National lender Flagstar Bancorp announced on Thursday the hiring of industry veteran James Campbell as executive vice president and head of servicing for its residential mortgage division.
Campbell most recently served as Head of Servicing and Post-Closing at Caliber Home Loans, working with lenders across all four credit channels – retail, wholesale, correspondents and direct customers. Prior to joining Caliber, he held senior positions at Deutsche Bank, where he was Director and Head of Asset Management for the residential real estate mortgage group. As a director at Credit Suisse, he was also responsible for the portfolios of mortgage-backed securities services portfolios.
James Campbell, Head of Service, Flagstar Bank
Handout / Flagstar Bancorp, Inc.
"We are fortunate to have someone with James' experience and quality to run our service business," said Lee Smith, President of Mortgage, Flagstar. "Service is an important and growing business at Flagstar – it's also a business where the customer experience is paramount."
Flagstar's mortgage services unit processes payments and records for loans valued at $ 272 billion, representing over 1.2 million borrowers. Approximately 55,000 of its customers, or 4.5% of the servicing portfolio, are currently in indulgence, according to the release of third quarter results. The net return on its mortgage management rights was $ 9 million, while the bank generated a total of $ 178 million in mortgage income.
Campbell begins his role at Flagstar, headquartered in Troy, Michigan, as loan service providers begin to deal with waves of borrowers stepping out of moratoriums this fall following the end of CARES law aid. In the first 19 days of October, Black Knight said 432,000 borrowers abandoned their forbearance plans, with another 280,000 loans scheduled for review before the end of the month.
Flagstar Bancorp was recently acquired by New York Community Bank in a transaction that is now expected to close next year. The mortgage lending business offers loans in all 50 states.