New York Community Bancorp has confirmed that it is cutting its retail mortgage channel following its acquisition of Flagstar Bank. The move will result in the loss of jobs for New York Community Bank mortgage loan officers and processors.
The move comes as a result of the acquisition, which was completed on August 1. The acquisition gave New York Community Bancorp a total of $45 billion in assets, making it the seventh largest bank in the United States.
The acquisition also resulted in the creation of a new mortgage servicing company, which will be based in Michigan. This new company will service all of the mortgages owned by New York Community Bancorp.
The cuts to the retail mortgage channel are a result of the acquisition and the creation of the new mortgage servicing company. The move will result in the loss of jobs for New York Community Bank mortgage loan officers and processors.
You can read this full article at: https://www.housingwire.com/articles/nycb-confirms-cuts-to-retail-mortgage-channel-after-acquiring-flagstar/(subscription required)
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