Flagstar Bank is an American commercial bank founded in 1993 and headquartered in Troy, Michigan. It is a subsidiary of New York Community Bank (NYCB) and one of the largest residential mortgage servicers in the United States.
According to reports, Flagstar has announced plans to lay off 1,900 employees as part of a restructuring plan to turn around its struggling business.
The report further mentions that the layoffs will be in two phases, affecting 700 and another 1,200 after it completes the sale of its mortgage servicing unit to non-bank mortgage platform Mr. Cooper, which is expected to close in the fourth quarter of 2024.
