Flagstar Bank

The agreement, if approved by a federal judge, would end litigation over two distinct cybersecurity incidents in 2021 which affected over 2 million customers.

The Long Island-based bank hasn't been profitable in eight quarters, but executives maintain that it's on the right path, citing more loan book diversity, lower expenses and an improved margin.

The Long Island-based company's second-quarter net loss was the seventh consecutive quarter in which it has reported a net loss. CEO Joseph Otting remained optimistic Friday about the bank's future, saying it should return to profitability in the fourth quarter.

Lenders have been working to shrink their rent-regulated real estate loan portfolios since a watershed state law passed in 2019, but those plans may be accelerated.

The Long Island-based regional bank, which reported another quarterly loss Friday, continues to hire in the commercial-and-industrial lending sphere as it seeks to diversify its commercial real estate-heavy business.

The first year of Otting's tenure as the New York lender's CEO brought substantial change, but the job isn't done. His goal: to build a powerhouse, profitable regional bank.

Thirty-eight TD Bank locations and 24 Flagstar branches are set to shut down. Both banks are coming out of tumultuous periods.

Mr. Cooper expects close to 350 former Flagstar employees to be integrated as team members.

Joseph Otting, who is leading Flagstar's turnaround, said potential buyers may be interested in acquiring the regional bank once it gets past certain challenges.

The Long Island-based company, which is in the middle of a makeover, saw its stock price rise sharply after reporting a net loss that was less than what analysts expected.

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.