Flagstar
Bank has
made
changes
to
its
third-party
origination
(TPO)
channel
leadership.
Industry
veteran
John
Gibson
is
leaving
the
company
to
pursue
other
opportunities,
and
he
will
be
replaced
by
Rich
Hoffman
as
senior
vice
president
and
head
of
TPO
lending.

Hoffman
has
spent
more
than
30
years
in
mortgage
banking,
22
of
them
at
Flagstar,
where
he
started
as
an
account
executive.
He’s
replacing
Gibson,
who
spent
nearly
five
years
leading
the
TPO
channel
and
focusing
on
client
experience. 

According
to Inside
Mortgage
Finance (IMF)
estimates,
Flagstar
produced
$14.2
billion
in
mortgages
through
its
third-party
originator
channel
in
2023,
making
it
the
ninth-largest
U.S.
lender
in
the
space.
Last
year’s
volume
declined
29.5%
compared
to
the
previous
year. 

TPO
is
the
bank’s
main
source
of
mortgages.
When
considering
all
channels,
the
lender
produced
$15.7
billion
last
year,
down
41.6%
year
and
year
and
ranking
No.
24
in
the
country,
according
to
IMF
data. 

Flagstar
Bank
also
promoted
Lisa
Lacey
as
its
East
region
director. 

A
bank
spokesperson
wrote
to
HousingWire
that,
in
these
new
roles,
“Rich
and
Lisa
will
focus
on
finding
opportunities
to
help
clients
get
the
most
out
of
the
Flagstar
mortgage
flywheel,“
which
includes
the
third-party
origination
channel,
mortgage
banking
finance
and
treasury
management
services.  

In
December
2022,
Flagstar
Bank
concluded
its
merger
with New
York
Community
Bancorp,
which
recently
received
a $1
billion
equity
investment from
a
group
led
by
former
U.S.
Department
of
Treasury
Secretary
Steven
Mnuchin’s
private
equity
firm, Liberty
Strategic
Capital. 

The
investment
aims
to
strengthen
the
bank’s
balance
sheet
amid
a
confidence
crisis
related
to
its
commercial
real
estate
loan
portfolio.

In
March
2023,
Flagstar
surprised
the
market
amid
the banking
crisis by
acquiring
some
assets,
liabilities
and
deposits
of Signature
Bank from
the Federal
Deposit
Insurance
Corp. (FDIC). 

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