Flagstar Bank Mortgages Reviews

Updated on 10/13/2024: I've submitted several Corporate complaints as well as a BBB complaint and a complaint with this web site. Consumer Affairs. I have not received a call back from any of the concerns made. I did receive a letter dated August 26th, 2024 from Darlene **, office of the president that stated I would be provided an update or resolution with 10 business days. Well, as of 34 business days have come and gone, I still have yet to hear from anyone. Unreal to say the least. For anyone looking to use this company, my suggestion would be to find another company to do your business with. Many companies out there want you as a customer...These clowns could care less!!!

Updated on 10/29/2024: Worst experience I have ever had selling my home! The Loan Assumption Department does not care about its customers and does not like to respond, nor the managers, nor the manager's manager! You can't get a hold of anyone who is willing to help or do more than the absolute minimum. The whole department in Michigan is rude to not only buyers and sellers, but to agents as well. Flagstar loan assumption department had been talking and corresponding with my agent from day 1 without my written consent (with proof of email documentation), but then because my agent asked to speak with a manager to file a complaint about the loan processor's poor communication, neglect, and zero (0) responses to me, myself as seller, from the several voicemails I left for Ashley ** to call me back....

I gave them 1 star because 0 isn't an option. Ever since my GOOD mortgage company sold my mortgage to Flagstar, they have screwed up my payments left and right. They keep applying my payment to principal only, and then threaten me with late fees for "non-payment." More time on the phone, stressing about this stuff I shouldn't need to stress about. You all have your money!! Why can't you apply it correctly? I pray that my mortgage is sold off to a company that can keep this stuff straight.

I am in awe by the lack of communication and utter disrespect for their clients. I was preapproved for a loan, and chose to use them for a loan on an investment property. I submitted all paperwork required in a timely manner, but can't say the same for the bank. Everything was delayed, no communication even when my representative consistently reached out to them, leading me to have to request an extension from the seller because I still had no information from the bank about the appraisal, loan, nothing at all. It was complete crickets. The seller agreed to extend two more weeks. A week before the second date for closing, I get an initial disclosure from the bank with all the estimates, with the information incorrect.

We received a letter in the mail saying that to start this year off we needed 100 more into escrow. They did not give us an option just to pay the hundred and on top of that when they added it to our loan instead of it being $10 a month more it raise our payment $20 a month more which is actually $240. I don't like a mortgage lender automatically making decisions for me. There should be options in this situation. And not only that but I guess Flagstar Bank has something to do with the Lakeview mortgage or something or they've sold it again. I don't even know what's going on at this point. One thing is for certain. I will never use Rocket mortgage again cuz they're the ones that got me in this nightmare.

I purchased my house in approximately February of 2021. My disclosed payment, including escrow, at that time was $1577. My first payments were actually $1398 due to some unknown adjustments. My newest bill including escrow is $1954. This equates to a $400 a month increase due to their mis-management of my escrow in 2 years. This increase should not be allowed as their disclosure was false and my monthly payments should not have increased by that amount. I understand escrow can change year to year but at $400 a month is not acceptable. They continue to mis-manage the escrow, I always have a large shortage which last year I had to have reduced by extending the payments and now it has gone up again. I would not do business with them.

They acquired my mortgage 12/2022. It has been nothing but problems since that day. I begging my old lender to please get my loan back. And I have no idea how to get away from them. They acquired my loan with the terms I had with Cardinal Financial. Well they have collected escrow for my flood policy all year. Now have removed my flood policy from my escrow and refuse to pay my flood policy. Then send me a letter that it was voluntarily removed. I have all the documents and recorded calls with me begging them to pay my flood insurance. I never once gave anyone permission to remove my grandfathered in very inexpensive flood policy that they are trying to make me lose.

Flagstar Bank is the absolute worst. Our mortgage was sold to this and the website interface is not only terrible, I constantly have to have some other form of 'verification' every single time I log in. I have my mortgage set to auto-pay, which I guess is a nice feature. Our home value skyrocketed and instead of dropping our PMI when I put in our request, they told me I'd have to make a check payable to them for $190 to have someone come out inspect the property. I would rather burn $190 than give them another cent. I will NEVER voluntarily refinance or use this company again in the future. I will also resubmit a request to drop PMI every single month until they finally do it. Let them pay someone to continue to review my documentation.

Pretty sure the people who rated Flagstar Bank a 5 are employees. I’ve never read a good review of Flagstar Bank, and have never written a good review for Flagstar Bank either. Horrible bank, to call it a bank is like saying the Grand Canyon is a ditch. Awful company, rude staff working from their homes, can you hear the dogs and the babies crying. Please, do not use this place for your mortgage if you can help it. Read all of the reviews in other sites, which give it a zero at best.

Had to share my experience. Made a payment, took 18 days to process (No one could explain to me why it took so long, customer service rep very unprofessional...) which would cause a late fee to occur and possible bad credit reporting for my account. Make sure when you make your payments on their website that you screen shot the payment, it's called police and protect when making your payments. I am reading the reviews and I see there are so many others having the same problem,,,, If you speak to customer service rep before ending the call make sure the notes are accurate concerning your conversation.... Police and Protect your account.... You can not make this up.....IJS.

Like many of your other terrible reviews have said, our mortgage was sold to Flagstar, and if you are making a simple monthly payment, the MyLoans site works. No problem! But when you are trying to budget and want to make bi-weekly payments, the site needs to be re-evaluated -- something is seriously wrong on the backend. I've been trying to get bi-weekly setup since September!! I've called 3-4 times since September, and twice already today (10/24/23)...and now, I'm about to call every time I receive a text that says "We encountered an issue while trying to schedule your payment..." **.

Flagstar is awful. They bought my original mortgage and then bought it back after I refinanced. Then started sending me letters that my flood insurance coverage was not enough even though I have multiple policies on my unit and I live on the top floor. As well when they previously had my first mortgage they didn't ask for more coverage, only this time. When I tried to call their help-line is automated and takes you in circles before I had to ask a real person on the online chat how to talk to a real person on the phone.

Our mortgage was sold to Flagstar Bank and we made our first payment to them in June. THEY LOST THE JUNE CHECK. Then our July payment was credited to June, August payment credited to July, September to August, etc. Every month we got phone calls, letters, etc. about our "late payments", which were never late. Their customer service is clueless. For four months we sent copies of our June payment cancelled check, with the Flag Star Bank endorsement on the back. Yesterday I got an email that basically said, "Oh, never mind". And we are still getting the recorded calls that we are delinquent. AWFUL bank!

This shady bank just bought my mortgage and I set up auto payments through my bank. My mortgage payment was taken from my checking account on the 7th and now Flagstar Bank are saying they never received payment 2 weeks after the payment was made AND have turned it over to collections. WHERE IS MY MONEY???? My bank has assured me that the money was sent to them and they should have it. Have now spent over an hour with my bank setting up an inquiry and I sadly have no choice in doing business with this bank. AVOID THEM AT ALL COST!!!

Recently our mortgage was sold to this company and since then I have had nothing but complications; additional fees and increased rates. With our old mortgage holder there were no issues. All that has happened with Flagstar is that I have been inundated with mail about all the changes and extra money I owe them. This seems ridiculous. And beyond that there is no way around it, there are no options. It isn't always that simple to come up with hundreds more a month for payments, so thank you kindly for the added difficulties and stress.

I had never heard of Flagstar until circa 2019 when my mortgage company sold our loan to Flagstar. I don't doubt that others have had a poor experience, but our interactions with Flagstar have been excellent and without a hitch. After we had been with Flagstar for a few months, they offered a refinance deal, and we went for it. About a year later, the company offered us another refinance simply because they wanted to keep our business. So we went for it again. They sent the title person to our home. We snagged a 2.456 percent rate, and just in time. I was surprised that others rated Flagstar so poorly. I would give the company 10 stars.

I do all of my banking and bill paying online. Out of all the sites I deal with, Flagstar is the most annoying. I have three banks I deal with and Flagstar is the only one that uses the lazy security method of requiring a text every single time I log in. Then after dealing with that, they insist on prompting me every single time to "Go Green". I would probably have done that by now but they have made it a principle point to me now and I will NEVER go green with them. They send offers for pretty good rates on savings that I will never use due to the way they operate their site. I think their customer base is similar to me in the fact that I didn't chose Flagstar. They bought my mortgage. As soon as the rates get right again, I will be leaving. They are very rude to their customers and I will not put up with it any longer than I have to!

Just ridiculous how this place handles business. Customer service is terrible. You will not get anything solved by talking to anyone at this place. They will mess up your account and won’t do anything to fix it. You can provide all paperwork and they will just continue to make up lame excuses why it’s not getting done. Just an absolute joke of a place. My loan was bought out by them and it’s been a nightmare from day one. The fact that this place is allowed to handle people’s money/mortgages is scary. Good luck to all with them.

Fax always busy, can't speak with the right people, days before they get back to you, mega hoops to jump through, never satisfied, an exhausting experience. They tell you what they want and then change what they want. I have wasted countless hours with these people, nothing smooth.

I’d give 0 if I could. I’m on call #6 and day #13 to make what should be a simple mortgage payment. I’ve been given incorrect instructions from multiple reps, bank is unable to provide a document stating how to make a payment, everything is sent by snail mail (even if your account is signed up as paperless) or an automated message phone call asking you to call in with no details, the web portal takes days to update and the customer service team is unable to communicate with the finance department.

RocketMortage sold my mortgage to Flagstar Bank Mortgage. I had signed up for the bi-weekly mortgage payment to be applied bi-weekly. After Flagstar took over, they are still doing the bi-weekly mortgage payment however they only applied it monthly. Flagstar Bank Mortgage do not offer a real Bi-weekly Mortgage Program.

Flagstar insisted on keeping my flood insurance in escrow even though I paid 20% down on my house. They keep finding new ways to increase my escrow, and now that they sold my mortgage say I do not have an overage of $214 even though it is on their statement. They refuse to refund it to me and this seems to be their thing. Mess up your account then sell it to another bank and you'll never figure it out.

I had a very pleasant phone call with Lynn from Flagstar Bank. She provided a very detailed explanation of the shortage of payment in my escrow account and how I can remedy it before my departure to ensure my family is well taken care of while I am out of the country. Thank you very much, Lynn of Flagstar Bank Mortgages, and I truly appreciate it.

They run you through hoops, ask for things over and over duplicates. Never give updates. LTV 30% on 600,000 home and turned down for reasons like claiming my debt ratio exceeded 45% total **. Don't waste your time with Flagstar.

I opened a HELOC loan with Flagstar and it was NEVER disclosed to me that my payments were going to be interest only! Not during closing or writing the loan. So their intentions were to collect interest while never deducting a dime from my principal balance. Luckily I realized this after 2 payments. I will be paying their loan off and never using them again. Go with a different bank who will be open and upfront!!!!

I have a mortgage from Flagstar as a result of their purchase of the mortgage from Sanibel Captiva Bank. Until Hurricane Ian hit in September 2022, I had no problems with Flagstar or any part of the loan process. After getting through the insurance adjuster's process, the insurers for both wind and flood issued checks to me payable to me and Flagstar. I checked with Flagstar and their stated policy is to release immediately the first $40,000 and hold the rest to be sure the initial work was done. The first check for flood was $22k and I received it within a couple weeks of the hurricane. Flagstar processed it in a couple weeks and endorsed the check for me to cash. A month later I received $60k from the wind policy. I promptly sent it to Flagstar.

I reached out to Flagstar Bank for a pre-approval after researching and seeing a decent review score on Need Wallet. I would NOT recommend based on my brief experience. The initial call I got was quick from a lender, who referred me to his Flagstar webpage to complete an application. The agent told me that he would reach out the next day (which was a Saturday so I confirmed this with him) after running my credit check. He said we would then need my W2 documents, pay stubs, the usual... No surprise there.

I have submitted all documentation on my modification for a new loan to be restructured, but they keep making me resubmit it. I requested forbearance because of losing my former job, I joined the Military to secure income. Shortly after being relocated to my next duty station I was deployed which made it very difficult to get all the paperwork they kept asking me for. Since I've been back home, I have made EVERY payment on time and I have been trying to come to some sort of agreement to pay the past due amount. I can't afford to pay it all at once because I wouldn't have even requested forbearance if I could afford that.

They aren't concerned about customers, it's all about money for them. I've contacted them multiple times requesting my PMI mortgage insurance be taken off my mortgage. They claim it's not possible. **. I've never been late once on my mortgage. There isn't a legitimate reason why I should still be paying pmi insurance. My loan is well below 80% at this point. The sad part is, I never chose this unscrupulous mortgage company, my mortgage was sold this Flagstar. Avoid this company at all cost!

I recently filled out loss mitigation paperwork again to Flagstar Bank. I uploaded all they asked. Then I got a call right before Christmas that I needed to correct a couple of things. My internet is very slow and I did let the agent know. But I finally got everything uploaded. Then today on 12/28/22, I get a foreclosure notice! I have tried and tried with Flagstar Bank! This is a small town and I really want to keep my home. But I feel like I'm just bounced around from agent to agent. Each time it's someone different and they have no clue what the last agent did! I realize this is a big company but WE as CUSTOMERS should always be treated fair and with respect! The overall goal should be to help save our homes! What is it going to take to be heard! So now there will be extra charges on top of what I already owe! Where will that come from when I'm already asking for help?

I am in tears as I write this review. Flagstar took over as my mortgage servicer in October and they have caused me nothing but headaches and heartache and tears. They did not credit me for all the payments made to the previous service company. I was told it would be fixed. It hasn’t been. Despite filing a complaint with the BBB, sending a Notice of Error and RESPS letter along with proof of all of my mortgage payments, they continue to say I’m delinquent. They have locked me out of my account and stopped sending me mortgage statements so I can no longer view their errors. How is this predatory behavior allowed? I need to find an attorney to take my case and sue them.

I have paid 70% of my original mortgage off, as a reamortization, just a few months after my original loan, and they refuse to remove PMI until I pay $200 fee. Also, after every form I filled out for this process they asked for more information. Poor customer support means I have had to talk to many different representatives in different departments to help me accomplish supposedly simple processes.

If you have a choice stay away from Flagstar if you plan to re-amortize your loan later on. Their process is horrible, they take 30-90 days after they cash your funds to apply to principle. That is unethical but the bank has the power. Mind you I used a local loan officer who then sold the mortgage to Flagstar so I had no choice in where my loan ended up. They claim to be "holding" your check but you obviously can see the funds cleared from your other account.

Flagstar's customer service is atrocious. I've had our auto-pay set up for over a year. They pulled the money with no problem. I randomly get calls saying we are 2 months behind on payment. They claim my bank rejected the auto pay. I had over $100k in the account. It wasn't the bank or lack of funds it was Flagstar's problem. I call to get it set up on auto-pay again after setting up the account to pay it online manually each month. It gets set up and the same things happen, only this time I watched it.