Pros
Great Technology, incredible response from the corporate level regarding program guidelines, technical systems as well as direct contact with the underwriters. I went to work there because as a loan originator today I felt the need to be working directly with a bank. I loved the clarity of their systems and their response to questions etc.
Cons
The Retail Home Lending division is, I think, very new to Flagstar as they have been primarily wholesale and now as with all banks they have entered the "net branch" concept. As I discovered, only since late 2007. Unfortuantely with the downturn in the industry every "big bank" thinks they can get the "cream of the crop" of loan originators (I believe the stated preference was 4-10 loans a month) with no leads provided whatsoever. I don't know any loan originators doing those numbers today even if they were doing 30 loans a month last year. So again, experience, longevity, loyalty and the ability to build a self generated business are not the qualities being looked at. I do understand the quick fix is what is needed by all of us but the reality is that it simply is not going to happen. I was there 2.5 months and did not have enough production to warrant keeping me. The Tacoma office shut down at the same time. I had just completed my "learning curve" of their culture and the "FHA/VA" market which I have not been in for the last 20 years so to say the least I was disappointed but on the other side of that probably fortunate to leave before they shut it all down.