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Flagstar Bank Closes on Acquisition of Delegated Correspondent Business from Stearns Lending, LLC

The following is important information regarding the transition to Flagstar.

If I had a prior relationship with Stearns’ delegated correspondent division, will I need to execute a new agreement with Flagstar?
No, based on the terms of the transaction, all Stearns’ Correspondent Loan Purchase and Sale Agreements are being assigned to Flagstar effective February 28, 2017 which is the official closing date. Flagstar’s TPO Risk Management group will be contacting you later in the calendar year with instructions on our annual recertification requirements.

Now that Stearns’ delegated correspondent division has been purchased by Flagstar, how will I conduct business going forward?
First and foremost, we want to ensure your transition to a single Flagstar delegated correspondent platform is a great experience. If you did not have an active delegated relationship with Flagstar, most of how you conduct business will remain the same with the exception of changes to contact information and addresses which are outlined below. If you had an active relationship with both Flagstar and Stearns, our sales teams will be reaching out to you in the near future to give you detailed instruction on where you should direct new business.

If I will continue to deliver to former Stearns’ delegated correspondent platform, what is changing as of February 28th?
Most of how you conduct business with the new Flagstar entity will remain the same, including your former Stearns’ Regional Sales Manager, operations team and access to the Correspondent Delivery Portal.

However here are key differences for conducting business on loans not purchased by Stearns prior to February 28th:
  • Bid tapes should be sent to flagstarbulkdesk@flagstar.com
  • Original Notes/Collateral Packages should be delivered to:

    Flagstar Bank, FSB
    Attn: Post Closing Receiving Department
    Mail Stop W-800-1
    5151 Corporate Drive
    Troy, MI 48098-2639

  • Original Notes should be endorsed to Flagstar:

    Flagstar Bank, FSB
    Without recourse
    [Lender Name]
    5151 Corporate Drive
    Troy, MI 48098-2639

  • Final Docs (i.e. recorded security instruments, final title policies, etc.) should be delivered to:

  • Flagstar Bank, FSB
    5151 Corporate Drive
    Troy, MI 48098-2639
    Mail Stop W-535-1

  • Flagstar MERS Org ID# 1000525

Although all staff will remain the same please take note of new Flagstar email addresses and phone numbers listed in the Delegated Delivery Quick Reference Guide.

See Delegated Delivery Quick Reference Guide for details.

On delegated correspondent loans not purchased by Stearns before February 28th, what specifically do I need to deliver to Flagstar?
Original Notes will need to be delivered to Flagstar and contain proper endorsement to Flagstar prior to purchase being completed. This means that any Notes that were delivered to Deutsche Bank (Stearns’ custodian) will need to be retrieved and re-endorsed, which will take coordination with Deutsche and your warehouse bank.

If I have Notes/Collateral Packages currently at Deutsche Bank National Trust Company, is a new Bailee Letter required?
A new Bailee Letter will need to be delivered to Deutsche Bank National Trust Company, instructing Deutsche Bank to send collateral to Flagstar Bank.

All other suspense items should continue to be uploaded to the portal, and all communications sent to the Loan Resolution team using the new Flagstar contact information listed in the Delegated Delivery Quick Reference Guide.

Press Releases:
2/28/2017 Flagstar Closes on Acquisition of Delegated Correspondent Business from Stearns Lending, LLC.
2/6/2017 Flagstar to Acquire Delegated Correspondent Business from Stearns Lending, LLC.


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