Flagstar Bank was responsible for the worst real estate experience in my 66 years on this planet.
My buyers used Flagstar, much to their chagrin, and we were scheduled to close on December 23, 2016.
We had to extend the contract to Dec 29th because “underwriting kept kicking it back with more conditions to be met”.
Dec 29th passed with no update and we had to extend the contract again to January 6th.
At the end of the day on the 6th we had to extend, for the final time, to January 9th.
At this point, the mortgage broker let slip that the key personnel in underwriting for Flagstar had been on vacation for the holidays.
Bottom line was that absolutely NO ONE in the bank did ANYTHING for three weeks on this loan.
We closed on the 9th without final funding (in escrow) and the funding finally came through on the 10th.
This is the shoddiest banking institution I have ever encountered.
The name of the person at Flagstar who, I believe, dropped the ball repeatedly was the closer Marji Afamasaga.