Flagstar Bank

Report Card
C-
Overall Grade
C-
Mortgages Grade
C+
Bank Account Services Grade
Flagstar Bank is rated overall in the bottom 21 percentile (out of 100) based on 1,328 customer complaints.

Statistics

Complaints Currently In-Progress26
Complaints per $100K of Deposits178.0
Complaints Resolved in a Timely Manner100%
Resolutions Disputed by Customer22.7%
Average Time Until Resolution17 days

Financial Report

Owner Corporation
EstablishedMay, 1987
FDIC InsuredJune, 1987
FDIC Certificate #032541
Number of Branches106
Total Assets$9.6 Million (73rd)
Total Deposits$7.5 Million (73rd)
Total Equity$1.5 Million (68th)
Quartarly Net Income$-25,413 (82nd)

Contact Information

Corporate Headquarters
5151 Corporate Drive
Troy, MI 48098
United Statesflag
Website
www.flagstar.com
Data Summary
Flagstar Bank logo

Grade Summary

Overall, Flagstar Bank received a grade of "C-" based on how quickly the company responded to complaints, how often customers disputed their final resolution, and how many complaints were recieved per customer.

Grades are also broken down by the financial products offered be each institution. Flagstar Bank is rated "C-" in Mortgages, and "C+" in Bank Account Services. Click on any of the financial products to see how Flagstar Bank compares.

Overview

Flagstar Bank has received 1,328 consumer complaints since December, 2011 – more than 98% of other banks.

Of those complaints, 100% of complaints were resolved in a timely manner. The CFPB allows 60 days to resolve complaints before considering them 'untimely.' Flagstar Bank meets the 60-day response deadline more frequently than 72.8% of other banks.

After companies respond to complaints, customers may dispute the response indicating that the issue was not resolved adequately. 22.7% of customers dispute Flagstar Bank's response to complaints — worse than 69.4% of other companies.

Most of Flagstar Bank's customers complain about mortgages with the primary issue being "loan modification,collection,foreclosure."

Flagstar Bank is primarily a savings institution with a mortgage lending specialization. Flagstar Bank is based in Troy, Michigan and is the 73rd largest FDIC insured bank in America.

Naturally larger banks receive more customer complaints than smaller ones. This does not necessarily indicate that a bank is better than another in terms of service and customer support.

However, even after adjusting for bank size and number of customers, Flagstar Bank receives far more complaints than most other banks. Flagstar Bank recieves more complaints per customer than 99% of other banks – customers are significantly more likely to file complaints than customers of most other banks.

Corporate Headquarters
Complaints by Product
Complaints by State
Complaints Against Flagstar Bank
#Financial ProductSub-ProductComplaint IssueComplaint Count
1MortgageOther mortgageLoan modification,collection,foreclosure372
2MortgageFHA mortgageLoan modification,collection,foreclosure277
3MortgageOther mortgageLoan servicing, payments, escrow account161
4MortgageConventional fixed mortgageLoan modification,collection,foreclosure140
5MortgageConventional fixed mortgageLoan servicing, payments, escrow account134
6MortgageFHA mortgageLoan servicing, payments, escrow account79
7MortgageVA mortgageLoan modification,collection,foreclosure30
8MortgageConventional adjustable mortgage (ARM)Loan modification,collection,foreclosure28
9MortgageConventional fixed mortgageApplication, originator, mortgage broker22
10MortgageOther mortgageOther22
Responses From Flagstar Bank
#Company ResponseResponse CountTimely Response CountDisputed Count
1Closed with explanation1,2401,240 (100%)302 (24.4%)
2Closed without relief115115 (100%)27 (23.5%)
3Closed with monetary relief3535 (100%)6 (17.1%)
4Closed with non-monetary relief3434 (100%)2 (5.9%)
5Closed with relief2929 (100%)2 (6.9%)
6In progress1818 (100%)0 (0%)
7Closed11 (100%)0 (0%)
Complaints over the Past Year