Flagstar Bank has named Lee Smith as its new Mortgage President, stepping into the role vacated by Kristy Fercho, who now heads Wells Fargo Home Lending, in July.
Smith joined Flagstar in 2013 as executive vice president and chief operations officer. He led a number of business areas including mortgage servicing and strategy, balance sheet and cost optimization, and mergers and acquisitions.
Lee Smith is the new President of Mortgage at Flagstar Bank.
Smith is now President of Mortgage responsible for directing and overseeing all aspects of the business, including: B. Mortgage sales, originations, service, fulfillment and the overall strategic growth of the mortgage and service businesses.
Flagstar also announced that it is removing the COO position with Smith's promotion.
"Lee has worked side by side with me from day one as CEO," said Alessandro DiNello, President and CEO of Flagstar, in a press release. “Nobody has been more instrumental than Lee in building the diversified business model that has brought us so much success. We are now at a turning point as a company where we can align his skills with running one of our main businesses – a company he helped when building and knows from top to bottom. "
Flagstar creates mortgages in the retail, wholesale and correspondence channels. It also offers storage lines for mortgage bankers.
Under Fercho, who joined the company in August 2017, Flagstar raised $ 12 billion in mortgages in the second quarter. This company had sales of $ 295 million as its profit margin on sales increased 139 basis points to 219 basis points.
However, net return on mortgage servicing rights decreased $ 14 million to $ 8 million in net loss in the second quarter, primarily due to higher prepayments.