Flagstar's DocVelocity 3.0 Wins "Release of the Year" Award from Mortgage Technology Magazine

TROY, Mich., Oct. 24, 2011 /PRNewswire/ -- DocVelocity 3.0 was named "Release of the Year" by Mortgage Technology magazine at the publication's recent annual Tech Awards ceremony in Chicago.

DocVelocity is a Web-based paperless processing system for mortgage bankers and brokers developed by a wholly owned subsidiary of Flagstar Bancorp, Inc. (NYSE: FBC). The Release of the Year Award recognizes a new software, platform, alliance, or initiative that is expected to have the broadest future impact on the mortgage industry. DocVelocity previously won the award in 2008, its first year of operation.

Additionally, in 2010 DocVelocity was named a finalist for two other awards by Mortgage Technology magazine: the 10X award and the Lasting Impact award, both of which relate to the power of the technology to affect mortgage lending.

The 3.0 version of DocVelocity offers two new features: DocVelocity Threads and an enhanced desktop functionality. Threads is an online customer portal that connects everyone involved in the processing of a loan, from the originator's staff to the borrower and third parties such as the title and appraisal companies.

The new 3.0 desktop combines the scalability and flexibility of a Web-based application with the speed and power of a desktop application, thus making it faster and more efficient for users to navigate and organize documents.

"This award affirms that we are successfully helping customers work more efficiently, while giving them a competitive advantage in this increasingly demanding lending environment," said Jason Dufner, director, product development, at DocVelocity. "Our 3.0 version revolutionizes how users navigate and organize loan documents, creating unprecedented collaboration among all parties in the process."

About DocVelocity

DocVelocity is the flagship product of Paperless Office Solutions, Inc., a wholly owned subsidiary of Flagstar Bancorp. For more information, please call (877) 362-8356 or visit docvelocity.com.

About Flagstar Bancorp, Inc.

Flagstar Bancorp is the parent of Flagstar Bank, which is a full-service financial services company offering a range of products and services to consumers, businesses, and homeowners. With $12.7 billion in total assets at June 30, 2011, Flagstar is the largest publicly held savings bank headquartered in the Midwest. As of June 30, 2011, Flagstar operated 162 branches in Michigan, Indiana, and Georgia, and it subsequently entered into agreements to sell or lease its 27 branches in Georgia and 22 branches in Indiana. Flagstar also operated, at June 30, 2011, 30 home loan centers in 15 states, and a total of four commercial banking offices in Massachusetts, Connecticut, and Rhode Island. Flagstar Bank originates loans nationwide and is one of the leading originators of residential mortgage loans. For more information, please visit flagstar.com.

SOURCE Flagstar Bancorp, Inc.