6, 2017 /PRNewswire/ –Flagstar Bancorp, Inc. ( FBC ) announced today the signing of a definitive agreement under which it will acquire the Residential Mortgage Delegated Correspondent Lending platform of Stearns Lending, LLC, (Stearns) along with certain related assets. Terms of the transaction were not disclosed. The transaction is subject to customary closing conditions and is expected to close within the next 30 days. Stearns’business consists of approximately 250 correspondent relationships accounting for over $7 billion of agency and governmental residential mortgage loan production annually. Stearns’ employees and subcontractors associated with the delegated business will transition to Flagstar. “The acquisition of Stearns’ correspondent platform gives us a tremendous opportunity to expand our market share in the delegated space,” remarked Alessandro P. DiNello, Flagstar’s president and chief executive officer. “Throughout our analysis of the business, we have been impressed with the Stearns’ team’s approach to the correspondent channel, their focus on customer service and their commitment to sound risk management. We believe this team will be a strong cultural fit with the Flagstar team.
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