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Flagstar Bank

No of Reviews : (25)

	Over all Flagstar Bank Rating

	Coverage		48.8%
	Cost		43.2%
	Customer Service		43.2%
	Claims		38.4%

All About Flagstar Bank

Established in 1987 in Troy, Michigan Flagstar Bank is the second largest banking institution headquartered in the state. The firm which has centers in Michigan, Indiana and Georgia is one of the leading mortgage lenders in the country and a national leader in the wholesale mortgage business. The bank has never lost touch with its origins as a community bank and never wavered from its pledge to provide convenience and value to its customers and has taken the lead in developing innovative technologies that simplify processes for its customers.

Over the years the bank has worked closely with government sponsored enterprises and local housing authorities to offer affordable and community lending products and it is committed in helping the people to achieve the dream of home ownership. Through volunteerism and donations to local organizations in its banking and home lending markets the firm is committed to the scores of other charities. The bank which is one of the nation's largest originators of residential mortgage loans has created a more effective method of processing loan data and mortgage, and significantly increased the efficiency of its organizational infrastructure, which provides Flagstar with an opportunity to better serve its customers, With Ascent.

The Business services provided by the Flagstar Bank are:

Business Banking

Cash Management

Commercial Lending

Corporate Benefits

Indirect Lending

Public Funds

The bank which operates from more than 100 banking centers and home loan centers in 26 states implemented a robust information capture system that includes Ascent Capture along with several Kodak i830 and 9500 series scanners, by Working with Pyramid for managing the flow of data throughout the system. .

The additional services provided by the Flagstar Bank are:

ATM Card

Visa Check Card

Overdraft Protection

24 Hour Banking

Foreign Currency

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Reviews

Review By:
Location:	long beach, California
Type of Mortgage:	Refinance
Date:	08-30-2010


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Summary
Flagstar is the WORST lender I've ever dealt with.. you'll wait on hold for hours to talk to someone.. If you have a choice, run away!.

Review By:	Crooks
Location:	Lake Orion, Michigan
Type of Mortgage:	Debt Consolidation
Date:	08-25-2010


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Summary
I discussed financing options at two of their branches (one in Oxford) and was disgusted with the terms and fees involved with their loan packages. Additionally, I tried to discuss refinancing of a current loan and when the preliminary write-up was done I saw their fees and more fees made recovery time of over two years. My other friend tried to loan modify only to get one department stall his paperwork so the foreclosure department could complete theirs. .

Review By:
Location:	Richmond, Virginia
Type of Mortgage:	Home Purchase
Date:	08-02-2010


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Summary
Please do not deal with this lender..

Review By:	Damon
Location:	Covington, Georgia
Type of Mortgage:	Refinance
Date:	07-28-2010


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Summary
Flagstar Bank somehow ended up with my 1st and 2nd mortgages. Since then my wife has had hip replacement and a plethora of other health related health issues. My hours at work have been cut to 30 hours a week. Anyways without her income and my loss of hours we have gotten behind on house payments. People please keep in mind we have been trying to go thru Flag Stars "LOSS LITIGATION" for loan modification or any type of help...and believe me I have absolutely no confidence in this bank. It amazes me how much run around and bs we hear from the banks customer service everytime we try and discuss the loan modification.....yet I can receive 27 calls on any given day asking me when I intend to pay this and that payment. Harrasement is abundance , competence of their customer service reps is questionable and apparently the CSR's have no clue and do not communicate with the Loss Litigation department at their own offices....hate Flag Star Bank...worse lender I have ever dealt with!.

Review By:	Lin
Location:	Baltimore, Maryland
Type of Mortgage:	Refinance
Date:	07-22-2010


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Summary
It is centainly true when it comes to receving help from Flagstar, never been late on payments. This Banks is unwilling to help in any situation. Persons fall behind for many reasons, surely some of no fault of their, really this bank is truly unyielding. This ecomomic situation has hit people in many different ways, it would be great if the Flagstar will work to help person, I to work in Banking and in no way do the Company I'm employed with treat customer's that way Flagstar treats them..

Review By:
Location:	Akron, Ohio
Type of Mortgage:	Home Purchase
Date:	07-19-2010


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ALTHOUGH I HAD TO RATE THEM AS A 1 BECAUSE IT IS THE LOWEST SCORE ON THE SCREEN, I WOULD LIKE TO ADD THIS BANK IS THE WORST BANKING INSTITUTION EVER!!!!!!!!!! HORRIBLE CUSTOMER SERVICE. WAIT IS THEIR A CUSTOMER SERVICE DEPT? BEST EVER RUN AROUND, TRANSFER AND HANG UPS I'VE EVER EXPERIENCED. EVERY DEPT IS A SPECIALTY YET ONCE YOU THINK YOU'VE GOT THE "SPECIALIZED" PERSON ON THE OTHER END THEY CAN'T ANSWER YOUR QUESTION. I AM ALSO CONVINCED THEIR MAIL INBOX GOES DIRECTLY TO THE TRASH DUMPSTER--HOPEFULLY THEY ARE RECYCLING ALL THAT PAPERWORK THAT THEY NEVER RECEIVE..

Review By:
Location:	Coral springs, Florida
Type of Mortgage:	Home Purchase
Date:	07-13-2010


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Summary
Worts customer service I have ever seen, spend 3 hrs xferring me from one person to another and finally put you on hold then hung you up. They dont want to modify any loan they just give you the run around. I have been trying to modify a loan for the past eigth mths with them and all i am getting is nothing but bull shit from them, not one of them was curious, all they keep saying just keep sending paper work until your name reach the top depending on the list. Worst Mortgage company I see, no compassion, no sympathy, no help whatsoever!!!!Shame on you!!!!.

Review By:	Rachel
Location:	Cusseta, Alabama
Type of Mortgage:	Home Purchase
Date:	07-01-2010


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Summary
I am looking to be a first time homeowner. I have been working to rebuild/rehabilitate my credit for the past 6 years after ruining it by defaulting on student loans nearly 10 years ago. I work hard, pay all of my bills on time, and have paid off ALL collections. I found a little home that is perfect - not too much for me to handle. I even budgeted to allow for any changes in the GFE. The day before closing, they notify me that even though they've verified my rent status with my landlord, I need to provide 12 months worth of cancelled checks after which it will take them up to 48 hours to process. They also found it necessary to check my credit yet again. Needless to say, I was not very surprised when I discovered that my credit score is now 3 points below their minimum - 7 points lower than when all of this began. They won't finance unless the score meets their minimum. It is impossible for me to speak to a live person as I keep getting transferred to someone who says they can't speak to me because I don't have a seller number. As of today, I wouldn't recommend Flagstar or deal with them at all myself - ever. I believe that the way they treat buyers anyway is cutting off their nose to spite their face. Perhaps it is just that they are more interested in profit than persons. Good riddance - changing to Quicken! .

Review By:
Location:	Sicklerville, New Jersey
Type of Mortgage:	Refinance
Date:	05-15-2010


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Summary
It's true. Flagstar will not help you, even if you are unemployed and never missed a payment and never late making a payment. Also, once you initially receive the loan, they mysterious come up with fees in order to raise your monthly mortgage payment. There claim is there was an error in processing the paperwork. Now, what good is mortgage modification if this institution won't even discuss anything with you. They still report you to the credit bureau, even if you call ahead of time to explain that the bank in which you hold an account has taken 3 days to clear a payroll check. There are situations where a customer is not intentionally late and extenuating circumstances when you are on unemployment. They got their bailout and could care less about their consumers. Yes the government needs to impose new laws on all banking institutions and not allow this credit bureau reporting when people are doing all they can when there are no jobs. If you are receiving unemployment these credit institutions ought to try to work with you until you are able to secure full time and gainful employment..

Review By:	Greg Nyberg
Location:	Kuna, Idaho
Type of Mortgage:	Home Purchase
Date:	05-13-2010


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Summary
After I submitted my 'Obama-plan' morgage assistance paperwork in April of 2009, Fl somehow didn'tagstar continually put me off stating they needed 3 months to 'evaluate' just what Obama's plan was. It wasn't until Sept of 09 that Flagstar wrote me stating that I didn't qualify. Flagstar wouldn't tell me why I didn't qualify, except to say I needed a job to qualify. If that were the case, why couldn't they have told me that 6 months earlier?!!? So, right about that time, I get a job. I resubmit all my paperwork again and 3 months later, Flagstar (I continually called them - they on;y returned my calls twice and left a 'call me back' message) told me I didn't make enough money. Told me that I needed to make enough to pay all my bills every month, plus payments on all credit cards, etc, and still have 15% left to put in a savings account!!! I'm quite sure that the whole idea is to put people - customers - off with rediculous bull until th customer gets so pissed off the customer quits trying! I stear every person I know away from Flagstar. I got the realty company I bought my home thru to quit using Flagstar completely. They had had other clients voice many othr complaints regarding Flagstar and they had heard enough..

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