Flagstar Bank Mortgages

Flagstar Bank Mortgages Reviews

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About Flagstar Bank Mortgages

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Flagstar Bank (NMLS #417490), a subsidiary of Flagstar Bancorp, Inc., is a full-service mortgage lender that offers a wide variety of purchase and refinance products, including conventional, FHA, VA, USDA and jumbo loans. The company provides loans to borrowers in all 50 states, and you can apply for its mortgages online, in person or over the phone.

    Pros & Cons

    Pros
    • Down payment and closing cost assistance
    • Available in all 50 states
    • Pre-qualify without a hard credit check
    Cons
    • Little to no fee information online
    • Few in-person branches

    Flagstar Bank Mortgages Reviews

    Stars Rating

    • 4%
    • 0%
    • 0%
    • 1%
    • 95%

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      How do I know I can trust these reviews about Flagstar Bank Mortgages?
      • 4,483,147 reviews on ConsumerAffairs are verified.
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      • Our moderators read all reviews to verify quality and helpfulness.
      Page 2 Reviews 10 - 40

      Reviewed Sept. 19, 2023

      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!!!

      Rates

      Reviewed Sept. 13, 2023

      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.

      Punctuality & SpeedLoan ProcessRates

      Reviewed Sept. 3, 2023

      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.

      Customer ServiceStaffRates

      Reviewed Aug. 31, 2023

      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!

      Customer ServiceLoan Process

      Reviewed Aug. 28, 2023

      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.

      Customer ServiceStaff

      Reviewed Aug. 26, 2023

      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.

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      Customer ServiceStaff

      Reviewed Aug. 24, 2023

      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.

      I unfortunately don’t have a choice with who my mortgage is paid through, but I would never voluntarily work with this company EVER. Extremely dissatisfied in how they operate - doing business with a bank should not be this difficult. Get with the times and start using email/text like every other banking institution does.

      Reviewed Aug. 22, 2023

      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.

      Reviewed Aug. 19, 2023

      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.

      Customer ServiceTransparency

      Reviewed July 11, 2023

      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.

      Transparency

      Reviewed April 20, 2023

      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.

      Loan ProcessRates

      Reviewed April 3, 2023

      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!!!!

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      Customer ServicePunctuality & SpeedLoan Process

      Reviewed March 14, 2023

      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.

      After a few weeks waiting, I called Flagstar and asked if they would release $18k to make up the $40k. They initially said yes. A couple more weeks passed and I called again. This time they said that the initial flood claim adjuster report was not on the adjuster's letterhead so Flagstar held the check (despite the insurance company not having a problem with the letterhead and flood insurance not being a requirement of the mortgage). I had completed substantially all the work and asked for an inspection to release all the funds. Flagstar initially scheduled it for a month later and then postponed it another month. Having the bills to pay, I again requested the $18k pending the inspection so that I would have some working capital. Flagstar declined to agree to that until the inspection was done.

      I called the inspection company and they said they had done the inspection almost a month earlier and sent the results to Flagstar. The report showed that substantially all the work was complete. After the second stated inspection date had passed, Flagstar claims to have issued a check to me for the $18k -- not the full amount of the insurance due. I called again today and asked what is up and the customer service person said they would get the remaining funds out within a two week period. I am certain that would not have happened unless I again asked.

      I am at a loss to understand how Flagstar can be so imperial and indifferent to getting hurricane victims their funds; particularly after jumping through all the hoops and obstacles they put in the way. I have had to deal with the hurricane, lack of power to the house for 2 months, insurance adjusters, receiving insurance funds and overseeing contractors remotely. None of the above is even close to the frustration in dealing with Flagstar's insurance process. I am in the process of filing formal complaints with all government oversight agencies.

      Customer ServiceStaffLoan Process

      Reviewed Feb. 28, 2023

      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 never heard from the agent until I personally emailed him on Monday afternoon. I got a canned response saying the team is reviewing and they need to make sure they could offer a down payment assistance program for me (I know I qualify for these due to my credit score, income, first-time homebuyer, etc.. I have researched requirements for these state and federal programs). I got an email later that night saying "Following up again – after review. For this program you need to work with an approved lender per the website. Sorry we will not be able to assist!"

      Even if that is true and they cannot offer an assistance program for whatever reason, that is fine. I have money for a conventional loan down payment (though it would stretch my budget) and I told the lender prior I was just checking my options regarding assistance. That email shows very poor service, telling me "Sorry we will not be able to assist" without seeing if I still want to proceed with other options like FHA. Sorry, Flagstar Bank, I will be using a lender that shows me that they want to finance a buyer.

      Customer ServiceStaffLoan Process

      Reviewed Feb. 26, 2023

      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.

      My property is under the VA Home loan and I have been in constant contact with the VA which has told me Flagstar hasn't submitted anything on my behalf. I get constant phone calls which they say will continue to happen until my loan becomes current. They have been threatening to foreclose on my loan and has not yet offered ANY plan of action to help. I keep getting calls from other banks that seem to be more than happy to buy the debt but I can't do ANYTHING until my forbearance is cleared.

      All I want is to is add my past due amount to the back of my loan so I can start fresh but they won’t help me at all to revise it... and to anyone who has read this down to this point, DO NOT put any belief in Flagstar's cookie cutter response to this message. They will say Call during business hours for assistance but they DO NOT ASSIST. They are just trying to push me out of my home and I will essentially be a homeless service member/veteran and they don't care.

      Punctuality & SpeedLoan Process

      Reviewed Feb. 14, 2023

      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!

      Customer ServiceStaff

      Reviewed Dec. 28, 2022

      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?

      Reviewed Nov. 29, 2022

      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.

      Verified purchase
      StaffLoan Process

      Reviewed Nov. 29, 2022

      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.

      They needlessly complicated every single thing I have tried to do. Then I was told they'd review my loan, and all that happened was that they expanded my escrow payments unnecessarily to account for property taxes, which estimate did not include the homestead deduction that is easily found if they actually checked on what the taxes should be. It's all numbers and no personal service I have received so far. Worst bank I've ever dealt with.

      Loan Process

      Reviewed Nov. 9, 2022

      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.

      Customer ServicePunctuality & Speed

      Reviewed Sept. 23, 2022

      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.

      Customer service says the account number is wrong. I say the same account that I am able to hit submit for payment right now and it will pull? You're saying that account is wrong? They said yes. I submit the payment and again we attempt to set it up on auto-pay with the billing department, and yet again they cannot pull it automatically. I have paid way too many late fees because of their incompetence. If I could refinance and move to another company for the same interest rate, I'd do it. This is a terrible company, and I would never recommend them to anyone.

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      Flagstar Bank Mortgages Company Information

      Company Name:
      Flagstar Bank Mortgages
      Website:
      www.flagstar.com