Flagstar Bank Announces Availability of Digital Document Transfer(TM) Platform with Key Partners

TROY, Mich. -- Flagstar Bank (NYSE: FBC) today announced general availability of its Digital Document Transfer(TM) platform and specification for seamless electronic document exchanges with key mortgage industry partners.

Flagstar Bank has partnered with six mortgage technology providers to develop and implement a standards-based document exchange specification for electronic loan delivery. Collaboration between Flagstar and these partners will advance Flagstar's leadership position in moving the mortgage industry to a paperless environment. These partners include:

* Advectis, Inc.

* Investor Purchase And Delivery Services, Inc. (IPAD)

* Pyramid Solutions, Inc.

* Stewart Mortgage Information (SMI)

* Tradewinds Mortgage Document Preparation Company, Inc.

* VirPack

The Digital Document Transfer(TM) specification is based on the Mortgage Industry Standards Maintenance Organization's (MISMO) SMART Document format. It includes the SMART Document DTD (Document Type Definition) and the ePackaging specifications. The Digital Document Transfer(TM) specification supports SMART Document Levels 3 and 4. Future versions will encompass higher levels of document security and will provide support for additional SMART Document levels. The Digital Document Transfer(TM) specification is available at no cost to companies that exchange electronic documents with Flagstar Bank and its partners and are interested in supporting this standard for document exchanges.

The initial partners have enhanced their electronic document management products or services to allow creation and/or acceptance of SMART Documents and ePackages that conform to the Digital Document Transfer(TM) guidelines. They also have demonstrated and tested electronic document exchanges with Flagstar using this standard. This allows brokers and correspondents using solutions from Digital Document Transfer(TM) partners to utilize single-click or automatic document submissions to Flagstar Bank. Additionally, the standard offers two-way communication among Digital Document Transfer(TM) partners to provide system-to-system statuses of the exchange process.

The specification supports transfers of both closing and credit documents. Credit documents received by Flagstar Bank via the Digital Document Transfer(TM) platform are immediately processed through Flagstar's Paperless Underwriting(TM) systems. In addition, all transferred electronic documents are viewable to Flagstar customers via its Paperless File Manager(TM) application at https://wholesale.flagstar.com and https://retail.flagstar.com .

"Flagstar is proud to work with customers and partners who are committed to building a common electronic document exchange platform," said Charles Kirkpatrick, executive vice president and chief technology officer, Flagstar Bank. "Using MISMO's fine groundwork in electronic packaging and delivery, we have created a simple exchange platform for all participating companies. We're confident that as more companies support the standard, the entire industry will benefit from greater efficiencies."

Harry Gardner, Vice President, eMortgages, Mortgage Industry Standards Maintenance Organization, Inc. said, "We are very pleased to see Flagstar Bank moving forward with an eMortgage implementation using the MISMO SMART Document specification and ePackaging XML standards. Using MISMO technology standards can save lenders and their business partners months of integration time, compared to one-off interface solutions, and builds a solid infrastructure for future enhancements."

For more information about the Digital Document Transfer(TM) coalition, the platform, or the transfer specification, please contact Flagstar Bank at ddtinfo@flagstar.com . To select an electronic document management solution that supports seamless electronic submissions to Flagstar Bank using this standard, please contact any of the transfer partners listed.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.