I don't even know where to begin with this complaint. We were referred to Flagstar bank by our realtor. The house we wanted to buy needed some work so we found out about this FHA loan called the 203K. The 203K loan (streamline or Full) allows you to borrow additional money on top of the purchase price of the home to make necessary (and approved by the 203K consultant) repairs. We began this process with Flagstar in March of 2009. Here it is, July 2009, 1 day away from our second extension and close date and we STILL do not have the CLEAR TO CLOSE. Flagstar Home Lendings guidelines for this loan are absolutely unbelievable. It has become very evident to me that they do not want to close these loans. They are coming up with condition after condition after condition. Heck there are conditions FOR conditions if that makes any sense at all. My loan officer here in Indianapolis is Tim Paul and I would recommend staying as far away from Flagstar home lending as possible. Tim Paul is basically a paper pusher and he does not care about you or the dream house you are wanting to get into. All he cares about is the loan origination fee so he can get PAID. Granted, my case wasn't the easiest to attempt to close but no case is easy unless you have prestine credit and boatloads of money for a down payment. I would guess that maybe 5% of loans are like that. The rest of us folks - like you and I - suffer.

We are in the process of trying to get our motrgage approved. The underwriter at Flagstar informed us (tthe night before our 1st scheduled closing) that they do not approve of a FEDERAL grant that we recieved to help us with closing costs. We had to wait (and get our seller to wait) over 45 days for that grant to process. The money is now here and this lady says we can not get a FEDERAL loan because she does not "like" this grant program and she thinks it is not "legal".

She first came at us at 4pm the day before the closing (a Wed) to tell us that she does not approve of the fee that our Grant Organization charges (a processing fee). The day of closing with get the Org. to agree (reluctantly) to drop their fee and just give us the grant. She does not get back with us until Friday.

Friday, late in the afternoon; she tells our realtor that now, she just plain doesnt approve of the grant money in general. She tells us this at 4pm on the Friday before a holiday exended weekend. Thanks alot. She had been informed that there was a poor couple sitting in an empty apartment with a full moving truck waiting.

Flagstar has approved hundreds of loans with this same first time home buyers grant program. This one underwriter decides that we cannot. All of our things are in a storage facility near our new house. We had a uhaul truck loaded and ready to go for closing. We could not afford to keep the uhaul any longer and we dropped our stuff off near our house. Now, we have dropped the grant and we are waiting on approval without it. She has now drawn this out a whole week. Over a 5k FEDERAL grant.

We are considering legal options.

My ex and I had a first and second mortgage with Flagstar, the house was sold in 2006 and for the last two years I have been trying to find out why it is still reporting on my credit. I have called probably 20+ times and no one can help me not to mention the customer service sucks. I get passed from department to department from one person to another. Does anyone know what’s going on over there! I guess not.

Moving into the third year~
Finally I find out that my ex husband sold the house as a short sale and the bank would not write of the money so they turned it into a personal loan and had him sign a promissory note for the balance. He apparently defaulted on the loan and now there is a judgment against him. So why is my name on this I ask? Why is it reporting to my credit? I did not agree to it and I did not sign anything. My name was quit claimed off the deed 9 months before it was sold, my ex was given the house in the divorce decree and I was not even part of the closing or the sale. Seems that no one knows or maybe they know too much, maybe this is why they won't provide me with the paperwork to see if my name was forged. Aggghhh!!! What is going on and will I ever get this fixed or am I doomed to a lifetime of bad credit because of this FISHY Company!!!

I vow to make sure that everyone I know never gets into bed with Flagstar EVER!!!

I was suppose to close this week on a construction loan, and was denied. Over Labor Day weekend, Flagstar said they changed their guidelines. Three days from closing. I am thinking about taking legal action. They cost me about 8000.00 in various fees. The senior loan officer doesn't even have the balls to call me, I found out through someone else at Flagstar that they changed their guidelines. This is just bullshit. Does anyone know if I have a lawsuit here? I'm out 8000 in fees.

I have been a customer of Flagstar Bank for a few months now. I travel in the Atlanta area and have visited many branches throughout the area and I am shocked at the lack of professionalism that I have experienced. For one thing, the dress is ridiculous. Super tight clothes, cleavage exposure and bibles on desks are just some of the things that I found to be very unprofessional. Their Exceptional Service motto is a joke. Don't they realize that offering me snacks and water is NOT exceptional service? Exceptional service is having knowledgeable employees who know how to help me with my ENTIRE financial picture instead of being robots who never speak to me or engage me whatsoever. They don't stand up when they greet you or when you are finished with your transaction. Many of their customer service reps can't even answer basic financial questions. One of their branch managers even has a tattoo showing with her cleavage exposure. Who are they hiring for their management positions?

I anticipate their demise to be just like Indy Macs' unless they start training their employees and their managers or how to behave if they want to gain customers or stay in the market place.