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Flagstar Bank

Introducing the…. Flagstar Bank. Property Management Program. Goals of the Flagstar Bank Property Management Program (PMP). Protect the bank’s assets Manage our substantial increase in Real Estate Owned (REO) property. What is the PMP?.

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Flagstar Bank

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  1. Introducing the… Flagstar Bank Property Management Program

  2. Goals of the Flagstar Bank Property Management Program (PMP) • Protect the bank’s assets • Manage our substantial increase in Real Estate Owned (REO) property

  3. What is the PMP? • Responding to your requests to give your real estate agents business! • Opportunity to recommend Real Estate Agents to list Flagstar REO properties • Reward loyal Real Estate Agents who refer you business

  4. Why Did Flagstar Create the PMP? • Servicing does not have staffing levels to manage individual real estate agents • Selected an experienced Property Manager to manage the program • Perry Kendall, Program Director/AVP of Sales • Two years experience running this program for Michigan REO properties • Extensive knowledge about the Flagstar REO process

  5. Benefits to Flagstar Loan Officers • Provide an added benefit to the loyal real estate agents you work with • Strengthen relationship with that real estate agent • Possible increase in loan applications • Promote yourself for financing on REO properties listed through your real estate agent • Assist bank in selling REO property

  6. Benefits to Your Real Estate Agents • Opportunity to list Flagstar REO properties • Come into contact with more interested buyers • Opportunity to earn additional commission

  7. Real Estate Agent Requirements • Minimum 5 years real estate experience • Must work as a full-time Real Estate Agent • Must be able to list the property on all local MLS’s servicing the property location

  8. Real Estate Agent Responsibilities • Secure and re-key property within 48 hours • Arrange for utilities turn-on (as needed) • Submit initial BPO, photos and necessary repairs • Complete monthly BPO and status updates • Regularly monitor property for possible repair issues, maintenance and vandalism

  9. How to Recommend a Real Estate Agent • Each loan officer can recommend a maximum of two (2) real estate agents for the program • Complete the Real Estate Agent Recommendation form (Doc. #r3987) and submit to Perry Kendall • If real estate agent meets program requirements, they will be added to the database of eligible agents • Listing agents will be rotated and assigned based on proximity to property location **Only available in states with a Home Lending Retail Loan Center. States with an existing property management contract, such as GA, are not eligible.

  10. Points to Consider • Perfect opportunity to promote the Community Stimulus product! • Exclusively available on Flagstar REO Properties • Could lead to loan application increase from selling brokers representing Flagstar REO property buyers • Loan officer is not guaranteed to finance REO properties listed with their real estate agent • If listing agent does not fulfill their responsibilities, property may be reassigned to another agent • Due to limited REO inventory in certain geographic areas, real estate agent enrolled in the program may not receive any listings

  11. Community Stimulus Program • Assists borrowers with purchasing a Flagstar-owned REO property: • Provides both first and second mortgage financing • Does not require mortgage insurance • Offers attractive interest rates • Borrowers may purchase these as either primary residences or investment properties • Only specific Flagstar-owned REO properties are eligible • Reference Doc. #r5929 for eligible properties • List is updated periodically to reflect property sales

  12. Community Stimulus Program • Rates for properties purchased as primary residences: • 4.99% for the first mortgage • 6.99% for the second mortgage • Rates for properties purchased as investment properties: • 5.99% for the first mortgage • 7.99% for the second mortgage • Rate locks valid for 60 days (pricing is at par) • $3,000 commissionpaid to the Loan Center for each property financed using this program • Advertising flyer is available in the marketing sections of retail.flagstar.com and FlagstarProposals.com • Click here to link to the flyer **Community Stimulus available on select Flagstar REO properties only. Please consult document r5929 to ensure property is eligible.

  13. Questions about the Program? Contact Perry Kendall (866) 372-1195 or perry.kendall@flagstar.com Loan officers and real estate agents must direct all communication about Flagstar REO Properties to the Property Management Program director.

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