Senior Executive Vice President & Chief Financial Officer, Flagstar Financial
Search every verified Lee Smith interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Lee Smith, president of mortgage at Flagstar Bank, discussed the company's strategy for 2024 in a September 2024 interview. He stated that Flagstar, following its merger with New York Community Bank and acquisition of Signature Bank, has become a $110 billion bank with increased scale and capital. Smith described the company's approach as focusing on being a "one-stop shop" for the full mortgage lifecycle, including origination, servicing, subservicing, and warehouse lending. He noted that Flagstar has reduced its cost infrastructure by 65% from its 2021 peak to adapt to market conditions, and said the company aims to grow market share in a "safe and sound manner" rather than pursuing rapid expansion. Smith rejected the phrase "survive until 25," asserting that Flagstar has been in the mortgage industry for 35 years and will continue serving customers. In earlier appearances, Smith emphasized the importance of customer service, trust, and creative thinking in competing with larger banks. He highlighted Flagstar's diversified mortgage model, which includes a balance sheet and RMBS program, as an advantage in navigating market shifts from refinancing to purchase mortgages. Smith also discussed the company's growth in warehouse lending, reaching $10 billion in commitments in 2021, and its ability to fill gaps created by regulatory changes. He attributed successful leadership to accountability, teamwork, and avoiding ego, and stressed the value of empowering employees and maintaining work-life balance.
“Flagstar is now part of a $110 billion bank following the merger with New York Community Bank in December of 2022 and the acquisition of Signature in March of 2023, giving us tremendous scale, a bigger balance sheet, more capital, more liquidity, and more firepower to do more from a mortgage point of view.”
“We describe ourselves as a One-Stop shop for the full mortgage life cycle, able to buy and sell loans and MSRs, do our own RMBS securitizations, provide subservicing, and offer financing solutions through warehouse lending, MSR lending, and now cash and treasury management services.”
“Our strategy is to be the preeminent name in the mortgage industry by offering a diversified business model as a bank, which allows us to lend, provide cash and treasury management expertise, and benefit from deposit funding, unlike non-bank competitors.”
“Right now, you don't need to pay M&A premiums to grow; there are many opportunities in the market to grow through lift-outs or hiring good people, especially given the dislocation that is enabling certain mortgage businesses to grow without paying premiums.”
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