TROY, Mich., Feb. 11, 2016 /PRNewswire/ -- Flagstar Bancorp, Inc. (NYSE: FBC) announced that it has launched a national homebuilder lending platform, which will support the expansion and diversification of the company's commercial lending business and boost its commercial banking presence on a national scale.
The group specializes in providing financing to residential developers and homebuilders throughout the United States. The initiative is being led by a team of 10 experienced builder finance lenders many of whom have joined the company from Texas Capital Bank in Houston and Denver. The team will operate from regional offices in those cities.
Joe Hardy, formerly of Texas Capital Bank, has been named managing director of the unit and reports directly to Andrew (Drew) Ottaway, executive vice president and managing director of Lending. Hardy brings to Flagstar more than 25 years of experience in single-family real estate construction and development. Also joining Flagstar from Texas Capital is John Brimberry, who serves as manager of Sales & Operations. Hardy and Brimberry worked together at Royal Bank of Canada and have demonstrated deep, extended experience managing relationships through the cycles of the homebuilding industry.
"We are pleased with the quality and caliber of talent we continue to attract at Flagstar," said Alessandro DiNello, president and CEO of Flagstar. "Following the appointment of Drew Ottaway in November, we have continued to make progress executing on our strategic initiatives to position Flagstar for growth while diversifying our businesses. The addition of Joe Hardy and his team will strengthen our commercial lending capabilities and continue our efforts to diversify and grow our revenue streams."
Ottaway commented: "This group of veteran finance leaders from Texas Capital Bank have strong reputations and proven track records of building enduring relationships grounded in prudent credit management and outstanding customer service. I look forward to their contributions as we leverage our complementary capabilities in related lending platforms and establish Flagstar as a leader in the space."
"Given the industry dynamics in credit, we can be very opportunistic as we develop relationships with these well-established, top-tier homebuilders," continued Ottaway. "We intend to grow this book of business in the same way we have our other portfolios, in a measured, managed fashion with an eye on long-term sustainable growth."
About Flagstar Flagstar Bancorp, Inc. (NYSE: FBC) is a $13.7 billion savings and loan holding company headquartered in Troy, Mich. Flagstar Bank, FSB, the largest bank headquartered in Michigan, provides commercial, small business, and consumer banking services through 99 branches in the state. It also provides home loans through a wholesale network of brokers and correspondents in all 50 states, as well as through 10 retail centers in nine states. Flagstar is the 10th largest national originator of mortgage loans and a top 20 mortgage servicer, handling payments and record keeping for over $72.5 billion home loans for over 360,000 borrowers. For more information, please visit flagstar.com
For more information contact:
Susan Bergesen Flagstar Bank (248) 312-6237
SOURCE Flagstar Bank