Chartered in 1987 as a federal savings bank, Flagstar Bank is now the fifth largest bank mortgage originator nationally and the third largest savings bank in the country. Its team of financial craftsmen offer full-service banking and lending expertise with a personal focus, creating solutions tailor-fit for each customer.
Flagstar pays attention to the individual needs and problems that brokers and correspondents face daily. With this in mind, the bank works to provide intuitive, easy-to-use technology that brokers and correspondents can use to better service their clients.
Flagstar, known for delivering innovative technology, is committed to continuously upgrading its technology, aiming to make the most powerful lending tools available and accessible. As a result of listening to brokers and crafting solutions to meet their needs, Flagstar has recently upgraded its proprietary loan origination system, Loantrac, to Loantrac 2.0 — providing a more efficient interface for brokers and correspondents.
“The process of upgrading Flagstar Bank technology is never complete. We always strive for more,” said Rich Hoffmann, senior vice president and east regional director for Flagstar Bank’s third-party originations. “We listen to customers’ needs, take note of pain points throughout the process and focus on process improvements to make their experience faster, more efficient and better overall. Flagstar’s Loantrac 2.0 represents a major upgrade in technology that is focused on transparency and user-friendliness.”
The new Loantrac 2.0 LOS offers delegated correspondents a registration and delivery experience molded to their needs, as well as a customizable dashboard based on customer ID, to provide an aggregate view of their pipeline in one place and in a format that works for them. This interface allows clients to see where their loan estimates are, whether borrowers e-consented and which loans are eligible for a closing disclosure.
Loantrac 2.0 also simplifies document uploads with a drag-and-drop feature, allowing brokers to upload multiple documents at once and aligning the views of users and the Flagstar team.
Flagstar operates 160 retail bank branches in Michigan, Indiana, California, Wisconsin and Ohio, providing a full complement of products and services for consumers and businesses. Its industry-leading mortgage division operates nationally through 78 retail locations and with a network of about 2,100 third party mortgage originators who craft financial success for borrowers one home at a time.
“Flagstar Bank is well positioned to stand the tests of our industry,” said Kristy Fercho, president of mortgage at Flagstar. “We offer experienced, diverse leadership, sound and thoughtful business strategy, unparalleled service and a commitment to long-term relationships. It’s no coincidence that these are the same principles which strongly contribute to creating competitive advantage for our customers. The Flagstar team measures our success not in terms of loans, but rather in terms of the number of families whose dreams of homeownership we help make possible.”
Kristy Fercho, President of Mortgage, Flagstar Bank
Kristy Fercho joined Flagstar Bank in 2017 as executive vice president and president of mortgage. In this role, Fercho is responsible for the direction and oversight of all aspects of mortgage and secondary marketing, and for the continued expansion of Flagstar’s mortgage business. Prior to Flagstar, Fercho spent 15 years with Fannie Mae, ultimately serving as senior vice president, customer delivery executive. Fercho has been named by the Mortgage Bankers Association to serve as vice chairman for the 2020 membership year.
Rich Hoffmann, Senior Vice President and East Regional Director for Flagstar Bank Third Party Originations
Rich Hoffmann is senior vice president and East regional director for Flagstar Bank’s TPO channel. Hoffman has 26 years of experience in the industry and is enjoying his 18th year at Flagstar Bank. Hoffmann is passionate about helping his account executives build their business, as well as forging strong partnerships with his TPO customers. He currently represents Flagstar in the Lender Landscape Correspondent Roundtable and is also Co-Chair of the MBA Wholesale Executive Forum.