Flagstar Bancorp has announced that its subsidiary Flagstar Bank has entered an agreement to acquire a mortgage warehouse loan portfolio from Santander Bank.
Under the transaction, Flagstar will add the portfolio’s existing relationship managers to its warehouse business. The company expects to close the acquisition in the first quarter. Terms of the transaction were not disclosed.
"We are pleased to welcome the Santander warehouse lending team to Flagstar," Flagstar Bancorp President and CEO Alessandro DiNello said. "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."
The acquisition follows Flagstar’s move to expand its direct-to-consumer mortgage-lending platform in January when it took in a team of former mortgage employees from Capital One. In November 2017, Flagstar also entered an agreement to acquire eight branches of Desert Community Bank in San Bernardino County, Calif., from East West Bank.
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