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Flagstar Bank acquiring Santander mortgage warehouse portfolio

Flagstar Bank FSB is acquiring a mortgage warehouse loan portfolio from Santander Bank NA, in a transaction that includes the latter's warehouse lending team.

The deal is expected to close within the quarter.

Troy, Mich.-based Flagstar had $16.86 billion in assets at the end of 2017; Santander, the Boston-based unit of Spain's Banco Santander SA, had $74.45 billion.