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Lending / Servicing / The Ticker

Glitch in payment system affects Flagstar mortgages

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A computer glitch at Flagstar Bancorp Inc. (FBC) led to customers having to make duplicate payments on their mortgages, and improperly being assessed fees for late payments by the Michigan-based bank.

The bank wouldn't disclose how many customers were affected, according to a story at Crain's Detroit Business, but says the problem has now been fixed:

The issue was with Flagstar's MyLoans mortgage payment system, the bank said in a statement on its Facebook page Wednesday morning.

Susan Cherry-Bergesen, corporate communications specialist for Flagstar, said in an emailed statement Wednesday afternoon that the glitch had been fixed and that the bank would complete refunds on the double charges by Thursday.

Customers who incurred additional fees because of the error can fax documents to (248) 250-5336 for reimbursement, Cherry-Bergesen said.

Cherry-Bergesen did not say how many customers were affected by the glitch.

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