Flagstar Bancorp Inc.
has announced that its wholly-owned subsidiary Flagstar Bank FSB is acquiring a mortgage warehouse loan portfolio from Santander Bank.
The financial terms of the transaction were not disclosed, but the Flagstar stated it will hire Santander’s existing relationship managers. The acquisition is expected to close in the first quarter of 2018.
"We are pleased to welcome the Santander warehouse lending team to Flagstar," said Alessandro DiNello, President and Chief Executive Officer at Troy, Mich.-based Flagstar Bancorp Inc. "We've been a warehouse lender for over 20 years and are excited about the opportunity to strengthen and diversify our mortgage warehouse business. It also allows us to leverage our experience and bring our quality service to more customers in the mortgage marketplace. For our new customers, it means more product choices, including eNotes."