secwatch.observer — SEC 8-K summary
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Issuer:     FLAGSTAR BANK, NATIONAL ASSOCIATION (FLG)
CIK:        0000910073
Form:       8-K
Filed at:   2024-11-06T23:59:59+00:00
Accession:  0000910073-24-000184
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.80
Item codes: 2.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Flagstar completes $1.3B sale of mortgage servicing assets to Mr. Cooper subsidiary
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- Closed sale of mortgage servicing rights, subservicing contracts and origination assets to Nationstar for ~$1.3B cash on Oct 31, 2024.
- Estimated pre-tax gain on sale of ~$130M; expects additional pre-tax costs of ~$75M from asset impairment and severance.
- Pro forma shows removal of ~$1.09B MSR, ~$374M loans, and $333M other liabilities; custodial deposits of ~$4B to transfer within 5 months.
- Transaction reduces interest income and expenses; pro forma net loss for H1 2024 widens from $650M to $722M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/910073/000091007324000184/0000910073-24-000184-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/910073/000091007324000184/nycb-20241031.htm
  HTML page:      https://secwatch.observer/filing/0000910073-24-000184

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