Upst Podcast takeaways

Podcast posted to youtube yesterday https://www.youtube.com/watch?v=70WF7CakItY

Episode 29: Leaders in Lending w/ Ted Krus, Director of Consumer and Indirect Lending at Flagstar Bank

Takeaways:
As has been noted, guests on the podcast are often revealed in the weeks or months to come as partners with Upstart. If that is true, then this may represent Upstart moving up the food chain to larger banks with an emphasis on real estate.

Mr. Krus repeated, “Lending is data.”

Mr. Krus emphasized the importance of being “process” rather than “product” oriented in the lending process.

Mr. Krus made the bold prediction that real estate loans would eventually be completed in 20 minutes.

Info From Wikipedia:

Flagstar Bank is #70 on the list of largest banks in the United States
with $31 Billion in assets.
Flagstar Bank is a bank headquartered in Michigan. It is the primary subsidiary of Flagstar Bancorp, Inc., a bank holding company. It is one of the largest residential mortgage servicers.

It also appears that Flagstar Bank is merging with an even larger bank, New York Community Bank.

On April 26, 2021, New York Community Bank issued a press release indicating that they were acquiring Flagstar Bank in an all stock strategic merger.
New York Community Bank is #47 on the list of largest banks in the United States
with $56 Billon in assets.
New York Community Bancorp, Inc. (NYCB) is a bank headquartered in Westbury, New York, with 225 branches in New York, New Jersey, Ohio, Florida, and Arizona.

I hope this is helpful and that you all have a great weekend!

Wishyouwell

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