG) business line. The initial programs are designed to support the growth of minority-, women-, and veteran-owned mortgage lenders. MAXEX stated that it would facilitate lending in these un- derserved market segments by offering preferred loan pricing for qualified lenders through the new ESG programs. The programs are MAXEX Opportunity, which provides improved pricing on the com- pany's jumbo loan program for the targeted lenders, and MAXEX Opportunity Express, which provides enhanced pricing and reduced manual underwrit- ing by leveraging certain results from Fannie Mae's Desktop Underwriter and Freddie Mac's Loan Prospector Advisor. J.P. Morgan has agreed to purchase and securitize certain qualifying loans which ultimately allows for more liquidity and better access to home mortgages in a critical part of the hous- ing market. MAXEX added that it will also introduce a clean energy program later this year to facilitate lending for homes with renewable energy enhancements such as solar panels and geother- mal units. "MAXEX is ideally positioned to connect institutional inves- tor demand for ESG-compliant loans with the needs of a diverse group of lenders," said Tom Pearce, Chairman and CEO of MAXEX. "This socially respon- sible program will enable lenders that are uniquely positioned to "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." —Courtney Thompson, Head of Default Mortgage, Flagstar

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