A former Fannie Mae executive has been hired to run the mortgage business at Flagstar Bancorp Inc., freeing up the bank’s chief executive officer to run the company.

Back in February, the Troy Michigan-based financial institution disclosed that the president of its mortgage business, Leonard Israell II, was leaving his post.

Subsequently, Flagstar revealed that its CEO, Alessandro DiNello, and Flagstar Chief Operating Officer Lee M. Smith were running the mortgage business until a new leader was found.

Source: Mortgage Daily