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Our Corporate Responsibility Journey

We’re building upon our foundation of community involvement, sustainability, and diversity, equity, and inclusion.

About our efforts

Flagstar has a long and proud history of supporting our communities, beginning with endeavors focused on diversity and inclusion and philanthropic activities. In 2022, we expanded our efforts to include a broader emphasis on sustainability as well as the larger area of Environmental, Social, and Governance (ESG).

Our corporate responsibility purpose

Our corporate responsibility is to cultivate and promote prosperity and equity for our key stakeholders while sustaining and protecting the environment.

 

Committed to accountability

We began building our ESG framework in 2020 by working with a software analytics platform to compare our current activities to our peers and structure our future ESG priorities and the path ahead. In 2021, we worked with Environmental Resources Management, a global sustainability consultancy firm, to complete our first greenhouse gas inventory. This project used 2019 data to benchmark emissions and identify appropriate reduction targets. 

Flagstar’s Board of Directors further solidified our commitment to integrating ESG strategies throughout our business and proactively assessing risk. In 2021, the board changed the name of the Nominating/Corporate Governance Committee to the Nominating, Governance, and Social Responsibility Committee, and then revised the committee charter to include board oversight of ESG-related and DEI initiatives and strategy. 

In 2022, Flagstar created a new Director of ESG & Sustainability role to coordinate and expand our ESG efforts across the organization.

Also in 2022, we continued to further our understanding of ESG within the organization and throughout the communities we serve. Flagstar conducted an ESG materiality assessment to incorporate internal and external stakeholder perspectives to guide future ESG reporting topics and identify opportunities to demonstrate our commitment to creating a sustainable and profitable business model that enables us to serve our customers, employees, communities, and shareholders more effectively. 

At the end of the year 2022, Flagstar Bank was acquired by New York Community Bancorp. Work has already begun to pull together the relevant baseline ESG information from both legacy companies and build an ESG strategy in the combined company. As such, the ESG disclosures and policies presented throughout our 2022 ESG report reflect the joint efforts from both Flagstar Bank and New York Community Bancorp unless explicitly stated otherwise.

Awards and accolades

 

Noteworthy Company for Diversity,

DiversityInc, 2022

 

Award Icon for 7th Largest Bank Mortgage Originator from Inside Mortgage Finance

 

Diversity Focused Company
Corp! Magazine, 2022

 

Award Icon for Top 50 Mortgage Company from Mortgage Executive Magazine

 

2022 ERG of the Year
Detroit Regional LGBT Chamber of Commerce

 

Award Icon for Originator Choice award from National Morgage Profressional

 

A Top Employer for Women
Mortgage Women Magazine, 2022

 

Award Icon for Best Overall Mortgage Lender from NerdWallet

 

Military Friendly Bronze Employer, 2022

 

Award Icon for STAR Servicing Award 7x Fannie Mae Recipient

 

Best for Vets Employers
Military Times, 2022

 

Award Icon for Premier status as part of ENERGY STAR's® Certification Nation special recognition program, 2022

 

Premier Member
ENERGY STAR® Certification Nation, 2022

 

Our principles

At Flagstar, corporate responsibility is informed by four aspects that underpin everything we do.

Our people

We hire talented people who represent the diversity of the communities we serve and provide them with tools to develop their skills and opportunities to grow.

Our business

We’ve built a strong business model that performs well in any rate environment, with levers to pull that create consistent, long-term results for our shareholders.

Our community

We believe in the transformational power of local investments. Central to this is the Flagstar Foundation, which invests in nonprofits that develop workforces, promote arts and culture, and support financial literacy.

Our culture

We believe great companies embrace a culture of diversity, equity, and inclusion. Broadening our perspectives engages employees, encourages team building, and creates a positive environment in which to work and grow.

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Why Corporate Responsibility Matters

Flagstar’s President and CEO shares our ESG achievements from 2022.

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Our Vision & Values

From the way we treat our customers to the way we treat each other, our principles and values serve as our North Star.

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Our Business Overview

We've built a balanced, scalable business model that can thrive in any business environment.