We've been with Flagstar for 6 years. My normal monthly payment was setup as an ACH from my checking account, which also included an extra $101 per month. I did this from Flagstar's online services. In the 5th year I was able to start sending in an additional $500 a month. The day of the month varied so I was not allowed to pay online as an additional amount. I had to mail in my payment every month. Every month ended the same way, I had to go out to their website and see how they posted my payment. It should have gone towards principal ONLY, but they would apply it to Interest. It took them at least a week every month to get it corrected. I even took the EXTRA step of composing a letter that stated it was for Principal ONLY, stapled the check to it, wrote in the memo section that it was for Principal ONLY, but every month I would have to call back in and have them correct it. Out of 8 payments, six of them were incorrectly posted.
Flagstar sent me a home carbon monoxide tester to make up for any inconvenience that I suffered. Isn't that nice. NOT!!!
All I wanted was peace of mind that when I sent in an extra amount of money that they processed it correctly. They coulnd't even do that.
I've since refinanced with another company and I LOVE their service!!! They process things correctly too. That company is Countrywide. : )
I'll never deal with Flagstar again!!!!
Product or Service Mentioned: Flagstar Bank Checking Account.