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After building a nationwide wholesale operation, Flagstar Bank FSB, is planning to expand its retail lending operation nationwide.
"Flagstar spent the 1990s developing its wholesale and correspondent businesses," Flagstar president and vice chairman Mark Hammond told institutional investors.
"We intend to expand our retail mortgage originations over the next five years to all 50 states," he said at a Friedman Billings Ramsey & Co. investor conference in Washington.
This expansion could lead to the development of some 400-500 retail offices in every major metropolitan area. However, Flagstar intends to use a...