Flagstar Bancorp

The company expects that a previously announced sale of its residential mortgage servicing business will reduce its workforce by an additional 1,200 employees when the transaction is completed this quarter.

After NYCB streamlined its branch operations under the Flagstar name, the publicly traded company will begin trading under a new stock ticker symbol in late October.

Sen. Elizabeth Warren, D-Mass., told the Office of the Comptroller of the Currency and the Federal Reserve that they should more carefully oversee New York Community Bancorp, and consider official measures like raising capital ratios for the bank.

Investors reacted negatively to New York Community Bancorp's divestiture of a $5 billion loan warehouse portfolio to JPMorgan Chase. The deal has triggered a debate about whether other banks might retreat from lending to nonbank home lenders.

The Troy, Michigan-based bank is looking for companies already innovating across the various aspects of the home finance business.

The Michigan bank is the latest company to have customer data compromised through a software vulnerability. The incident reinforces the importance of attack simulations, constant searches for intrusions and exchanges of intel with peers.

The post was vacant since Kristy Fercho left to run Wells Fargo Home Loans in July.

The company's second-quarter net income was $116 million, with mortgage banking revenue of $239 million.

Fercho will join Wells Fargo in August and report to Mike Weinbach, the bank's CEO of consumer lending.

Customers are turning to search engines and business portals to find out if their bank is open before checking the bank’s own website. Maintaining accurate information across the web has become even more important during the pandemic.