Flagstar Bank
New York Community Bank and Flagstar are now one. We are committed to bringing a new energy to mortgage lending, with our shared client-first.
Flagstar Mortgage Options · Fixed-rate periods range from 10 years to 30 years. · New purchase mortgages allow for a low-down payment of 3.5% of the purchase.
NYCB has acquired Flagstar – operating 395 branches across nine states and nationally through its Flagstar Mortgage division – for approximately.
Reviews from FlagStar Bank employees about working as an Account Executive at FlagStar Bank. ... Wholesale Lending Account Executive - REMOTE
Flagstar Bank Northeast Regional Office located at Edgewater Drive in Wakefield is a part of the Flagstar Wholesale Lending Program
Flagstar Bank is a bank headquartered in Michigan. It is one of the largest residential mortgage servicers and is on the list of largest banks in the United States. It is the primary subsidiary of Flagstar Bancorp, Inc., a bank holding company.
History
First Security Savings Bank was founded as a federal savings bank in 1987. The initial branch focused on funding regional retail and wholesale mortgage operations. The chairman of the bank was Thomas J. Hammond.
In 1993, FSSB Holding Corporation, a bank holding company was established.
In 1994, the company acquired Security Savings Bank, based in Jackson, Michigan.
In 1996, the company changed its name to Flagstar Bank.
In 1997, the company became a public company via an initial public offering.[6]
In 2001, it moved its stock listing from the NASDAQ to the New York Stock Exchange.
During the financial crisis of 2007-2008, the company raised $1.6 billion in new capital with investments from MP Thrift Investments L.P., the Troubled Asset Relief Program (TARP), and public offerings.
Flagstar effected 1:10 reverse stock splits in 2010 and 2012 to maintain its New York Stock Exchange listing.
The U.S. Department of Treasury sold its preferred stock of Flagstar to private investors in 2013.
In May 2013, Flagstar paid a $110 million settlement to MBIA.
In June 2013, Flagstar reached a $105 million settlement with Assured Guaranty related to its RMBS. Flagstar paid a $93.5-million settlement to Fannie Mae in November 2011 and $8.9 million to Freddie Mac regarding its RMBS mortgage repurchase obligations in December 2013. In September 2014, Flagstar agreed to pay $37.5 million to the Consumer Financial Protection Bureau.
In 2013, the company sold a $1.3 billion commercial loan portfolio to CIT Group.
In August 2016, the bank repaid all of the funds it received under the Troubled Asset Relief Program (TARP).
Flagstar Bank was the jersey sponsor of the Detroit Pistons of the National Basketball Association for the 2017-18 NBA Season.
In March 2018, the bank acquired 8 branches in San Bernardino County, California from Desert Community Bank.[26] The company also acquired a mortgage warehouse loan portfolio from Santander Bank.
In December 2018, Flagstar acquired all 52 branches of Wells Fargo in Indiana, Michigan, and Ohio as well as four in Wisconsin.
However, numerous issues plagued Flagstar during the transfer, several of which were caused by its main website experiencing technical glitches.
Flagstar waived fees, added staff and published an email address where customers could send concerns to alleviate issues. The bank said most issues were resolved by the end of the week.
In January 2019, the company initiated a dividend.
Community
In September 2016, Flagstar Bank announced plans for a $10 million, 5-year economic development program for Pontiac, Michigan. The initiative is aimed at helping revitalize the Oakland County city. The program includes $5 million for home mortgages including a customized home loan product for Pontiac residents, $2.5 million for small businesses and start-ups, $1.5 million for the previously announced naming rights of the Flagstar Strand Theatre for the Performing Arts along with an investment of $1 million for financial literacy in the community.
