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Flagstar Bank

Flagstar Bank

 3.3/5 (281 ratings)
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About Flagstar Bank

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Flagstar Bank Reviews

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Page 1 Reviews 0 - 10
Resolution In ProgressRated with 1 star
Verified Reviewer
Original review: July 15, 2021

Oh, how I wish I could give negative stars for the experience that I have had with Flagstar Bank. I began my refinance application on February 26th and I finally pulled the plug on the application on July 9th. We followed through the process and were approved and even had the notary scheduled to come out and sign the documents. Then I was informed that Flagstar had not submitted a subordination agreement to my 2nd mortgage holder. After that, Flagstar no longer honored the appraisal waiver that they gave when I originally applied.

My house actually appraised for $75,000 more than we listed on the application, but now Flagstar told me they couldn't approve the loan unless I made improvements in one of my bathrooms. So, long story short, I went from being approved with a closing date to remodeling a bathroom to get approved because Flagstar took so long to get through this refinance process. Part of the reason for the refinance was to free up money for a remodel. However, I was not about to remodel to get approved. They violated the terms of the original loan that I was approved for. I have never dealt with such incompetence. Please do not use this bank.

Flagstar Bank response

Thank you for giving us another opportunity to address your important concerns, Kimberly. We're sorry to see you're having issues and would love to help you get this resolved as quickly as possible. As we cannot gather your personal information online, we ask that you reach out to our Loan Servicing professionals at (800) 968-7700 during the below times and they can help work to resolve your issue.

Monday-Friday: 7:30 a.m. to 8 p.m. ET

Saturday: 7:30 a.m. to 4 p.m. ET

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Rated with 1 star
Verified Reviewer
Original review: July 15, 2021

We had a loss to our home on 01/25/21. Flagstar was paid out over $67,000 from state farm and they will not release any money to begin repairs. I had to pay them out of my pocket $45,000 and they state they need a summary of loss. State Farm does not have such a form but has provided comparable form. Flagstar will not even make themselves available to conference call me and the Insurance company so that they know exactly what they need. Then a representative will comes on the line and you think you are getting somewhere and then you have to call back and the new rep is back to needing this summary of loss. Are you kidding me.

We cant just have one person to our account. This has been over 6 months and the same nightmare of said review is happening. You ask to speak to a supervisor some representatives will tell you that the supervisor will call but no they don't. Others will be rude and say they don't have one. And some reps just hang up. Super frustrating meanwhile they are STEALING money.

Flagstar Bank response

Thank you for giving us another opportunity to address your important concerns, Bertha. We're sorry to see you're having issues and would love to help you get this resolved as quickly as possible. As we cannot gather your personal information online, we ask that you reach out to our Loan Servicing professionals at (800) 968-7700 during the below times and they can help work to resolve your issue.

Monday-Friday: 7:30 a.m. to 8 p.m. ET

Saturday: 7:30 a.m. to 4 p.m. ET

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    Rated with 1 star
    profile pic of the author
    Verified Reviewer
    Original review: July 7, 2021

    This has been the worse experience I have had while on the mortgage Forbearance Plan with Flagstar bank. I check in monthly and have made payments whenever I am able since August 2020 and Flagstar's collection dept still call me monthly (sometimes twice a month) harassing me about if can pay the amount owed in full. They also send someone out to my property monthly leaving a notice to see if I abandoned the property and I receive notices at least twice a month with the amount I owe. I receive a call today from one of their collection agents that stated I my forbearance plan was coming to an end and that I had not been making ANY payments. I was so upset because I have plenty of proof from my bank statements that show that I have been making payments while on the forbearance plan. I have also have double some of the monthly payments.

    This is clearly harassment since I have been unemployed during part of this time period. I am ready to contact my Congressman, news reporter on the constant harassment for full payment. I can not wait to be able to refinance with another institution. I would not recommend anyone using Flagstar Bank institution for your mortgage. If I had known about them when my mortgage was sold them them a few years back, I would have refinanced with some else right away.

    Flagstar Bank response

    Jackie, 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.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: July 7, 2021

    I have owned several homes and have had multiple different lenders. My loan was transferred from Quicken Loans who by the way was great. Wish they didn't sell my mortgage to Flagstar bank. I called Flagstar to set up bi-weekly automatic payments which I have paid this way for years. I was told I had to pay 30 days ahead in order to pay this way and had no choice in which day the payment would be deducted only the 1st and 3rd Friday of each month. I am going to find another lender to refi with even if it cost me money because this bank is horrible. I have never been a day late in 20 years on my mortgage. This bank is far from customer friendly

    Flagstar Bank response

    James, thank you for taking the time to provide your feedback. We apologize that we provided a less-than-ideal experience. We value your feedback and hope you'll give us the opportunity to listen and improve. 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

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: July 2, 2021

    When COVID 19 first began, my wife and I experienced a financial hardship. Between a reduction in her available work hours, and increased childcare expenses due to school shut downs, we were in a tight spot. We were put on a forbearance plan until we were able to sort out our financial situation, at least that was the plan. At the beginning of last November, we were ready to resume making payments. After speaking to Flagstar we were told that if we could not pay our delinquency off in one lump sum, or break it up into three monthly payments we would need to fill out a loss mitigation form and fax it in, along with some supporting documents.

    So this is what we did. Over, and over, and over, and over, and over, and over, and over, and over… you get the point. Without exaggerating, we probably sent them the same documents 8 or 9 times. After the first couple times we sent them in, I would personally call them the following day to verify that they received them. They would tell me that they did. And a few days later they would call and request the same docs again. This process went on for so long that that they actually cancelled our loss mitigation, because it had been incomplete for more than thirty days. We called and had them re-open it, and continued going around in circles for the next couple months. Every time we called in we would wait on hold to speak to a brand new equally incompetent service rep, that knew nothing about the issues we were having nor cared to investigate. We were just told to resubmit the docs… Again and again… for all of eternity.

    After a few absurd months of getting to know every clown on the customer service team we gave up. We had a death in the family and did not have the time to or energy to make daily failed attempts at training flagstar’s customer service staff. We did however resume making our normal monthly payments so as to not fall further behind. We picked up the process again at the beginning of May. I told the customer service rep about all of the previous issues we experienced the last time we attempted loss mitigation, and she excitedly explained that it should no longer be an issue.

    The geniuses at flagstar bank had developed a new online system to process their loss mitigation apps called BRACE. She said that I would be able to fill out all of the paperwork online, upload my documents directly to their system, and even link my bank account so that they can auto-populate a lot of the information that they needed. All of this sounded great, I promptly filled out my loss mitigation application, uploaded the docs, and linked my accounts. What followed was nothing short of astounding. We received a phone call requesting the same documents that I had already uploaded. So round again we went in flagstar’s new, more technologically advanced circus. We spent the next month getting re-acquainted with our friends in the customer service department, as well as making new friends in the BRACE support department. We tried uploading docs from different platforms, as well as different browsers to no avail.

    We were having so much fun begging and pleading with flagstar to take our documents, that the month of May seemed to fly by. When May came to an end, two things happened. The first, was that our loss mitigation application was cancelled due to missing documentation. The second, was that our forbearance period expired.

    “Why didn’t you request an extension?” You ask? That’s a fantastic question, as flagstar is required by law to grant one. The answer is that we did. Eight times. Four different service reps, two “de-escalation specialists”, and two managers, all claim to have requested an extension. Side note: a “de-escalation specialist” is the person they transfer you to when you ask to speak to a manager. Their entire job is to keep you from speaking to a manager. They do this by putting you on multiple extended holds, and repeatedly trying to transfer you to another department, even when you explicitly tell them you don’t want to be transferred.

    I digress. After your forbearance has been expired for 15 days you get hit with late charges, after 30 days they start reporting on your credit. We were becoming more and more desperate as June was coming to an end. At one point I even offered to drive to their office, and physically place the docs on their desk, which I was told I could not do.

    I finally got ahold of a manager in the collections department (after about an hour and a half of being bounced around) and explained the full situation with an emphasis on how desperately I needed the extension to go through before the end of the month, which at this point was just a few days away. He seemed genuinely interested and gave me his full name and direct line. For the first time since the process began, there was a glimmer of hope. Hope soon faded however, as he repeatedly promised me callbacks, didn’t follow through, and then ignored my calls.

    It was day 29, ONE day before our credit was going to be tanked. We have been ready to resume making payments and indeed HAD resumed making payments for months. Flagstar was clearly not going to accept our documents and reset our loan, nor were they going to extend our forbearance. Not because we didn’t qualify, but simply because they refused. With nowhere else to turn, my wife and I were forced to acquire a personal loan from another lender, to pay off our delinquency with flagstar… which is absurd.

    One of two things is happening here, there is no third option. Either: Flagstar Bank was intentionally stalling the process with the intention to foreclose on our home (the market has gone up significantly since we bought the house, and we probably have 70,000 in equity). Or: Flagstar bank has reached a level of incompetency that I did not know existed. Either way this company cannot be trusted with your financial future.

    If I trusted flagstar bank my credit would have been destroyed and presumably we would have eventually been evicted. This due entirely to either malicious intent, or gross incompetence. I am in the process of filing a complaint with the federal reserve. At the bottom of this post, flagstar is going to respond and tell me to reach out to them to get my issues resolved… the thought makes my stomachs turn.

    Flagstar Bank response

    David, 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.

    5 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: July 1, 2021

    Home loan borrower from Flagstar, and my experience has been incredibly frustrating. My loan was simple, just borrow a set amount and pay it back over time with interest. I was working as intended at first. However I got a email explaining that I was going to be billed $1444.00 for not having homeowners insurance. When I had proven that I had the insurance, I was still forced to pay that amount, only to receive a partial reimbursement when shown proof. What made this worse was that it seems I'm now getting charged for escrow, even though I pay for my own property tax/insurance. I am starting to get incredibly frustrated with this company, as it seems like they keep tacking on new fines and fees without any explanation or reason.

    Lastly I've been on their help line for HOURS trying to resolve this seeming simple issue, and it seems like I've been going in circles. When I finally received an email Escrow waiver form, for services I'm already paying for outside of Flagstar, It was a dead link. To add a cherry on top of all this frustration, the help service is "recommending" I pay for the full amount including the added Escrow Insurance/Shortage fees, with the expectation that I'll be reimbursed again.

    Flagstar Bank response

    Thank you for taking the time to give us your feedback, Ken. 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

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    Resolution In ProgressRated with 1 star
    Verified Reviewer
    Original review: June 24, 2021

    Do not use these people for your mortgage!! Go to AmeriHome mortgage instead. They won’t charge unfair fees for simple transactions. They also care about your account security. Flagstar Bank's customer service is pathetic. They lie and deceive you to get what they want instead of taking care of the customer needs. I’m extremely disappointed in the way I was treated and the fake process they put me through to make fun of my situation and then to say no to a simple request to make me feel secure in financial transactions. Instead they used this to mock and laugh at my situation. It’s absolutely appalling. The CEO of this company should be absolutely embarrassed of the way they let their employees handle customers. Since he or she can’t take the time to speak to one of the people who pay his salary.

    Stay far away from this financial institution. They will do nothing for you but rob you blind and laugh in your face while they do it. Tirek and David two “Executives” of this company were extremely rude and laugh at my situation. This bank should be shut down for it shady business practices and blind charges. Run far far far away!! I’m doing everything possible to get my mortgage away from this unsafe trainwreck of a business!

    Flagstar Bank response

    Brendan, thank you for taking the time to provide your feedback. We apologize that we provided a less-than-ideal experience. We value your feedback and hope you'll give us the opportunity to listen and improve. 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

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: June 20, 2021

    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 number, and no one ever called us back. Now they denied our refinance application and send a debt collector to our door on a Saturday - we're refinancing with someone else, and we've been on the mortgage deferral program, so we owe them nothing

    Flagstar Bank response

    Sherri, 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.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: June 19, 2021

    We've been in our home for almost 9 years. Flagstar obtained our loan a few years ago. The customer service has never been great but no real issues. Last year at the beginning of the pandemic they offered us a forbearance that I was supposed to last 90 days. We run a small business and things were slowing down and very uncertain. They said after the forbearance we'd have 3 options of how to resume payments. Seemed simple. When I called to resume payments at the end of the 90 days I was told we'd have to submit a loss mitigation application and get approved to reset our loan.

    Over a year later we're still going through this process. The first time we submitted the application was by mail. When I called to check the status I was told they hadn't opened the envelope and now all the documents would be out of date and we'd need to start over. Since then we've been uploading our application and every month I'm asked for documents that are already in our file. It's a never ending cycle. We feel like we're being held hostage by this company. I'd give zero stars if I could.

    Flagstar Bank response

    Ashli, 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.

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    Rated with 1 star
    Verified Reviewer
    Original review: June 15, 2021

    If I could give negative stars I would. By far the worst experience I have ever had. Back in December 2020 I begun the refinance process for my current home. I spoke with one of the refinance reps many times in which I was told I would get a 2.5 interest rate if I were to lock in now. I told my agent to lock it in through phone calls through texts multiple times in which I was told that she will do it and let me know once it was done. I went on to the site the next day and saw it was still not locked in. I spoke to the agent over the next few days in which I was told she is going to do it. She never did. That’s when the pain in the ** began.

    Four months of back and forth and getting the run around about “being out of the country, being backed up and all sorts of lies”. Finally 5 months later she calls and tells me she never locked it in and the rates went way up and they just came down to a 2.875 if I want to lock in now. Which makes no sense cuz I told her to lock me in at the 2.5. Pretty much she waited 5 months lying to me waiting for the rates to drop again to try and make up for her mistake.

    Long story short it’s now June and I’m still not closed on my refinance and I was told even though it’s her mistake they can’t do anything for me to get me down to what I told them to lock me in at. Also they sent me a final closing disclosure which brought my loan up out of nowhere an additional 8,000 and closing costs of 20 grand in which they originally told me around 10 grand. Run as fast as you can away from this bank.

    Flagstar Bank response

    Thank you for giving us another opportunity to address your important concerns, Brett. We're sorry to see you're having issues and would love to help you get this resolved as quickly as possible. As we cannot gather your personal information online, we ask that you reach out to our Loan Servicing professionals at (800) 968-7700 during the below times and they can help work to resolve your issue.

    Monday-Friday: 7:30 a.m. to 8 p.m. ET

    Saturday: 7:30 a.m. to 4 p.m. ET

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    Flagstar Bank Company Information

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