A former Fannie Mae executive has been hired to run the mortgage business at Flagstar Bancorp Inc., freeing up the bank’s chief executive officer to run the company.
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in February, the Troy Michigan-based financial institution disclosed that the president of its mortgage business, Leonard Israell II, was leaving his post.
Subsequently, Flagstar revealed that its CEO,
Alessandro DiNello, and Flagstar Chief Operating Officer Lee M. Smith were running the mortgage business until a new leader was found.
The two executives will now been relieved of their temporary mortgage duties.
| On Wednesday, Flagstar announced that Kristy Fercho has been hired to lead its mortgage business as president. Fercho comes to Flagstar from Fannie Mae, where she spent 15 years — most recently as senior vice president, head of customer management, for the West Region. During her time with the secondary mortgage lender, she reportedly oversaw production of nearly 2,000 lenders. DiNello noted in the statement that Fercho had been working with Flagstar while at Fannie since 2008. “She brings a wealth of industry experience from Fannie Mae, a powerhouse in the mortgage industry and a leading source of financing for home lenders,” DiNello stated in the announcement. “And the timing couldn’t be better with Flagstar primed to consolidate our position as the fifth largest bank originator in the country.” Fercho takes over a business that originated more than $32 billion during 2016 and serviced |
Flagstar photo of Kristy Fercho |
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