Flagstar Bank Reviews

Our mortgage was sold to Flagstar Bank. At first, I had issues with their services and the hiccups in the transfer, but were resolved and customer service was good and helpful in remediating the situation. In the past year, everything has gone downhill. The MyLoans online account information is completely inaccurate all the time, never updates payments and says your account is up to date when it is not. When you make a payment, they do not put it through to your bank until two weeks later. Because of a returned payment (my mistake, I acknowledge), they told me I was only able to make payments through Western Union for the next 6 months.

DO NOT DO BUSINESS WITH FLAGSTAR BANK!!! I set up an automatic payment through FlagStar and Zelle. 9 months later, after receiving an email that my “auto-payment plan had been completed” I let the recipient know that he had received the last payment. The recipient proceeded to let me know he had not received a payment in 6 months. After looking back through my emails, I received an email every month from FlagStar Bank stating “your automatic payment to the recipient had been made”.

My mortgage loan was bought out by Flagstar with the transfer date 9/1/23. On 9/6 I mailed my payment with the loan number on the check as well as documentation that was sent to me by Flagstar. About 10 days later I signed onto my account at Flagstar and found that my payment was not posted. Called Flagstar, and the person spoke with informed me that they did not receive it and blamed it on the USPS. Waited several more days, no payment posted.

My loan was sold Flagstar Bank in September 23. I have attempted to pay my mortgage thru Chase and three times it has gotten returned. The representatives that I talked to have given me different answers each time I talked to them. The management team was no help and didn’t understand my frustration over this. In between the payment rejections, the collection unit called me and asked me why I haven’t made my payment. I’m so angry at this bank. I didn’t asked to be with this company. I’ve had them before and they mismanaged my impound account, but they wouldn’t let me take it over. I was glad to refinance to get rid of them. But now, I’m stuck with them again. I’ll be sending my 4th attempt next week, when the money get posted back in my account.

ZERO STARS!!! My home loan was recently sold to Flagstar Bank. I received a letter from Flagstar with specific instructions on making my first payment to them. Well, I followed those instructions to a T, and made my payment through Chase online banking. Three times!!! My payment has been returned to Chase by Flagstar three times! I've talked to clueless customer service representatives twice. Today will be my third. Are they running some kind of scam to destroy my credit???

I was looking to buy a bike so I submitted all the documents they had asked for. And not a response at all. I don't understand why I wouldn't receive a response. Oh well I banked with them for over 10 yrs and I will close all my accounts because this is the most unprofessional business.

Delay after delay. A simple lot line adjustment has taken years now. The Partial Release department is hard to contact, seems to make up new processes as we go, and has made this simple adjustment into a mess. Almost two years in Flagstar wants a notarized release for my title company to be involved despite being involved the entire time. New request after new request. Get it done, Flagstar! This is why people hate big entities.

As a rule of thumb I tend to make payments in advance for all of my bills. In the case of Flagstar Bank an early payment went towards our escrow leaving us late on our monthly payment. I called to explain that the full (exact) amount we owed was paid in advance as an act of good faith. Unfortunately, they would not make any adjustments and as a result of our early payment we were stuck having to make an additional payment for that month. Needless to say, payments moving forward will be late.

Flagstar Bank is apparently in the habit of keeping excess impound account funds over $500 even though it's the law. The first time they did this on our account they had over $5000.00 in our impound account. On one occasion, we missed a mortgage payment but rather than take the payment out of our impound account they reported a missed payment to the credit bureaus which lowered our credit rating. It was then we discovered they had all of these funds of ours they had been keeping for several years. Now I just received a refund check for $705.00 from them again in violation of law. This is just an incompetent, unhelpful and deceitful bank and I would never do business with them again and suggest you might be advised not to either.

I have called multiple times in a month and each time there hasn't been a resolution until I had to figure out what was going on with my property taxes and getting double charged on my home owners insurance as well. I've showed them proof multiple times as well, spoke to the county of San Bernardino and they were in agreement with what I was asking. This last call after about 5 different times really pushed me over to write this. Everyone is stuck on one thing and when I was asked to be sent to a manager come to find out there is no manager. It's only a management team but no one is actually a manager according to Tatiana. She also stated it doesn't matter who we call no one is going to help.