Flagstar Mortgage Reviews
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Borrower
October 11, 2010
Poor service
Having business with Flagstar Bank - the worst esperience from 20 years of having a mortgage loan.
1. Refinancing stalled without any reasons
2. Illegal request for private information 2 days prior to escrow.
3. No information sent to the Customer after more than 2 months from the beginning of the refinancing
4. Loan is not found (not by phone, nor online) 2 weeks after escrow
5. Unprofessional representatives answer call (after 40 min on hold)
Don't do any business with Flagstar!
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Bhill671
December 4, 2009
Terrible Escrow Management
Never EVER use this company for a home mortgage if you can avoid it! - they are TERRIBLE - worst mortgage company I have ever dealt with, very poor customer service and the tendency is for them to NOT CORRECT THEIR OWN MISTAKES specifically with respect to escrow accounts, taxes, and insurance. When you call their customer service they talk down to you and lecture you and try to spin the subject away from whatever mistake THEY made that you are trying to fix. I think their CS training has a course in "how to talk down to your customer". (yes I am talking to YOU 'Vicky', I know what a fiscal year is you dumb$hit). In the two years we have had a mortage with them they have:
1)Not paid or sent insurance policy premium to the wrong address - almost letting our fire insurance policy expire - would have if I HADN'T CAUGHT THE MISTAKE - their excuse "we have no way of knowing if the insurance payment address changes. . . . " Yea whatever, then don't collect it in escrow if you can't manage it correctly.
2)Not paid on time or sent property tax installment(s) to the wrong billing address - same excuse, then after promising they would cover the late fee, they pay it out of OUR ESCROW ACCOUNT and collect more from us to cover their mistake.
3)Increase our escrow payment amount to cover "projected" property tax installments, meanwhile our property taxes are contunually DECREASING over the past two years, and Flagstar's escrow summary has never changed to reflect this.
These are only a few of the things I can think of right off the bat. I could write volumes of how annoying and unprofessional they were during our escrow and closing, and their ridiculously usurous PMI and so on. This company is NASTY - go back to Countrywide or one of the real players if you need a home mortgage.
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brendyjean
May 22, 2009
Unprofessional lender
I am the seller of a mobile home property. The buyers went with Flagstar Mortage. On the day of settlement, Flagstar informs the title company that they need proof the mobile home is a permanent structure. In MD, once you remove the wheels and attach a mobile home to the land, it becomes a permanent structure. The title to the mobile home becomes void and a Deed is issued. Flagstar Mortgage would not accept this explanation from a Maryland lawyer. Their settlement instructions listed an invalid phone number and the settlement company had much trouble in getting anyone in the underwriting department to listen. Once they finally agreed that it was permanent structure, they still held up the loan due to the HUD1 being prepared ACCORDING to their guidelines. At this point, it seems they are just trying to be difficult. Apparently, when the buyers shopped the loan, they were promised many things free of charge. For instance, they never required a location survey which would have indicated the permanent structure among other things. It seems to me that you get what you pay for. As a seller who will soon be shopping for a new mortgage, I will stay far far away from Flagstar Mortgage. After having this problem today, I could not believe all the complaints I found online. I wish I could contact the buyers myself and tell them to run and get another lender. With banking practices being tightened, how can they get away this stuff. When I threatened to call the banking commission, I was told that it would take a year for someone to review the complaint and then it most likely wouldn't be dealt with. I still have not received the funds from the settlement. In this market, I don't want to lose my buyers so I guess I have to wait it out. STAY FAR AWAY FROM FLAGSTAR MORTGAGE and sellers ask who your buyers are using for a lender. It may make a difference in your deal!
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September 19, 2008
Fraud and cheating
My niece & her husband were never notified that their mortgage payment had increased ($300 per month) until they received a letter of foreclosure. When my niece called Flagstar to question the letter, Flagstar told her that her mortgage payment had increased 3 prior and all of their payments from those last 3 mos was sitting in escrow. So the person on the phone said to quickly pay Flagstar $2600 & those funds would be enough to settle the amount owed. So that's what she did. A week goes by & she received her $2600 back in a check form from Flagstar. She quickly called Flagstar and they told her that it was too late to reinstate & that the foreclosure process had already begun (of course, that's not what they told her). Now, they can only work with the Flagstar attorneys and at this moment they owe Flagstar between $17, 000-$18, 000 including payments owed, interest, fees, fees, and more fees. As a very concerned aunt, I have been searching the internet for assistance. We found a FHA sponsored site that directed us to 1-800-895-HOPE. They suggested that my niece & her husband work directly with the Flagstar loss mitigation department. As of today 9/18, Flagstar is NOT willing to work out their loan & is insisting on foreclosure. Does anyone know what else we can do??? My niece & her husband just had a beautiful baby girl 3 mos ago. They want to pay their mortgage; they want to keep their home!!!
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