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.
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.
|#||Financial Product||Sub-Product||Complaint Issue||Complaint Count|
|1||Mortgage||Other mortgage||Loan modification,collection,foreclosure||372|
|2||Mortgage||FHA mortgage||Loan modification,collection,foreclosure||277|
|3||Mortgage||Other mortgage||Loan servicing, payments, escrow account||161|
|4||Mortgage||Conventional fixed mortgage||Loan modification,collection,foreclosure||140|
|5||Mortgage||Conventional fixed mortgage||Loan servicing, payments, escrow account||134|
|6||Mortgage||FHA mortgage||Loan servicing, payments, escrow account||79|
|7||Mortgage||VA mortgage||Loan modification,collection,foreclosure||30|
|8||Mortgage||Conventional adjustable mortgage (ARM)||Loan modification,collection,foreclosure||28|
|9||Mortgage||Conventional fixed mortgage||Application, originator, mortgage broker||22|
|#||Company Response||Response Count||Timely Response Count||Disputed Count|
|1||Closed with explanation||1,240||1,240 (100%)||302 (24.4%)|
|2||Closed without relief||115||115 (100%)||27 (23.5%)|
|3||Closed with monetary relief||35||35 (100%)||6 (17.1%)|
|4||Closed with non-monetary relief||34||34 (100%)||2 (5.9%)|
|5||Closed with relief||29||29 (100%)||2 (6.9%)|
|6||In progress||18||18 (100%)||0 (0%)|
|7||Closed||1||1 (100%)||0 (0%)|