Houston, Texas
1 comment

I work in a real estate office and have witnessed first hand the run-around offered by this lender! I believe I'm unbiased as I was actually able to push my loan thru.

Just this week after 60+ days of trying to close a loan with this lender AND after closing dates had been scheduled with the title company Flagstar declined the loans. One of the loans the individual had a 660+ credit score & was attempting to downsize from a ranch to a small frame home in town. Flagstar's reasoning: They didn't believe he was really downsizing! The other loan that was disapproved was for a couple that had 800 credit scores.

The 2nd couple has initiated the process with another mortgage broker who has approved the loan & stated "This is an underwriter problem not a borrower problem"...try explaining that to a 1st time 20-something home buyer!!!!!

Had Flagstar simply stated upfront they couldn't do the loan this would have been closed over a month ago thru another lender...instead we hung on week after week to "I should have a clear to close by tonight or at the latest tomorrow morning". Ask your mortgage broker who they will be using as their underwriter...if you hear Flagstar - RUN IN ANOTHER DIRECTION!!!!

Product or Service Mentioned: Flagstar Bank Mortgage.

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Anonymous
#444401

Flagstar bank is incompetent, they lie to you about modification, they also loose your paperwork, they don't deliver on trying to help you stay in your home, they stall until its to late and they foreclose on you and force you out, because it is more profitable for them if you loose your home.

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