Flagstar Closes on Acquisition of Delegated Correspondent Business from Stearns Lending, LLC

TROY, Mich., Feb. 28, 2017 /PRNewswire/ -- Flagstar Bancorp, Inc. (NYSE: FBC) announced today it has closed the transaction announced Feb. 6, 2017 to acquire the Residential Mortgage Delegated Correspondent Lending platform of Stearns Lending, LLC, along with certain related assets. Terms of the transaction were not disclosed.

About Flagstar

Flagstar Bancorp, Inc. (NYSE: FBC) is a $14.1 billion savings and loan holding company headquartered in Troy, Mich. Flagstar Bank, FSB, provides commercial, small business, and consumer banking services through 99 branches in the state. It also provides home loans through a wholesale network of brokers and correspondents in all 50 states, as well as through 41 retail locations in 21 states. Flagstar is a leading national originator and servicer of mortgage loans, handling payments and record keeping for $80 billion of home loans representing 383,000 borrowers. For more information, please visit flagstar.com.

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of Flagstar Bancorp, Inc.'s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause the Company's actual results to differ materially from those described in the forward-looking statements can be found in periodic Flagstar reports filed with the U.S. Securities and Exchange Commission, which are available on the Company's website (flagstar.com) and on the Securities and Exchange Commission's website (sec.gov). Other than as required under United States securities laws, Flagstar Bancorp does not undertake to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.

For further information

ANALYSTS: David Urban, Senior Vice President, Investor Relations, (248) 312-5970
MEDIA:  Susan Bergesen, Corporate Communications, (248) 312-6237

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SOURCE Flagstar Bancorp, Inc.