Mortgage Daily Logo
mortgage news from industry experts

Former Flagstar CEO Joining United Shore

The board of directors at United Shore Financial Services has appointed the former chief executive officer of Flagstar Bancorp Inc. as its new co-chairman. It’s the second senior appointment in as many months for the growing lender — which now has two families among its executives.

Just last month, the Birmingham, Mich.-based company named Mat Ishbia as its new CEO. Ishbia replaced Kip Kirkpatrick, who will remain on United Shore’s advisory board.

Ishbia is the son of United Shore’s founder and chairman, Jeffrey A. Ishbia. Now, the senior Ishbia will share his position with an incoming co-chairman.

On Tuesday, United Shore announced that Mark T. Hammond will be joining its board as co-chairman.

Hammond resigned as the president and CEO of Troy, Mich.-based Flagstar in October 2009. He was reportedly part of Flagstar’s founding management team and had served as vice chairman of the publicly traded company.

“At Flagstar, he was instrumental in growing the company from being a de novo bank to a major financial institution with a highly influential national presence, more than $16.8 billion in assets, and a well-respected brand name within the mortgage industry,” today’s statement said.

Hammond also served on the advisory board for Fannie Mae, Freddie Mac and Real Estate One, according to United Shore, and he currently serves as managing partner of the private equity firm Alidade Capital.

Hammond is no stranger to nepotism; his own father, Thomas J. Hammond, was chairman of Flagstar until he, himself, was pushed out also in October 2009. In addition his wife, Kirstin A. Hammond, was previously the president of Flagstar Capital Markets Corp. and now works as executive vice president of capital markets at United Shore.

Mark Hammond noted in Tuesday’s announcement that “positive synergies” between him and United Shore will enable the company to move to the next level.

“Joining United Shore Financial Services as co-chairman was an easy decision for me ,” he said.

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...


Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts