Flagstar Financial

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.

Mortgage lenders have imposed steep pricing adjustments for cash-out refinancing as more borrowers seek forbearance.

While no one is suggesting that the plan will help banks regain the share they've ceded to nonbanks, bankers believe that stabilizing Fannie Mae and Freddie Mac could at least help them keep what they have.

The low-cost deposits it gained in its purchase of 52 Wells Fargo branches, combined with higher interest rates, lifted Flagstar's net interest margin.

Branch acquisitions, once a popular way to scale up in new markets, have started to go by the wayside in the digital age.

The Michigan company has committed $50,000 to the partnership over the next two years amid a big push to modernize its product and service offerings.