Flagstar Bank named both a new chief information officer and credit review chief in a push to enhance its technology oversight and credit processes last week, and in the same period, completed the sale of its $1.3 billion mortgage business to Mr. Cooper.
Christopher Higgins brings 40 years of experience to Flagstar’s CIO post, including several years at MUFG Americas and U.S. Bank, which acquired MUFG Americas. He led 13 post-merger systems conversions at U.S. Bank, integrating 1.2 million customers and 57 systems, according to his LinkedIn.
Rich Martin brings 30 years of experience to Flagstar as its new head of credit review. He most recently oversaw $220 billion in commercial, specialty, private client, and consumer credit exposure as executive director of credit review at First Citizens Bank.
“Respectively, their commitment to innovation and excellence in credit oversight and technology will play a crucial role in enhancing our offerings and how we operate,” said President and CEO Joseph Otting of the new appointments.
“Together, we will navigate the challenges ahead and continue to cultivate a collaborative environment that accelerates our progress toward achieving our ambitious goals, particularly in how we use technology to augment and enhance the client experience," Otting said.
Higgins’ role was previously held by Jennifer Charters, who according to her LinkedIn left the role in August after six years. Charters became CIO at Lincoln Financial Group in October.
Otting took the helm at Flagstar, then called New York Community Bank, on April 1 and became executive chairman in June. Otting’s initial appointment came during a wave of executive change that with Martin and Higgins has continued; and the rapid changes have occurred in response to financial challenge earlier this year. The bank said last week that Higgins’ and Martin’s appointments “solidifies executive management buildout.”
Flagstar recently postponed its profitability goals and last month announced it would shed 1,900 roles, including several hundred associated to the sale of its mortgage business to Mr. Cooper.
Completion of the sale was announced Friday. Mr. Cooper said that it expects to fully integrate operations by early next year.
