Mark Hammond will step down as president and chief executive of Flagstar Bancorp — one of the nation's largest wholesale lenders — by the end of January, the company disclosed. The lender, the nation's eighth largest wholesaler according to the Quarterly Data Report, said it will conduct a search for a new president and chief executive and consider both internal and external candidates. Mr. Hammond has been Flagstar's president since 1995 and its CEO since 2002. He started the company in 1987. He will retain his position as vice chairman of the board of both the holding company and its thrift affiliate. Mr. Hammond also will remain as a "non-officer executive advisor" to Flagstar.
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