Information

Flagstar Bank

Loss Mitigation Phone- 1800.968.7700 ext #9780 Fax Authorizations/Packages: 1866.234.9845

Members: 163
Latest Activity: May 3, 2019

Contact Info:

1.800.968.7700 direct extension to loss mitigation (not customer service) is 9951. 


Here is a link to the Flagstar bank headquarters with phone and fax numbers:

http://investing.businessweek.com/research/stocks/people/person.asp...

During business hours you can also dial 800-945-9951.

 

Direct line to loss mitigation - 800-393-4887.

Flagstar Third Party Authorization - REQUIRED

 

Flagstar Bank Short Sale Package

12. Flagstar Bank, F.S.B., Troy, MI [Docket No. 12-1436-MR]

Action: On November 21, 2012, the Board entered into a Settlement Agreement with Flagstar Bank, F.S.B. (Flagstar) that required Flagstar to pay a civil money penalty in the amount of $37,000, and pay $92,677 to indemnify HUD for its losses with respect to one FHA loan, to indemnify HUD for any loss (past, present or future) on five FHA loans for a period of five years from the date of the agreement, and to retain and fully pay for a third-party servicing monitor for a period of one year, without admitting fault or liability.

Cause: The Board took this action based on the following violations of HUD/FHA requirements alleged by HUD: Flagstar failed to engage in loss mitigation, failed to service FHA loans in accordance with HUD requirements, and failed to offer property disposition options to the mortgagors.

http://www.gpo.gov/fdsys/pkg/FR-2013-04-11/pdf/2013-08520.pdf

Discussion Forum

FLAGSTAR

Started by OFELIA SIERRA. Last reply by OFELIA SIERRA May 3, 2019. 2 Replies

Does anyone have an email address or direct phone number for a Flagstar loss mitigation supervisor.  I have been trying for the past 3 weeks leaving message after message fo my assigned specialist…Continue

Initiation Package....

Started by Tom Braunagel. Last reply by Ben Benita Jun 6, 2016. 1 Reply

Is there a fax number to send the SS initiation package to?  I'm only finding a mailing address.  Thanks!Continue

Trying to recover file in Flagstar Black Hole

Started by Jennifer Viger Jun 27, 2014. 0 Replies

Anyone have any suggestions on a better way to escalate a VA file through Flagstar?  We received an approval on May 16th, however, the approval letter was incorrect.  I immediately responded back to…Continue

FHA (FLAGSTAR) INITIATION PROCESS

Started by Bill Garrett May 24, 2014. 0 Replies

Is there anything unique about initiating an FHA short sale with Flagstar?  Any guidance would be appreciated.  Thanks.Continue

Comment Wall

Comment

You need to be a member of Flagstar Bank to add comments!

Comment by Adela Picar on October 5, 2012 at 10:49am

I can't believe Flagstar gave me a sale date when I had an approval letter ready to close on 10-26-2012. Someone made a huge mistake. I will call to deal with this on Monday. I called this morning and they said it was pending but not to worry because you are in active short sale. I am soooo angry. Has anyone had this happen?

Comment by Robin Dahlstrom on August 13, 2012 at 8:21am

Does anyone work at Flagstar besides STEPHANIE? No matter what number I call, not matter that extension I hit, I get Stephanie, who is useless. She said the file was rejected under HAFA guidelines due to the way the Buyer is taking title. I spoke to someone from Fannie Mae who laughed and said that is not a Fannie Mae guideline. When trying to get in touch with someone over Stephanie, they have no escalation dept., I was told SHE is the only one I can speak to. Does anyone have any inside info to share or comments, please?!?!?

Comment by Robin Dahlstrom on August 7, 2012 at 9:07am

Flagstar is declining the file under HAFA stating that the Buyer is buying under a family trust. Has anyone ever heard of this? Is this a HAFA guideline or one they made up. It is not an investor, the buyer is buying under the family trust for one of his kids.

Comment by Nancy Fung Martin on July 16, 2012 at 1:57pm

Here's another contact for Flagstar's Headquarters. I had an issue with a foreclosure home that needed Flagstar to correct and Daniel fixed it in a week.

Daniel J. Hubbard
Office of the President
5151 Corporate drive
Troy, MI 48098
Office: (800) 968-7700
Fax: (248) 250-5704
[email protected]

Comment by Suze Que on June 15, 2012 at 9:25am

Hi all - so we just got a BPO ordered after two weeks from Flagstar. Anyone have an ETA once a BPO is ordered how long it takes Flagstar to close? I know it varies - but experiences would be appreciated. Thanks!

Comment by Deidre St. Romain on June 14, 2012 at 3:19pm

Who was the loan backed by?  Thank God is right Flagstar is a nightmare.  Good for you Kari!

Comment by Kari A. Battaglia on June 14, 2012 at 1:19pm

An update to my short sale listing with Flagstar! By the grace of GOD himself my deal has closed!  Nothing less than a miracle I thought this day would never come.  I went through several buyers and finally had a buyer willing to wait out the process and waited for 15 months to get an approval and when we did the buyers during this process changed their income source and could not qualify for a loan. I was able to get another buyer in and we closed.  Information shared with me in this forum was the only reason why I was able to get this deal done.  Thank you so much ShortSaleSuperstars.com!  My advice to anyone who is working a short sale with Flagstar is to call the Office of the President after all else fails.  I will be a tough decision to ever take on another short sale with Flagstar but in the end helping my customers is what keeps me going as you definitely don't make any money considering the time involved to get a deal closed.

Comment by Ellen Dittman on June 14, 2012 at 11:38am

Had the buyer side and experienced an exact scenario as you described. Your last sentence emphysizes the consequences of their actions.  

Comment by valentinoamoro1234 on June 14, 2012 at 11:35am

Links to WA state AG.
http://www.atg.wa.gov/ContactUs.aspx

Flagstar  CEO office is 248-312-2000 or fax letter to 248-338-7704 make a cc note to all the high ups at the bank.(thanks to Wanda)

Comment by valentinoamoro1234 on June 14, 2012 at 11:32am

Wow, sadly, it seems I'm not the only one. I recommend writing to your attorney general, it will take a few minutes online and will help, as there isnt really much to lose if your client is going through foreclosure. I recently contacted the WA state AG and requested they investigate Flagstar and suspend all foreclosures. I am also faxing FS management and will mention that I am going request action against the bank on all relevant forums/boards unless there are rapid and massive changes to their process.

Long story short, I have been in the short sale queue since Dec 2010. Flag Star bank has promised the short sale will take 3-6 months, however, 1.5 years later we are still waiting. Common deceptive practices from their loss mitigatio department include -
1) Taking an extraordinary time to process short sales/loan mods (12 months to years, with most ending up foreclosing due to lack of action)
2) Letting most (a statistical anomaly) move into foreclousre. The suspicion is they are making money by letting loans slip into foreclosure and have no incentive to help. Particularly illegal as they are ignoring HAFA rules.
3) asking for documents every few weeks with no intention to move the process forward
4) proceeding with foreclosure while delaying short sale
5) canceling short sales due to documentation delays caused by them
6) calling for loan payments 2-3 times a day (illegal)
7) putting clients on hold for over 1 hour and disconnecting them
All this is having the effect of pushing borrowers to the brink, wasting their time and effort and now realtors and short sale/loan mod negotiators are not willing to take on customers who have a loan with them.
 

 

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