Skip to main content

Flagstar Closes on Acquisition of Santander Mortgage Warehouse Portfolio

NationalMortgageProfessional.com
Mar 12, 2018
Flagstar Bank has hired Ryan Goldberg, previously Executive Vice President and Head of Priority Banking and Branch Small Business at Regions Bank in Birmingham, Ala., as Executive Vice President and Director of Retail Banking at Flagstar

Flagstar has closed its previously announced transaction to purchase the mortgage warehouse loan portfolio from Santander Bank, including approximately $1.7 billion in mortgage warehouse loan commitments. Terms of the transaction were not disclosed, and Flagstar stated it will hire Santander’s existing relationship managers.
 
"We're delighted to welcome Santander's customers and employees to Flagstar," said Alessandro DiNello, President and Chief Executive Officer of Flagstar Bancorp. "This transaction combines two talented warehouse teams dedicated to customer service, and the biggest winner is our new, combined customer base that will now be dealing with the fourth largest warehouse lender in the country. Customers can look forward to custom-crafted solutions delivered by knowledgeable, experienced warehouse lenders.”
 
The acquisition is expected to reduce the Company's Tier One leverage ratio by approximately 40 basis points and should be moderately accretive to 2018 earnings.
 
"The purchase also adds volume in an attractive asset class with good spreads and very low credit risk,” added DiNello. “It's complementary to our existing business, bringing relationships that average around $40 million in commitments—four times larger than our existing book. While the pricing is slightly narrower than Flagstar's book, these loans typically have approximately 50 percent longer days online and so enhance our net interest income. We plan to add the new business to our existing platform."

 
Published
Mar 12, 2018
ChainLogix Appoints New Vice President, Operations

Jeryl Graham hired to accelerate growth in title & mortgage services.

Industry News
Oct 15, 2021
JPMorgan Chase To Commit $8.4M To Improve Household Stability For The Underserved

JPMorgan Chase announced six organizations that will receive philanthropic capital as part of the firm’s $400 million five-year commitment to improve housing affordability and stability for Black, Hispanic and Latino, and other underserved households.

Community
Oct 15, 2021
SRE Mortgage Alliance 'Restructuring & Reorganizing'

Owner of technology-based wholesale residential mortgage lender in El Segundo to determine organization's future.

Wholesale
Oct 15, 2021
Ginnie Mae Issued Record MBS Volume In FY2021

The record $939 billion issued included nearly $73 billion in September.

Industry News
Oct 14, 2021
UWM Completes Test Of Cryptocurrency Mortgage Payments

United Wholesale Mortgage evaluated and accepted the first-ever cryptocurrency mortgage payment in September and an additional five payments in October from borrowers.

Industry News
Oct 14, 2021
Arvielo Re-Appointed To HUD Advisory Committee

Nationwide mortgage lender New American Funding’s Co-Founder and President Patty Arvielo has been re-appointed to serve on the U.S. Department of Housing & Urban Development's Housing Counseling Federal Advisory Committee.

Industry News
Oct 13, 2021