BY DOUG PAGE, STAFF WRITER, NATIONAL MORTGAGE PROFESSIONAL The recent abrupt closure of two Non-QM lenders – one that shuttered its doors and another that’s now under Chapter 11 Bankruptcy protection – may have prompted Flagstar Bank’s warehouse lending division to send out a text message, saying funding advances for Non-QM mortgages will require advance approval. “Effective immediately – Funding advances for Non-QM loans targeted to the investors listed below will require approval in advance,” the text message said. “Haircuts may be adjusted.”
Recently, Flagstar Bank confirmed that the company experienced a data breach after someone gained unauthorized access to the company’s computer network. According to Flagstar, the.