Jim Linnane Joins Flagstar Bank as Head of Distributed Retail Mortgage Division

Rhea-AI Summary

Flagstar Bank has appointed Jim Linnane as president of its distributed retail mortgage division, where he will oversee strategy, profitability, sales, and operations. Linnane, an industry veteran with extensive experience in mortgage origination and sales, previously served as retail president for Stearns Lending and led 2,000 loan officers at Wells Fargo, achieving $30 billion in production volume. Flagstar is the nation's 6th largest bank mortgage originator and manages a diverse portfolio, including $291 billion in loans for over 1.2 million borrowers.

Positive

• Appointment of Jim Linnane as president of the distributed retail mortgage division to drive growth and profitability.
• Linnane's extensive experience in mortgage operations positions Flagstar for potential market advantages.
• Flagstar is the 6th largest mortgage originator in the U.S., indicating strong market presence.

Negative

• None.

TROY, Mich., April 21, 2022 /PRNewswire/ -- Flagstar Bank has named Jim Linnane president of Flagstar's distributed retail mortgage division. In this role, he is responsible for strategy, profitability, sales, growth, recruitment and operations of Flagstar's distributed retail mortgage business.

"Jim is an industry veteran who has extensive experience running distributed retail operations, both in a bank and non-bank environment," said Lee Smith, president of Mortgage for Flagstar. "He's a results-oriented team-builder with a demonstrated ability to grow people and organizations. We're excited to have him on board and look for positive developments with Jim at the helm of Flagstar's distributed retail operation."

His experience in the business is broad and deep, including mortgage origination, marketing, underwriting, construction lending, home equity products and wholesale financing. Flagstar is the nation's 6^th largest bank mortgage originator.

Prior to Flagstar, Linnane served as retail president for Stearns Lending. Earlier in his career, he was director of national sales at Guaranteed Rate. He started in the business at Wells Fargo, where he spent 15 years, ultimately leading 2,000 loan officers to $30 billion of production volume in the Midwest and Northeast.

About Flagstar

Flagstar Bancorp, Inc. (NYSE: FBC) is a $25.5 billion savings and loan holding company headquartered in Troy, Mich. Flagstar Bank, FSB, provides commercial, small business, and consumer banking services through 158 branches in Michigan, Indiana, California, Wisconsin and Ohio. It also provides home loans through a wholesale network of brokers and correspondents in all 50 states, as well as 83 retail locations in 28 states. Flagstar is a leading national originator and servicer of mortgage and other consumer loans, handling payments and record keeping for $291 billion of loans representing over 1.2 million borrowers. For more information, please visit flagstar.com.

For more information contact: 
Susan Bergesen 
Flagstar Bank 
(248) 312-6237

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SOURCE Flagstar Bancorp, Inc.

FAQ

Who is Jim Linnane in relation to Flagstar Bank?

Jim Linnane has been appointed president of Flagstar Bank's distributed retail mortgage division.

What experience does Jim Linnane bring to Flagstar Bank?

Linnane has extensive experience in mortgage origination, sales, and management, including previous roles at Stearns Lending and Wells Fargo.

What is Flagstar Bank's position in the mortgage industry?

Flagstar Bank is the 6th largest bank mortgage originator in the United States.

What financial metrics are relevant to Flagstar Bank?

Flagstar manages $291 billion in loans and serves over 1.2 million borrowers.