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.