Flagstar

[bk_cali]

I received my license this year, and I have been signing up with AMCs. One of them sends me orders to bid on, with the stipulation that the appraiser must be Flagstar approved. I have applied with Flagstar twice, and have received no response. Is Flagstar approval still a thing?

 

[glenn walker]

I received my license this year, and I have been signing up with AMCs. One of them sends me orders to bid on, with the stipulation that the appraiser must be Flagstar approved. I have applied with Flagstar twice, and have received no response. Is Flagstar approval still a thing?

It can be because many larger Mortgage Bankers and Lenders Fund through Flag Star.

 

[Fernando]

I used to use Flag Star prior to HVCC. I didn't know they still exist.

 

[glenn walker]

I used to use Flag Star prior to HVCC. I didn't know they still exist.

One of the biggest wholesale lenders in America : ) LMAO

 

[Fernando]

One of the biggest wholesale lenders in America : ) LMAO

World Savings went down. Countrywide went down. Washington Mutual went down. They were big lenders back then I did many appraisals.
Same as Flagstar back then. I thought Flagstar went down with their bad loans during Great Recession.
I'm surprised they still around. I was on their panel but never worked with them after HVCC.

 

[Alsie35]

World Savings Bank did NOT "go down" (yes, I peeked at the blocked posts and this one I had to address). It was sold to Wachovia in 2006 as Mr. and Mrs. Sandler, in their mid-70s at the time, decided to retire and "cash in their chips". (No doubt they had a clue that the future would be rocky).

Wachovia was acquired by Wells Fargo Bank in 2008, as it was foundering during the Crash.

And the World Savings Bank Appraisal Dept, with Rick Langdon as its head, in turn "acquired" the Wells Fargo Bank appraising department, with Rick Langdon remaining as the Head Appraiser for WFB. (Because WSB Appraisal Dept rocked and set the standard for the industry*).

*Disclaimer: I went through the WSB Appraisal School after working for WSB in another capacity for a couple of years, then appraised for them til Wachovia let most of us go during the Crash (and just before being acquired by WFB)

World Savings Bank is Now Wells Fargo - Wells Fargo

As a result of mergers, World Savings is now Wells Fargo.

www.wellsfargo.com

 

[Zoe]

I received my license this year, and I have been signing up with AMCs. One of them sends me orders to bid on, with the stipulation that the appraiser must be Flagstar approved. I have applied with Flagstar twice, and have received no response. Is Flagstar approval still a thing?

I would call them point blank or email. The only way I get appraisals through Flagstar is through VA. Flagstar has a bad reputation among many residential appraisers. I have big brother on my back with VA. Flagstar don't play me.

 

[Zoe]

https://www.freep.com/story/money/business/2021/04/26/flagstar-bank-troy-new-york-community-bancorp/7380677002/

Looks like they got $267,000,000 in bailout money. Not sure if that is accurate report.

 

[Zoe]

Hmm'?

How Flagstar Bank shaved $48 million from crisis-era DOJ settlement

The Michigan lender agreed in 2012 to pay $133 million to resolve civil fraud charges tied to government-backed mortgages. But the deal with the Justice Department came with a catch that eventually allowed Flagstar to pay far less.

www.americanbanker.com

 

[Zoe]

Bailout Tracker

ProPublica is still tracking where every dollar of taxpayer money from the 2008 bailout of the financial system has gone. See for yourself.

projects.propublica.org