Flagstar Bank has named Lee Smith as its new president of mortgage, stepping into the role vacated in July by Kristy Fercho, who now heads up Wells Fargo Home Lending.

Smith joined Flagstar in 2013 as executive vice president and chief operation officer. He directed a number of business units, including mortgage servicing, as well as strategy, balance sheet and cost optimization, and mergers and acquisitions.

Lee Smith is the new president of mortgage at Flagstar Bank.

Now as president of mortgage, Smith is responsible for the direction and oversight of all aspects of the business, such as mortgage sales, originations, servicing, fulfillment and the overall strategic growth of the mortgage and servicing business units.

Flagstar also announced that it is eliminating

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