Flagstar Bank

The company expects that a previously announced sale of its residential mortgage servicing business will reduce its workforce by an additional 1,200 employees when the transaction is completed this quarter.

After NYCB streamlined its branch operations under the Flagstar name, the publicly traded company will begin trading under a new stock ticker symbol in late October.

Investors reacted negatively to New York Community Bancorp's divestiture of a $5 billion loan warehouse portfolio to JPMorgan Chase. The deal has triggered a debate about whether other banks might retreat from lending to nonbank home lenders.

Borrowers condemned the company's disclosures, which came six months after the incident and omitted details about the hack and subsequent investigation.

The Troy, Michigan-based bank is looking for companies already innovating across the various aspects of the home finance business.

For a lot of IMBs facing shrinking backlogs and falling secondary market spreads, the attraction of hitting a bid and taking the easy way out via an acquisition may become irresistible, writes Chris Whalen.

Despite falling from quarter to quarter, Flagstar’s mortgage revenues remained strong, while its servicing portfolio grew.

The Michigan bank is the latest company to have customer data compromised through a software vulnerability. The incident reinforces the importance of attack simulations, constant searches for intrusions and exchanges of intel with peers.

Despite that decline, the company notched its second-best quarterly earnings ever over that period.

Startups Home Lending Pal, RealKey and Stavvy will get access to experienced mentors and potential customers over three months as a part of the program.

The Flagstar MortgageTech Accelerator program was designed to give qualified fintechs access to experienced mentors and potential customers. Applicants also may obtain access to seed capital funding.

Plus: mortgage credit availability hits 6-year-low and Ellie Mae and ICE Mortgage change leadership

The post was vacant since Kristy Fercho left to run Wells Fargo Home Loans in July.

Perry Hilzendeger’s new role as president of mortgage servicing for Home Point Financial is in line with a previous role he had, and follows broader executive changes at Wells.

The company's second-quarter net income was $116 million, with mortgage banking revenue of $239 million.

Fercho will join Wells Fargo in August and report to Mike Weinbach, the bank's CEO of consumer lending.

Mortgage lenders have imposed steep pricing adjustments for cash-out refinancing as more borrowers seek forbearance.

Refinancing drove a 75% year-over-year increase in mortgage banking revenue during the first quarter at Flagstar Bancorp as it shored up its operations to avoid other negative repercussions from the coronavirus.

Two Harbors, a real estate investment trust, sold the bulk of its nonagency mortgage-backed securities portfolio to head off margin calls and refocus on its more favorable agency-MBS investments.

Flagstar Bancorp, one of the nation's biggest lenders to mortgage providers, has stopped funding most new home loans without government backing.