Flagstar Bank Announces eNotes for eWarehouse Lending
Allows mortgage bankers to operate warehouse lines with greater efficiency
TROY, Mich., Nov. 29, 2017 /PRNewswire/ -- Flagstar Bank today announced it is now accepting eNotes to fund its warehouse lending transactions.
"This is great news for our customers," said Joe Lathrop, head of warehouse lending for Flagstar. "They'll be able to clear their warehouse lines faster, have more accuracy and security, and best of all, originate more loans without increasing their credit line."
Once the eWarehouse line is requested and approved, an eNote is instantly delivered to Flagstar's eVault and registered with MERs. It all happens in minutes instead of the days it takes for paper transactions. And because it's all done electronically, there's no concern about lost or misdirected documents.
"It's another service we can offer our customers," Lathrop said. "We're still in the paper business and happy to accommodate customers who want to go that route, but the industry is moving towards paperless, and we want to be in the forefront."
For more information, call Flagstar's Warehouse Department at (517) 817-1063.
About Flagstar
Flagstar Bancorp, Inc. (NYSE: FBC) is a $16.9 billion savings and loan holding company headquartered in Troy, Mich. Flagstar Bank, FSB, 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 95 retail locations in 27 states, representing the combined retail branches of Flagstar and Opes Advisors mortgage division. Flagstar is a leading national originator and servicer of mortgage loans, handling payments and record keeping for $91 billion of home loans representing 415,000 borrowers. For more information, please visit flagstar.com.
For more information contact:
Susan Bergesen
Flagstar Bank
(248) 312-6237
SOURCE Flagstar Bancorp, Inc.
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