TROY, Mich., July 31, 2017 /PRNewswire/ -- Flagstar Bancorp,
Inc. (NYSE: FBC) today announced it has closed its securitization
of $444 million of residential
mortgage-backed certificates (RMBS) issued by Flagstar Mortgage
Trust 2017-1 (FSMT 2017-1). The certificates are supported by 668
jumbo prime (75%) and high-balance conforming (25%) loans. The pool
comprises loans Flagstar originated through its retail, broker and
correspondent channels.
The collateral pool consists of high-quality 30- and 15-year,
fully amortizing high balance conforming and jumbo fixed-rate Safe
Harbor Qualified Mortgage loans to borrowers with strong credit
profiles and low leverage. The pool has a weighted average FICO
score of 771 and an original combined loan-to-value ratio of 63.5%.
The collateral attributes of the pool are generally consistent with
recent prime transactions.
"We believe that the RMBS program offers a more efficient way of
selling jumbo mortgages into the market, which should help us
competitively," said Alessandro P.
DiNello, Flagstar's president and CEO. "This competitive
advantage should help us, especially with the recent acquisition of
Opes Advisors and our continued efforts to recruit top-tier
mortgage loan producers. I expect that over time, and if we're
successful, we could expect to expand the RMBS program to other
residential mortgage loan products."
About Flagstar
Flagstar Bancorp, Inc. (NYSE: FBC) is a $16.0 billion savings and loan holding company
headquartered in Troy, Mich.
Flagstar Bank, FSB, 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 85 retail locations in
26 states, representing the combined retail branches of Flagstar
and Opes Advisors mortgage division. Flagstar is a leading national
originator and servicer of mortgage loans, handling payments and
record keeping for $87 billion of
home loans representing 402,000 borrowers. For more information,
please visit flagstar.com.
Forward-Looking Statements
This communication contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements are based on the current beliefs and
expectations of Flagstar Bancorp, Inc.'s management and are subject
to significant risks and uncertainties. Actual results may differ
from those set forth in the forward-looking statements. Factors
that could cause the Company's actual results to differ materially
from those described in the forward-looking statements can be found
in periodic Flagstar reports filed with the U.S. Securities and
Exchange Commission, which are available on the Company's website
(flagstar.com) and on the Securities and Exchange Commission's
website (sec.gov). Other than as required under United States securities laws, Flagstar
Bancorp does not undertake to update the forward-looking statements
to reflect the impact of circumstances or events that may arise
after the date of the forward-looking statements.
For further information
ANALYSTS: David Urban, Senior
Vice President, Investor Relations, (248) 312-5970
MEDIA: Susan Bergesen,
Corporate Communications, (248) 312-6237
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SOURCE Flagstar Bancorp, Inc.