Flagstar Bancorp, headquartered in Troy, today reported it has finalized the acquisition of the mortgage warehouse loan portfolio from Santander Bank, including approximately $1.7 billion in loan commitments. Terms of the transaction were not disclosed.
“We’re delighted to welcome Santander’s customers and employees to Flagstar,” says Alessandro DiNello, president and CEO of Flagstar Bancorp Inc. “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 1 leverage ratio by approximately 40 basis points and should be moderately accretive to 2018 earning.
Flagstar Bancorp is a $16.9 billion savings and loan holding company and is a wholly owned subsidiary Flagstar Bank, which provides commercial, small business, and consumer banking services through 99 branches in the state.
It also provides home loans through a wholesale network of brokers and correspondents in all 50 states, as well as 89 retail locations in 29 states, representing the combined retail branches of Flagstar Bank and its Opes Advisors mortgage division.
Flagstar is a leading national originator and servicer of mortgage loans, handling payments and record keeping for $98 billion of home loans representing over 442,000 borrowers.