National lender Flagstar Bancorp announced the hiring of industry veteran James Campbell as executive vice president and head of servicing for its residential mortgage division on Thursday.
Campbell most recently held the position of head of servicing and post-closing at
"We're fortunate to have someone of James's experience and quality to head our servicing business," said Lee Smith, president of mortgage at Flagstar. "Servicing is an important and growing business at Flagstar — it's also a business where the customer experience is paramount.”
Flagstar’s mortgage-servicing unit processes payments and recordkeeping for $272 billion worth of loans, representing over 1.2 million borrowers. Approximately 55,000 of its clients, or 4.5% of the servicing portfolio, are currently in forbearance, according to its third-quarter earnings release. Net return of its mortgage-servicing rights totaled $9 million, while the bank generated $178 million overall in mortgage revenue.
Campbell begins his role with Troy, Michigan-based Flagstar as loan servicers begin to deal with waves of borrowers exiting forbearance plans this fall after the end of CARES Act relief. Through the first 19 days of October,
Flagstar Bancorp was
