In a move that will strengthen its market position in warehouse lending, Flagstar Bank is acquiring a mortgage warehouse loan portfolio from Santander Bank.
Terms of the deal were not disclosed.
Flagstar says the acquisition will strengthen its national, relationship-based lending platform.
As part of this transaction, Flagstar will hire the existing relationship managers, adding depth and experience to its warehouse business.
“We are pleased to welcome the Santander warehouse lending team to Flagstar,” says Alessandro DiNello, president and CEO of Flagstar Bancorp Inc., in a release. “We’ve been a warehouse lender for over 20 years and are excited about the opportunity to strengthen and diversify our mortgage warehouse business. It also allows us to leverage our experience and bring our quality service to more customers in the mortgage marketplace. For our new customers, it means more product choices, including e-notes.”
The acquisition is expected to close in the first quarter of 2018.