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Tag Archives: Flagstar

Michigan-Based Bank Discussing Settlement With CFPB

Flagstar Bancorp, Inc. announced earlier this week that it has filed a Form 8-K with the U.S. Securities and Exchange Commission (SEC) in order to notify its investors that the bank is currently trying to work out a settlement with the Consumer Financial Protection Bureau (CFPB) regarding alleged violations of financial laws.

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2013 in Review: Major MSR Deals

The fizzle of 2012's refinance boom and the publishing of new regulatory guidelines took their toll on origination numbers, but it was a decidedly different story for mortgage servicing rights (MSR) deals. DSNews.com takes a look back at some of the biggest wheelers and dealers in the MSR world over the past year, including Nationstar, Ocwen, Walter Investment Management Corp., and Two Harbors, among others.

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Flagstar to Pay $110M to Settle MBIA Securities Suit

Flagstar Bancorp, Inc., and MBIA Inc. announced a settlement between the two companies related to transactions on securities that flopped during the housing crisis. Under the terms of the agreement, Flagstar will pay MBIA $110.0 million, an amount ""consistent with [MBIA's] recovery expectations,"" CEO Jay Brown said. Flagstar does not expect any significant financial impact as a result. According to a statement from the company, MBIA will use the cash received to pay a portion of its secured loan from National Public Finance Guarantee Corp.

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Flagstar to Sell Assets of DocVelocity to Capsilon

In Michigan, Flagstar Bancorp, Inc., announced an agreement to sell the assets of DocVelocity, its document imaging business for mortgage lenders, to Capsilon, a provider of cloud-based sharing, imaging, and collaboration services for mortgage lenders.

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Flagstar to Pay Assured Guaranty $90M for ‘Defective’ Loans

A judge in the Southern District of New York ruled Tuesday that Flagstar Bancorp will have to pay Assured Guaranty Municipal Corp. more than $90 million for defective mortgages packaged in residential mortgage-backed securities (RMBS). U.S. District Judge Jed Rakoff ruled that Flagstar must pay $90.1 million to Assured for misrepresenting loans in insured securities. Flagstar must also pay interest, attorneys' fees, and other costs to be determined.

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Banks Prepare to Shed Nonperformers as Year-End Nears

With the dawning of a new year comes the sense of starting fresh and leaving the previous year's baggage behind. A number of mortgage lenders are applying this same adage to their loan portfolios as the close of 2010 nears, and selling off blocks of nonperforming mortgage assets to clean up their balance sheets for a new year of business. It's a common trend for banks to get their house in order during the fourth quarter of a fiscal year, but this year, it seems there's a larger pool of eager buyers for soured real estate assets.

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Wells Fargo Ranked Top Mortgage Originator, BofA Largest Servicer

Industry data released Monday shows that the biggest originator of home loans is based on the West Coast, while the biggest mortgage servicer is based on the East Coast. With more than $100 billion in new home loans, Wells Fargo held onto the top spot among mortgage originators during the third quarter of this year. Bank of America took the lead spot in the mortgage servicer rankings, with just over $2 trillion in residential home loans in its servicing portfolio as of September 30th.

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