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Flagstar Bank
Flagstar Bank
Overall Satisfaction Rating
1.12/5
  • 5 stars
    3
  • 4 stars
    1
  • 3 stars
    2
  • 2 stars
    6
  • 1 stars
    195
Based on 207 reviews that contain star ratings
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Flagstar Bank

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252 Flagstar Bank Consumer Reviews and Complaints

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Page 1 Reviews 1 - 10
Rated with 5 stars
Verified Reviewer
Original review: Oct. 18, 2018

I honestly have no clue why there are so many bashing reviews on this company? My mortgage loan was bought by Flagstar Bank and it has been effortless with their online banking system. I have used their online chat to get a question of how do I set up biweekly payments and the question was answered and the form sent out immediately. I've set up my payments and have had zero issues. I will most certainly update this review if anything should change. When I first learned that Flagstar bought my loan, I looked up reviews and they seriously had me scared. At this point, I literally have had zero issues and every interaction has been positive.

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Rated with 1 star
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Verified Reviewer
Original review: Oct. 16, 2018

Our loan was bought by Flagstar, it has been a nightmare ever since. Their customer service is revolting, I would never ever ever willingly choose this bank! Immediately after they bought our loan we started getting letters in the mail from our insurance companies saying we were past due, requesting payment, and threatening to lapse our insurance due to lack of payment. I spent over 3 hours on the phone trying to get them to pay the insurance, and they were completely unwilling to help.

Our insurance company needed info from them in order to re-send them the bill, and when I asked the customer service agent if she would fax or email the info over she said "ummm... no, I won't." What? I couldn't believe it. Luckily my insurance agent was sympathetic, she said she has worked with Flagstar before and now she dreads getting a client that works with Flagstar because they are "the absolute worst." Please choose different bank. If we had any control over it, we 100% would.

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Rated with 1 star
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Verified Reviewer
Original review: Sept. 21, 2018

I sent in my mortgage payment in for $3500.00 and on the check was written Three Thousand Five hundred. They cashed my check that was written $3500.00 for $35.00 and put me in default. Customer service representative argued with me that the legal line is not the writing. Wish I had a different bank!

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Rated with 1 star
Verified Reviewer
Original review: Sept. 18, 2018

Wish I could give them 0 stars. Seems like a bank which hasn't learned anything from Wells Fargo fiasco. They ran escrow analysis for us and charged PMI twice asking for around 200$ more per months. I have been reaching out to their customer support with no luck. Wish I could get rid of them.

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Rated with 1 star
Verified Reviewer
Original review: Aug. 30, 2018

Asked a simple question about insurance escrow and they refuse to answer it before their scheduled escrow analysis months later. Worst customer service I ever heard of. Meanwhile my payment accuracy is in doubt and may be paying too much every month. Ridiculous!

2 people found this review helpful
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Rated with 1 star
Verified Reviewer
Original review: Aug. 29, 2018

I really have a hard time paying for something that benefits billion dollar companies. Specifically, I'm speaking of PMI. This insurance benefits Them not me, yet I have to pay for it. I put 10% down on a home loan and they forced this insurance upon me. I inquired as to how I can have this removed. I was told it would automatically be removed when I reach 80% of the loan paid. Once that happened, it was not removed. Instead I was told that I now had to reach 78%. Once that happened, it was still not removed. Instead I was told that I would need an appraiser to come to my home and reassure the LENDER that my property has not gone down in value.

Even worse, I had to pay for the appraiser. If my Excellent credit isn't enough to guarantee that the loan will be paid, then don't give me the loan. These underhanded charges and additional coverage that insure them are preposterous. I would not be doing business with this company again and strongly advise anyone applying for a home loan to avoid FLAGSTAR at all costs.

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5 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Aug. 2, 2018

Working with Flagstar to refinance my loan started out to be a great experience, but then went downhill. My insurance was due around the time of the closing, so my loan officer unilaterally decided he was going to pay off the insurance. He told me I needed to bring a check to the closing to cover the difference in paying off the insurance. I told him I didn't agree to that and I wasn't prepared to do that. He got very angry with me and yelled at me on the phone. He told me that paying off the insurance HAD to be done and not paying it was a deal breaker.

I went ahead with it. I had to wire the money since my new checks hadn't arrived yet. It cost me $20. It turns out, I didn't need to bring any money to the closing. The title company sent back the exact amount that I wired. I spent $20 to wire money for no reason. I complained, they admitted they messed up, but didn't pay me back the $20 I spent to wire the money. Working with them since the closing hasn't been any better. Their site MyLoans is very difficult to work with. You have to dig down to get to the page where you pay on your loan, or set up a recurring payment. I BEG them to sell my loan to someone else so I can work with a corporation who has actually heard of customer service.

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4 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: July 23, 2018

I wish I could give this company a zero star. I refinanced my home through a different mortgage company. Within a month, they sold the mortgage to Flagstar. Shortly after, I went through a separation and divorce. I am currently a single mom. Payments fell behind (no more than 3mos). I have brought the payments current...yet for some reason they continue to tack charges onto my statements and holding over $1,000 in a suspense account. (With a mortgage payment of 1234.00 a month, I have paid to date 6300.80 in the last 4 months. That's over an entire extra mortgage payment.) Each time I pay the new amount to release my money...they add more money owed.

To top it off, they have documentation showing each amount I am told by a representative over the phone of what is owed to release the funds. The best part is, they send me Foreclosure acceleration notices on a current mortgage. Pretty sure that's not legal. And my credit score shows a current account. This bank is terrible and they treat their customers horribly. As of right now, I just paid another amount to release my $1,000. Curious...how much more will they tell me I owe next?

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6 people found this review helpful
Rated with 3 stars
Verified Reviewer
Original review: July 11, 2018

Please have somebody review how Flagstar confirms hazard insurance on properties with a Flagstar loan. They keep sending notices that the insurance was not renewed and that they will issue expensive insurance on your behalf. The problem is that the insurance (help by the HOA) is not cancelled and has never cancelled and the policy is with the same vendor since the beginning of the loan. The employee didn't even have the number of the insurance carrier or a contact number on file. Twice they have sent me this correspondence and it takes great effort to correct it. Somebody at Flagstar is dropping the ball on confirming insurance updates. It makes you think they have a side job selling expensive hazard insurance.

7 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: June 27, 2018

My father recently moved to Florida from Michigan. He had been banking there with Flagstar bank, in Northville Michigan on Haggerty and 8 Mile Road. He opened up a bank account in Florida at Chase, and requested that Flagstar transfer his money there. They would not wire it, and they indicated they would send a check by mail. This is a large amount of money: $70,000.00. They insisted on doing it in this fashion rather than wiring it. They claim to have sent the check via UPS overnight via UPS. My father never received his check. They claim that they have sent it via UPS. That UPS has lost it. They beat around the bush when we ask them how they are going to replace this check and to top it it all when we had a conversation by phone about this issue, they hung up on us!

10 people found this review helpful
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Flagstar Bank Company Information

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