Anyone Ever Do Biz With Flagstar For A Refi??

I worked with Flagstar as a broker and next week my branch will become part of Flagstar Bank. Flagstar is a federally chartered national bank. They can do FHA and manual underwrite on the FHA loans so if your situation is tricky they can help. The great thing about FHA loans is if you do qualify you get conforming interest rates reguardless of your credit scores and how much money you put down. (currently all you need for FHA is 3% and it can be a gift) You will have to pay mortgage insurance if you are over 80% ltv of course.

I agree with Eugene. I have done a lot of business with Flagstar they are typically a good bank.

They are not however the only FHA lender. Any FHA lender has underwriting that does not focus on credit score, they do focus on credit however and they do have easier underwriting than say a conforming loan.

Still if you have collections, judgements, or liens they will need to be taken care of. The main thing FHA will overlook are medical collections.

Hi all,

I would like to share my bitter experience with Flagstar. We had refinanced our mortgage to get away from our previous lender and had a real tough time with Flagstar. We had been regular with our payments but they held on to the payments until they were late and kept on applying late charges. They used to send back the payment for no reason and tried to foreclose our house for 4 times. We made 3 to 4 payments at a time so that we could catch up with regular payments but they said that we were at least a year behind it. Now we are consulting an attorney to get out of it and have also informed the state government court officials about this mortgage fraud.

Nicole
I am sorry about your unfortinate experience, and hope everything will work out for the best. But some things that you have said raise a question. How could you be so behind and facing foreclosure if you have made your payments on time? All you would have to do is show the cashed checks to the bank and they would resolve the issue. Mistakes will happen with big banks such as Flagstar from time to time but they have departments handling thing like these. I think the story is not complete there and perhaps some fault lies with the broker or loan officer that has given you the loan and some might be miscommunication and mismanagement on your part as well.

Save all the checks, envelopes and every communication you have ever had with them. If a lender acts like this not only will they be held liable but this is one of the few situation you can actually get a free house. It is good you have an attorney. I suspect as Eugene does that there is more to the story.

Is your home worth a lot more than what you owe on it?

Did you miss a payment or make a short payment before this all started?

Hi,

Thanks for replying.

I had a few late payments but I tried to catch up with regular payments by making 3-4 payments at a time. I could not understand how I was a year behind it. When I tried to verify the matter, they did not pick up the calls and denied to fix an appointment.

I have already lost some of the checks and don't know what to do about them.

I shall definitely remember your advice for any further deal in future.

You can get the copies of your checks from your bank going up to 7 years back. They have to keep them on record by law.

Hi,

Thanks for your help. I shall definitely remember your advice.

I once worked for a lender that brokered loans thru Flagstar. At the time FS and Countrywide were the go-to companies as the both of them had the more competitive products. (I personally liked Flagstar because they always brought food to the product meetings). But as Livinnginky said, many lenders can do FHA loans so be sure to shop around.

I like Citi - they also offer flexible underwriting and they have very competitive rates. I also find the staff to be quite friendly, efficient and receptive to working around tight deadlines. But that's just me and my personal experience.

A lot also has to do with your loan officer and the mortgage company that is helping you get the loan. I hope all works out well for you. Flagstar is ok in my book...but, I like just about anybody that feeds me.

Raphael Davis
Senior Loan Officer for AHMCC
Representative for "www.yu-fy.com"
Phone: 678-369-6762
Link deactivated as per forum rules. Thanks.]

Raphael,

Welcome to the forums!

"I like just about anybody that feeds me"

I heard that. That is what a lot of people don't get. You could be getting the best service, rates, perks, etc. from CW one week and then from TBW the next. You never know it is all about what team the lender has on the inside. I don't care who the lender is as long as they give me good service so I can in turn give my customer the service they deserve.

I am closing an FHA loan with Citi right now. But like you said I check rates for all the big guys everyday that way I know that me and my customer are getting the absolute best possible rate and terms.

When I was a broker (which was last week) hated Citi but it had nothing to do with the bank itself. My account rep was horrid and never returned calls and managed to kill 3 of the dealsi sent to her. I had to close them elswhere but it took time and made me look bad infront of my clients. In the end its not which lender is best but the person you working with. If your loan officer, realtor, rep are good people and know what they are doing and not trying to scam you then you will get a good deal. You might be getting 1/8 or 1/4 worse rate then someone else might be offering but if you know the deal will get done with your best interests in mind I think its worth it.

we have a house with a mortgage that we use as a rental.we want to finance a used 1999 triplewide home to replace an older MH. we live on a half acre. the problem in finding a lender is. the triplewide is broken down for delivery. so not on a foundation. we need to live in our older home until we can buy the other one. The triplewide is a Valley Quality home. very high quality home. sells for 135,000.00 new. It is being sold for only 50,000.00 by a private seller. Is there anyone who is willing to loan on this home?

As the property does not has a foundation, your won't be getting lenders to finance it. Better go for personal property loan.

Being a broker for about 6 years... Flagstar became our go to lender for many many borrowers. The feedback that I have rec'd my past clients were that Flagstar was very good to work with, in contrast to other broker outlets that I had worked with.

I am sure everyone has their own circumstances but the feedback that I rec'd about them was positive.

Best of luck!

To brokers and loan officers, I have a quick question. I am 23 yrs old never had any forclosers, bankruptsy, but I have had problems with medical bills. On my report I have 3 account never paid late and 2 account(medical coll) left to pay. I have paid off the other 7. My highest score is a 603 and lowest 513. Do you think Flag star could help me?