Flagstar Closes on Opes Advisors Acquisition

May 16, 2017

Flagstar Bancorp has reported it has closed its previously announced transaction to acquire certain assets of Opes Advisors, a retail mortgage originator and wealth advisory firm headquartered in Cupertino, Calif.

"On behalf of all Flagstar associates, I'm pleased to welcome the talented team of Opes Mortgage and Wealth Advisors to the Flagstar family," said Alessandro P. DiNello, Flagstar's president and CEO. "This transaction is good news for both companies. Opes Advisors now has the backing of a well-capitalized bank that can help expand its successful business model to the entire country. And Flagstar now has a national retail origination platform and wealth management business that will provide best-in-class service to our customers."

This is the second acquisition Flagstar has completed this year, having acquired the delegated lending business of Stearns Lending LLC in late February to expand its market share in the correspondent channel. With the acquisition of Opes Advisors, Flagstar expands its retail mortgage origination business and increases its access to high-quality purchase mortgage originations.

"We see this transaction as amazing in its opportunity for mutual growth, collaboration, and benefits," said Susan McHan, CEO, co-founder, and president of Mortgage Banking at Opes Advisors. "The added product capabilities will be a win for our clients, and the expanded opportunities for growth will be a win for our mortgage advisors and wealth advisors. We feel fortunate to have found in Flagstar the perfect partner—a long-time leader in the mortgage industry with a strategy and interest in growing its retail mortgage business."

About the author

NationalMortgageProfessional.com

Link copied

Published

May 16, 2017

Analysis and Data

Home Sellers' Q1 Profit Margins Declined Quarterly, Annually

ATTOM reported decrease of 55.3% in the first quarter – the smallest level in more than two years.

ATTOM released its Q1 2024 U.S. Home Sales Report, revealing that profit margins for U.S. home sellers on median-priced single-family home and condo sales in the United States decreased to 55.3% in the first quarter – the smallest level in more than two years. The decline...

Regulation and Compliance

Mortgage Servicers Added To Junk-Fee Naughty List

New release from CFPB lays out areas of improvement, and concern, for mortgage servicers.

The Consumer Financial Protection Bureau (CFPB) today published new supervisory highlights describing the regulator's recent actions to combat junk fees charged by mortgage servicers, as well as other illegal practices. The CFPB has also announced that it is working to addre...