Flagstar Bank Review
Author: Rob K. Blake | Date: October 28, 2008 | Filed In: Mortgage Company
Flagstar Bank is the national mega-bank owned by parent company, Flagstar Bancorp, Inc. (NYSE: FBC). We located a website, a number of customer complaints, a few lawsuits, and two Flagstar phone numbers.
Flagstar Bank Website and Phone Contacts
Flagstar Bank Website: http://flagstar.com/
Flagstar Bank Phone:
(800) 447-7181
(800) 945-7700
Fax: (888) 541-2056
Address: 5151 Corporate Drive, National Corporate Headquarters, Troy, MI 48098
Flagstar Bank Review
Flagstar Bank, in addition to being a sizable regional depositor bank, also jumped into prime mortgage lending with their wholesale mortgage division. At one time, the Flagstar wholesale lending business was the largest buyer of broker originated loans in the country. They were particular in which brokers got approved to sell them loans and they stayed clear of the focus other lenders placed on subprime lending. This more than anything kept them alive while others failed. Flagstar still has a profitable broker-wholesale mortgage business working today when virtually all the “big boys” died trying. For that, I’ll give them credit where credit is due.
However, this doesn’t mean Flagstar is the cheapest or best game in town. I would never recommend calling them, or any “bank” directly for a loan. It’s always best to find a local, ethical mortgage broker who can shop the breadth of the market for you. To learn more on how you do this…click here
If you are seeking a modification, since they own your mortgage, you can discuss loan modifications with them directly. Of course, seeking modifications on mortgages not yet in default can be a losing battle. In these cases, a refinance to avoid resetting payments is more in order.
It appears when I search for complaints against Flagstar Mortgage, there are some. Click the link to see all the Flagstar mortgage complaints listed in Google.
BBB Activity on Flagstar Bank
“Based on BBB files, this business has a satisfactory record with BBB.
BBB processed a total of 77 complaint(s) about this business in the last 36 months, our standard reporting period. Of the total 77 complaint(s) closed in the last 36 months, 29 were closed in the last 12 months.”
BBB DBA Names:
Flagstar Bank
Flagstar
Flagstar Bank Banking Center
Flagstar Bank Home Lending
Flagstar Bank Loan Center
Flagstar Bank Loan Centers
Flagstar Bank, Banking Centers
Flagstar Banking & Loan Center
Pemberton Loan Center
Star Pointe National Mortgage
Starpointe National Mortgage
See Comments Below to Add/Read Customer Opinions On Flagstar
We would really like to hear your experience with Flagstar Bank’s mortgage division, so add your comments in the section below.
Thanks!
UPDATE 12/26/2008:
MatlinPatterson Global Advisors LLC, a private equity fund specializing in distressed control investments, announced today it wants to make a $250 million investment into Flagstar Bancorp Inc.. This size of investment puts MatlinPatterson at a 70% equity shareholder in Flagstar. This capital injection plus sizable capital investment planned by the companies top executives is part of a plan to stay solvent and maintain the companies listing on the New York Stock Exchange through an exemption. This plan also requires the receipt of $250 million in TARP funds as well.
What are the odds this “bailing wire and duct tape” plan will save Flagstar?
…only time will tell…
Author: Rob K. Blake
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I think I had with them. They screwed up back in 2001 when I paid off the loan then they screwed me again because the full reconveyance was neve sent to county for recording in 2001. Now I have been waiting for two weeks, they still didn’t not send it out the county for recording. Meantime I am in need of loan from another bank but the bank won’t finsih the process becasue the record still show Flagstar still has lien on the house! Called them many times but no response. Banks DO NOT deserve any bailout .. they are just out to screw average Americans!
Sandy,
I hear ya…try contacting the title company doing your refinance and ask them what document you could provide as proof the former mortgage was paid in full. You could then ask them to insure over this issue with an exceptance…it might cost a little more, but you wouldn’t have to wait on Flagstar.
“What are the odds this “bailing wire and duct tape” plan will save Flagstar?
…only time will tell…
Author: Rob K. Blake”
I guess it only took 5 days Mr. Blake
http://www.streetinsider.com/Press+Releases/Flagstar+Receives+Preliminary+Approval+To+Participate+in+the+U.S.+Treasury%27s+Capital+Purchase+Program/4268426.html