Flagstar Bank Reviews

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Disappointing Service / Bait and Switch Closing Cost Savings

Flagstar Mortgage Loan Review Our two mortgage loans with Flagstar were a six-month nightmare to process. Our first big mistake with Flagstar was falling for their Bait and Switch from their Loan Officer, Laurie Buzewski July 2nd 2020. In June we were already in the process of two loans with Caliber Bank. Laurie at Flagstar went down the Caliber loan docs and she told me she could save us $1,300 in closing costs on each loan. Her assurance of a $2,600 savings on the two loans convinced us to cancel our Caliber loans in process and switch to Flagstar. This proved to be a big mistake. Six months later with delay after delay our closing approached and the estimated closing costs docs that were provided showed higher closing costs then the original Caliber loan. I again sent her the Caliber closing docs to compare and noted all the Flagstar closing fees were higher and there were no savings. She responded with a confusing email which basically said both lenders had the same closing costs. - Flagstar also required title insurance which should not be necessary for a refinance. - We have a $1million IRA and a net worth that leaves the bank with no loan exposure. Both properties appraised for over $400,000 and the investment property cash flowed positive with tenants. (50 and 70% of home value mortgages) 825 Credit Rating - The first Loan Processer Laura Boykins, was so incompetent and unorganized that I think she quit or was finally fired. She requested the same documents two and three times. She left emails of the requested documents unopened in her box for days. The underwriters were not much better. They requested documents unrelated to the loan and missed explanations to their questions that were right on the bank statements. They also requested documents that had already been sent because they were too lazy to look through the huge load of documents already supplied. They ask for so much unrelated documentation that even they cant organize and analyze all the documents. Three months into the process and after many calls with Laura Boykins to complain about all the mistakes and delays I requested to speak with her manager. She advised that I could not speak with her manager and I needed to contact Laurie Buzewski and speak with her manager about any problems. I sent messages to Laurie requesting to speak to her manager as Laura advised and she did not respond. Finally, I had to call the Flagstar main number and transfer my way to a mortgage department manager. He brought in a manger, Donna Moser, who reviewed many of the problems with us. She took over the loan from Laura for a month or so fixing some things and then passing us over to Nancy Cox, loan processer. It is now December 20th six months after the start of this process and we still have problems with one of the loans. -Cindi did not set up the investment property docs in the name of the trust as instructed. Now after all the closing paperwork is completed, we have the deed in the trust name and the mortgage in our personal names. Now they want us to sign paperwork to fix their mistakes and put the deed in our names which is not what we instructed. -Flagstar also agreed to pay the appraisal fees on the investment property loan. As the December closing got closer Laurie confirmed that the final paperwork would show these costs charged to Flagstar. Closing came and the Flagstar paperwork charged all the appraisal fees to us. We signed/paid the fees and expected assured refunds. Weeks have gone by and notes from and the title company advises that Flagstar systems rep says this can not be done unless at the start of the loan. Laurie writes separately How can we fix this? This has been my experience with the whole Flagstar organization. No problem solvers, just pass the buck and drop the ball. Slow to answer inquiries or just do not respond. They operate like bureaucrats with no authority to make common sense decisions. Extreme overkill in document requests. -Flagstars poor website design times you out before you can read the docs. They want you to use the site for documents to be uploaded to transfer but has limited memory. I sent too many docs for it to handle on the first submission and it did not notify me that I was over its capacity and it did not transfer the docs. Too many other problems to list. You do not want to do business with Flagstar Bank. They cost us a lot of money in fees and mortgage payments that should not have to been made. We hope they sell our loans.

User's recommendation: You do not want to do business with Flagstar Bank. They cost us a lot of money in fees and mortgage payments that should not have to been made. We hope they sell our loans.

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ID
#2344304 Review #2344304 is a subjective opinion of poster.
Cons
  • See details
Preferred solution
Deliver product or service ordered

Forbearance

It was great meeting you about this opportunity today and was very pleased with your service call on weekdays and the wait time will be much better . Most likely I will
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ID
#2909956 Review #2909956 is a subjective opinion of poster.
Location
Birmingham, Alabama

Destroyed my credit score

didnt even had the decency to send me an email apologizing for your mistake and the consequences it caused on my credit scores

User's recommendation: Please don’t going on this bank.

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ID
#2892353 Review #2892353 is a subjective opinion of poster.
Cons
  • Uneducated and condescending customer service

Mortgagee Insurance Payment

Check was mailed to wrong place called service e center have been on hold for over an hour. No result.
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1 comment
#2061559

Thank you for taking the time to leave us a review. We appreciate you bringing this to our attention.

Please reach out to a representative directly at (888) 248-6423 during the below times so we may resolve your issue as quickly as possible. Monday-Friday: 7:30 a.m. - 9 p.m. ET Saturday: 8:30 a.m.

- 6 p.m. ET.

ID
#2851776 Review #2851776 is a subjective opinion of poster.
Preferred solution
Better response Time

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Verified Reviewer
New Reviewer
Angry I purchased a modular home in June 2021, This purchase has made my life a living *** After Flagstar got what they wanted they sold my loan this new company TMS (The Money Source) is a Mickey Mouse business. I have been trying to make my mortgage paymen to them...
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ID
#2803015 Review #2803015 is a subjective opinion of poster.
Pros
  • No pros
Cons
  • All cons
Preferred solution
Let the company propose a solution

Horrible company

Flagstar did my initial mortgage and then the modification and failed to include second mortgage. After 13 years trying to refinance requested payoff and found out there was a second lien no one knows about. Called for several days only to be placed on holds up to an hour long and they hang up on you. Getting an attorney to try to resolve this. Stay away find another lender!!!!!!!!

User's recommendation: Don’t use!!!!

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ID
#2772341 Review #2772341 is a subjective opinion of poster.
Location
Tampa, Florida
Cons
  • Horrible company all around
New Reviewer

Insurance money held hostage

If you have a insurance claim and have a loan with this bank, I have to say good luck. They will make every excuse in the world not to release the funds. I was lucky enough to be able to pay for my home to be fixed. But still fighting with them to get my insurance money out of them 9 months after the fact, In bad times they only make it worst. I plan on turning my legal team loose on them. RUN FROM THEM

User's recommendation: Stay far away from them.

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ID
#2770266 Review #2770266 is a subjective opinion of poster.
Cons
  • Customer service and bank sucks
Loss
$100000
Preferred solution
MY MONEY
New Reviewer
Our house burned down in may of 2018 and our insurance was great, settled our claim and paid the damages to Flagstar as they still hold our mortgage... Its now been OVER THREE YEARS and we STILL haven't been able to rebuild our house even though the funds have been...
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ID
#2742907 Review #2742907 is a subjective opinion of poster.
Loss
$400000
Preferred solution
The money our insurance paid out to rebuild our house!!!

Poor customer service

On hold for an extended period of time. Rude service agents. Inability to confirm documentation sent. No follow-up. HORRIBLE!!!

User's recommendation: DO NOT USE THIS COMPANY!!!

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1 comment
#2037316

Thank you for taking the time to provide your feedback. We apologize that we provided a less-than-ideal experience.

We work hard to ensure every experience you have with our team is a positive one, and we would love to learn more about your situation. Please contact us at (888) 248-6423 during the below times to discuss your visit and how we can work toward improving in the future. Monday-Friday: 7:30 a.m. - 9 p.m.

ET Saturday: 8:30 a.m.

- 6 p.m. ET.

ID
#2687857 Review #2687857 is a subjective opinion of poster.
Cons
  • Horrible customer service
  • Customer service knows nothing

Terrible Customer Service

Flagstar refuses to disburse funds to complete my home reconstruction. My insurance company has paid & they are refusing to release the funds.

User's recommendation: Don't do business here!

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1 comment
#2037317

Thank you for taking the time to give us your feedback, [Name]. We understand your frustration and would like to learn more about your experience.

Please reach out to our Loan Servicing professionals at (800) 968-7700 during the below times so we can help resolve your issue. Monday-Friday: 7:30 a.m. to 8 p.m. ET Saturday: 7:30 a.m.

to 4 p.m. ET

ID
#2687810 Review #2687810 is a subjective opinion of poster.
Cons
  • Lousy customer service
  • Slow to respond

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Verified Reviewer
New Reviewer
We have been trying to refinance for months and we kept getting conflicting information about what FG needed from us to process our application - we went through the whole thing twice. I posted a BBB complaint and got a number to call which was just a generic CS...
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2 comments
#2025844

I have reached out in the past, it did no good. if FS tells me to call person X and he does not call me back, then what's the point! it just shows FS has no respect or concern for it's costumers.

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ID
#2622062 Review #2622062 is a subjective opinion of poster.
Service
Flagstar Bank Mortgage Modification
Cons
  • Uneducated and condescending customer service
  • Uneducated customer service
  • Terrible mortgage lender
Preferred solution
Deliver product or service ordered

This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website. Check our FAQ

Verified Reviewer
New Reviewer
Refinanced in Dec 2020. Our homeowners insurance was not affected by refi and policy remained in effect until April 2021 when we had to renew. Received a letter from Flagstar in May telling us we allowed our policy to lapse which we did not. I provided proof of...
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1 comment
#2025657

Thank you for giving us another opportunity to address your important concerns, we want to help you answer your questions as quickly as possible. As we cannot gather your personal information on this platform, we encourage you to reach out to our team on our Facebook (https://www.facebook.com/flagstarbank) or Twitter page (https://twitter.com/flagstar) and send us a private message with your contact information so we may put you in touch with a supervisor.

ID
#2621157 Review #2621157 is a subjective opinion of poster.
Service
Flagstar Bank Mortgage
Cons
  • Security breach of personal information and ss numbers
  • Incompetency
Loss
$818
Preferred solution
Full refund
New Reviewer

I need a w9 faxed 309680****

Due to financial hardship as my husband is on hospice they would like to make a house payment for me and you will not take a credit card so they need a copy of the W9 faxed to them so they can proceed with us
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ID
#2598522 Review #2598522 is a subjective opinion of poster.
Location
Chicago, Illinois
Preferred solution
W9 faxed

Loan Fraud

A loan officer took it upon himself to process a refinance application in my name without my permission.
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ID
#2557929 Review #2557929 is a subjective opinion of poster.
Location
Lansing, Michigan

Terrible customer service. Random Charges

I was looking to refinance with them as rates dropped in January. They couldn't match so I shopped around. The bank I was working with asked for a payoff quote; Flagstar charged me $30. Flagstar sent 2 more payoff quotes to the same bank; same number, and charged me two more times. $90 for 3 payoff statements to the same bank in a month. They wouldn't work with me.

User's recommendation: STAY AWAY!!!! If your bank sells your loan to the company start shopping.

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ID
#2534801 Review #2534801 is a subjective opinion of poster.
Location
Lennox, South Dakota
New Reviewer

FRAUDS!!!

Our home flooded in February of 2021, it is now the end of April and they have been holding our insurance check. Now it is "lost in the mail" they are FRAUDS!

User's recommendation: stay away!!!!!!

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ID
#2503420 Review #2503420 is a subjective opinion of poster.
Service
Flagstar Bank Customer Care
Cons
  • Lousy customer service
  • Horrible follow up
  • Servicing is the worst i have ever dealt with
Loss
$27000
Preferred solution
Deliver product or service ordered

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