JANUARY 29, 2023 — RETAIL MORTAGE DIVISION CLOSURE
Flagstar Bank has closed its retail mortgage operation and laid off hundreds of staffers, including senior management, without warning.
MAY 2, 2022 — Original post…
Troy, Michigan-based Flagstar Bank, a subsidiary of Flagstar Bancorp and a national residential mortgage originator and operator of a full-service Midwest community bank, has announced that it will be following other domestic mortgage firms and reducing its headcount.
The reduction in force has impacted 420 employees involved with mortgage lending.
According to Lee Smith, Executive Vice President and President of Mortgage at Flagstar Bank, "Mortgage originators today are facing unprecedented increases in interest rates and a significantly smaller mortgage market than what we experienced in 2020 and 2021. To ensure we’re positioned to continue to successfully navigate the market, between layoffs and natural attrition, Flagstar has reduced its mortgage staff by 420, including 358 direct layoffs and 62 unfilled positions, or 20% since year-end 2021.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?