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Stock Market & Financial Investment News

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February 14, 2013
10:04 EDTFBCFlagstar Bancorp sells DocVelocity to Capsilon, terms not disclosed
Flagstar Bancorp has agreed to sell the assets and operations of DocVelocity, its document imaging business for mortgage lenders, to Capsilon. Capsilon developed much of the technology that DocVelocity has marketed and sold since 2007, and which Flagstar has used to provide paperless mortgage processing to its wholesale customers. Following the transaction, Flagstar will continue to use the DocVelocity service. Terms of the transaction were not disclosed. The transaction is not expected to have a material financial impact on Flagstar.
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April 23, 2014
13:00 EDTFBCFlagstar Bancorp downgraded to Market Perform from Outperform at FBR Capital
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05:13 EDTFBCFlagstar Bancorp reports Q1 EPS ($1.50), may not compare to consensus 19c
Reports Q1 book value per share $19.29. Reports Q1 Tier 1 capital ratio 23.62%. Sandro DiNello, the company's CEO said, "Our first quarter results were largely in-line with expectations except for our provision for loan losses and a one-time adjustment to our repurchased loans. During the quarter, we made the determination to significantly bolster our loan loss reserve estimates which results in an increase to the loss coverage period from approximately 12 months to 18 months. As a result of this action, which was not driven by charge-offs, the allowance for loan losses increased to $307M at March 31, from $207M at December 31, 2013 and the ratio of allowance for loan losses to non-performing loans increased to 286.9% from 145.9% at December 31, 2013. Additionally, we recorded a $21.1M reduction to the originally recorded fair value of loans that we repurchased from the GSEs and which were performing at that time."

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