The company that ranks as the seventh-largest residential lender in the country has hired a new president. Among the new leader’s priorities are risk management and quality control.
Flagstar Bank funded nearly $27 billion in home loans during 2011. The firm’s third-quarter 2012 production of nearly $15 billion made it the seventh-biggest lender during the period, pushed year-to-date originations past $38 billion and put it on track to exceed $50 billion in production for all of this year.
The Troy, Mich.-based bank’s mortgage servicing portfolio stood at $82 billion as of Sept. 30.
On Friday, parent Flagstar Bancorp Inc. announced that Matthew Kerin was promoted to president of mortgage banking.
Kerin was moved up from his job as executive vice president and managing director of mortgage banking. He also oversaw warehouse lending. He originally went to work for Flagstar in 2009.
Prior employers for the new president include Bank of America-subsidiary Columbia Management, FleetBoston Shawmut Bank and Hartford National Bank. He also spent time at Sovereign Bank.
On his LinkedIn page, Kerin says he obtained a Bachelor of Arts from Georgetown University and an MBA from the University of Hartford.
“As president of Flagstar’s mortgage banking division, Mr. Kerin will have overarching responsibility for all mortgage-related functions, with an emphasis on risk management, operational efficiency and quality control,” the announcement said.
Kerin, himself, noted in the announcement that he plans to build a “sustainable mortgage with an emphasis on risk management, quality control and operational excellence.” He called Flagstar’s mortgage business “best-in-class.”
Flagstar also said that Alessandro DiNello was promoted from executive vice president, personal financial services, to president and chief administration officer of Flagstar Bank.
Both appointments are subject to the receipt of regulatory non-objection.
