Flagstar Bank Review
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: The Mortgage Insider
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I am the buyer and it has taken 9 weeks to process my loan. I am living day to day not knowing if I will be homeless or not, because I am buying the house my landlord was foreclosed on. The worst part is that I AM an underwriter and I know that this is completely unacceptable. I choosed the broker who uses Flagstar, because I’ve alwasys known them to be thorouhg and fast. If I am evicted from my home,and or land in trouble with the IRS due to their incompetence, I plan to take serious action against this lender. Their underwriting is apparently really overwhelmed due to the layoffs or just incompetent. It has never in my 17 year career taken this long for ANY loan to be processed. Flagstar should be ashamed and embarrassed. Know wonder you are teetering on the brink of collapse. This is not how to maintain a good customer relations reputation. The worst part is…I can’t pull my loan now to start over. I’m stuck between in Neverland and I want out!!!!
My closing keeps getting canceled. As of Sunday, I am homeless. I am a single mother with 2 kids. I have my loan. I am in the military. I am out about $1,000 right now. I don’t know what to do. I have a loan from a lender. I am trying to buy a home that the seller had through Flagstar. I am just sick.
I represent the buyer who is using Flagstar for their loan. It has been extended 3 times. I found these reviews while trying to find contact information for Flagstar. It is bad enough national banks don’t understand that the appraisal process for neighborhood homes can’t be applied to rural areas, but to hold up a loan because you can’t find comps sold within 2 miles when truthfully there hasn’t been a home sold within 10 miles, is insane. We’ve been told all conditions were met, and then we’ve had to wait for something else. At this point, I don’t know whether to pull the loan and start with someone else. I don’t know if the seller will even consider waiting it out.
I think I would like to be a banker in this economy. Imagine getting all the money from the taxpayers and then not having to actually loan it to anyone. Must be nice.
I had another Flagstar closing before Memorial Day. It didn’t fund until the following Wednesday. How much money do you think they earned in interest by playing these kinds of games after close?