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MortgagePoint ยป Your Trusted Source for Mortgage Banking and Servicing News 22 November 2024 M T E C H Industry Update NYCB CHANGES NAME TO FLAGSTAR FINANCIAL N ew York Community Bancorp Inc. (NYCB), the holding company of Flagstar Bank, has announced that its Board of Directors has approved and adopted an amend- ment to the company's Amended and Restated Certificate of Incorporation, changing the company's name to Flag- star Financial Inc. "We are excited to announce our new holding company name and stock symbol, marking another milestone in our ongoing transformation," Flagstar Chairman, President, and CEO Joseph Otting said. "Over the past six months, the Board of Directors and manage- ment have made remarkable progress in laying a strong foundation for the future. We've diversified our business model, established relationship-driven businesses, and continue to recruit top-tier talent with expertise in advanc- ing our vision. Our new company name complements the re-branding of the Bank and our branches we implement- ed earlier this year. This name change is a continuation of those efforts and unifies the company and our vision into a single brand." As a result of the name change, which became effective October 25, the company expects that its common stock, which trades on the New York Stock Exchange (NYSE), will cease trading under the ticker symbol "NYCB" and commence trading on the NYSE under the ticker symbol "FLG," effective as of the open of business on October 28. FLAGSTAR FINALIZES SALE OF MSR AND TPO BUSINESS TO MR. COOPER F lagstar Bank, the bank subsid- iary of Flagstar Financial, has announced that it has closed the previously announced sale of its resi- dential mortgage servicing/subservicing business, mortgage servicing rights (MSRs), and the third-party origination platform to Mr. Cooper Group Inc. for approximately $1.3 billion in cash. The transaction is expected to increase the company's CET1 capital ratio by approximately 60 basis points on a proforma basis as of September 30, 2024. "We are very pleased to announce the successful sale of our mortgage serving business and third-party origi- nation platform to Mr. Cooper," Flagstar Chairman, President, and CEO Joseph M. Otting said. "The completion of this sale reflects another significant mile- stone toward our strategy to simplify our business model and transform Flagstar into a regional bank focused on the core business of retail banking, commercial and private banking, and commercial real estate lending. The Bank will con- tinue to provide residential mortgage products through our retail origination channels and the Private Bank, with particular focus on serving our branch and private banking customers." Flagstar Financial, headquartered in Hicksville, New York, had $114.4 billion in assets, $73 billion in loans, deposits of $83 billion, and total stockholders' equity of $8.6 billion as of September 30, 2024. ROCKET MORTGAGE AND ANNALY CAPITAL ENTER SUBSERVICING RELATIONSHIP R ocket Mortgage and Annaly Capital Management Inc. Have announced the companies have entered into a subservicing agreement where Rocket will handle all servicing and recapture activities for a portion of the mortgage servicing rights (MSRs) held by Annaly. Rocket Mortgage is expected to be- gin servicing loans for Annaly as early as December 2024. "Rocket is committed to the entire homeownership experience from budgeting and credit building, to home search, financing and servicing. We tru-