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Opinion of Flagstar Mortgage?

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EW800
Valued Contributor

Opinion of Flagstar Mortgage?

My original mortgage lender recently sold my mortgage account to Flagstar?  Just curious what opinion are of others of Flagstar?  Any significant pros or cons that I should be aware of?  

 

Thanks!  

Year 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
April 2024: EX8: 839; EQ8: 845; TU8: 842 -- Middle Mortgage Score: 822
In My Wallet: Discover $73.7K; Cap1 Venture $51.7K; Amex ED $38K; Amex Optima $2.5K; Amex Delta Gold $18K; Citi Costco $24.5K; Cap1 Plat $8.4K; Barclay $7K; Chase Amazon $6K; BoA Plat $21.6K; Citi TY Pref $22K; US Bank $4K; Dell $5K; Care Credit $6.5K. Total Revolving CL: $300K+
My UTIL: Less than 1% - Only allow about $20 a month to report, on one account. .
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1 REPLY 1
K-in-Boston
Credit Mentor

Re: Opinion of Flagstar Mortgage?

@EW800 A bit of a late response, but I had a loan sold to Flagstar in 2018 and they were fine; one of the better mortgage servicer websites I've used.  One con is that it took about 2 months after my old loan was reported closed and paid before the Flagship one reported (with original amount and date from previous loan thankfully), so I took a temporary score hit.

 

The only other con I can think of is that like with almost any other servicer, they can and do sell mortgages to other servicers and about 2 years later I ended up with Freedom Mortgage, which was absolutely horrible.  I have a VA loan which is eligible for IRRRL refinancing program at any time.  They would constantly call me to refinance for a rate .125% or .250% lower (with the accompanying fees rolled into the new loan of course) and one very shady rep after hearing "no" from me, called Player 2 and told her he had just spoken to me and I had agreed to refinance and it would lower our monthly payment (true, but also would have required us to pay that slightly lower payment for another 6 years), and he just needed to get her signature on the application.  Smiley Surprised  I immediately filed a complaint and refinanced with NFCU within days.  But again, that was Freedom Mortgage that they sold the loan to, and I had zero issues with any aspect of how Flagstar handled the account.

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