The exec will redirect his skills to running one the bank's major businesses
Flagstar Bank has appointed company veteran Lee Smith as head of its mortgage division.
Smith has served as executive vice president and chief operating officer at Flagstar since 2013. For the past seven years, he led several key business units, including mortgage servicing. Smith also oversaw the company's strategy, balance sheet, cost optimization, mergers, and acquisitions.
"Lee has worked side by side with me since day one of my job as CEO," said Alessandro DiNello, president and CEO of Flagstar. "No one has been more instrumental than Lee in building the diversified business model that has brought us so much success. We're now at an inflection point as a company where we can direct his skills to run one of our major businesses – a business he helped build and knows top to bottom. We look for more good things to come for Flagstar's mortgage operation with Lee at the helm."
As president of mortgage, Smith will be responsible for the direction and oversight of the business – mortgage sales, originations, servicing, fulfillment, and the overall strategic growth of the mortgage and servicing business units.