- Report: #1099736
Complaint Review: Flagstar Bank FSB - Select State/Province
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Flagstar Bank FSB
Select State/Province, USA
Web:
https://www.flagstar.com/
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Flagstar Bank FSB Banking firrm with no regard for compliance with teh Fair debt Collection Practice nor Withe Fair Credit Reporting Michigan
If your have dealt with Flagstar bank as a Mortgage Broker, or a Consumer you should be aware that Flagstar Bank blatantly disregards compliance with the Fair Debt Collection Practices Act, by disregarding applicable collection practices, and The Fair credit reporting ACT by Refusing to accuartely report to the national credit bureaus.
As a loan officer or former mortgage broker, you should be aware that Flagstar bank will try to personally pursue you for loans you/your company wrote, and where forced by fannie mea to buyback, without any reasonable cause. They will try to say that the buy back agreement gives them Carte Blance to pursue you individually even if you dont work for the company you used to work for, and even if that company is out of business. They will use attorneys to intimidate and extort from you money you are not personally liable for. they will use attorneys who are not licensed to practice law in your state, or theire home office state either. they will engage in unlicensed collection activity, and call it prelitigation negotiation. This is likely a class action violation of the FDCPA and State Collection laws. WARNING IF YOU SIGNED THEIRE WHOLESALE BROKER AGREEMENT EVEN AS A PRINCIPAL OF A DISOLVED CORPORATION YOU SHOULD SEEK LEGAL PROTECTION, AS THEY ARE RUTHLESS. YOU ALSO DID NOT HAVE TO DO ANYTHING IN THE LEAST BIT WRONG EITHER, AS THEY WILL TRY TO SAY THE CORPORATION YOU WORKED FOR IS NO LONGER IN BUSINESS SO YOU HAVE TO PAY THEM PERSONALLY, EVEN THOUGHT THAT IS CONTRARY TO LAW AND THE AGREEMENT.
If you are a consumer you need to know Flagstar will may transfer your loan and then show it as a chargeoff with balance/balloons and innformation that is grossly inaccurate. Then you ask the credit agncies to fix it and they contact Flagstar Bank who affirms the false reporting and then the Credit Bureaus say your dispute if frivoulous and your report gets locks from ever fixing the accoun so it REPORTS ACCURATELY. This is a gross violation of the Fair Credit Report Act.
Also if your a share holder you should know that this company has reverse split many times to keep from being a penny stock.
Flagstar bank management is ruthless and has no regard for the FDCPA and FCRA and need to be sued for violation of these consumer protection statues. I will be willing to have an attorney contact me reagrding this as I beleive there is a whole class of consumers and former independant agents who have been damaged by Flagstar Banks illegal and ruthless practices.
3 Updates & Rebuttals
AnthonyTS
Post Falls,Idaho,
Flagstar Bank Violating FDCPA and FCRA laws.
#2Author of original report
Sat, November 16, 2013
"You wrote quite a long RipOff and I still have no Idea what this RipOff is really supposed to be.
But I do see one BIG inaccuracy that puts what ever RipOff you claim into doubt. You talk about FDCPA violations, well the Fair Debt Collection Practices Act ONLY applies to 3rd Party Collection Agencies, that is a company that has their main business identified as debt collection. Flagstar bank is considered an ORIGINAL CREDITOR and therefore the FDCPA does not apply to them.
You then seem to claim that they held a loan for a business/company and they are holding individuals liable. Well depending on if that person gave a personal guarantee or the loan was arranged where an officer of the company is still liable that may or may not be valid."
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Flagstar Bank is engaging THIRD PARTY UNLICENSED attorneys to pursue loan officers and former employees of corporate entities which no longer exist, and who did nothing wrong; because Flagstar bank appears to have engaged in pass thru underwritting like Countrywide and Bank of America did, and then use a blanket buyback clause to threaten collection on NON-PARTIES TO THE AGREEMENT. The use of unlicensed attorneys who are third parties (not employees of the Bank) to make threatening and harressing calls and letters is ILLEGAL. I have been in finance for over 15 years, and they are not excempt under the FDCPA as they are using unlicensed third parties to act as collection agents, and having seen the letter authorizing these attorney actions by Flagstar Bank the bank is INDEED engaging in violations of State and Federal laws. If the Attorney works for the bank they would be consider first party (the creditor) you are correct.... However Flagstar Bank have authorized and knowingly retained unlicensed parties to act on theire behalf, which is illegal, and a violation of the FDCPA....read the law!!!
Also they refuse to fix gross errors of the National Credit Bureuas, and act with inpunity in this matter.
Furthermore, regarding the business/company agreements there IS NO personal gaurantee clause, so indeed I do know what I speak of. If you do business with Flagstar Bank you may be persoanlly held liable even if your not the party to the agreement. THATS WHAT I WOULD CONSIDER TO BE A RIPOFF!!!
Your credit report also may be ruined because litigation is the only thing they understand, regarding the Fair Credit Reporting Act. THATS WHAT I WOULD CONSIDER A RIPOFF!!!
AnthonyTS
Post Falls,Idaho,
Flagstar Bank FSB- Disregards FDCPA and FCRA
#3Author of original report
Sat, November 16, 2013
The ripoff is: if you do/did business with Flagstar Bank FSB, they are likely to conduct theire interactions with you without regard to the FDCPA nor the FCRA. I am sorry if you work for them, and are trying to defend them, but they are authorizing third part law firms, to do things which can not be done under the FDCPA.
When an original creditor uses a third party attorney to collect on debt while unlicensed, and the claim involves a NON-PARTY, regarding Flagstar Banks loan origination agreement, that firm must comply withe the FDCPA, and that firm may not threaten action which can not be taken by law. In doing so Flagstar Bank become responsible for the actions of the Third Party Law Firm as they have directed in writting for these third party law firms to do what is not allowed by law, and act with inpunity. Flagstar Bank also fails and refuses to correct grossly inaccurate credit reporting on consumer accounts.
There was no personal gaurantees involved regarding the company contracts, and the entity has not existed for years, and its all a matter of public record. So yes I know what I am talking about; was in Finance for over 15 years and know the FDCPA and FCRA well having won several law suits against creditors/bank who knowingly violated the same consumer protection acts.
Robert
Irvine,California,
What in the world...
#4Consumer Comment
Sat, November 16, 2013
You wrote quite a long RipOff and I still have no Idea what this RipOff is really supposed to be.
But I do see one BIG inaccuracy that puts what ever RipOff you claim into doubt. You talk about FDCPA violations, well the Fair Debt Collection Practices Act ONLY applies to 3rd Party Collection Agencies, that is a company that has their main business identified as debt collection. Flagstar bank is considered an ORIGINAL CREDITOR and therefore the FDCPA does not apply to them.
You then seem to claim that they held a loan for a business/company and they are holding individuals liable. Well depending on if that person gave a personal guarantee or the loan was arranged where an officer of the company is still liable that may or may not be valid.
