A highlight from Flagstar Bank CIO Jennifer Charters on Driving an Innovative Culture
Detective vacation i'm peter. Hi i'm so pleased to be joined today by gen charters. Jen is the chief information. Officer of flagstar. Flagstar is a michigan based national mortgage lender with thirty one billion dollars in assets under management. She's been in that role for roughly three years. Now after twelve year stint. I should say a dozen years at ally bank where she was most recently. The chief information officer of corporate technology and also serves as the president of the michigan council of women in technology and looking forward to covering all of these topics with her areas of responsibility that she has or has had as. Well jen so nice to see you tonight here. Great to be here jen. Let's begin with with flagstar if you don't mind for for those who may be less familiar with it. I provided a little bit of an introduction as to what you do but maybe provide a little bit more of that thumbnail sketches to stars business. Please sir so so. Plex star is a community bank and we operate our retail branches about five states We have a national charter That enables us to service customers. Nationwide mortgage is a pretty significant part of our business. mortgage origination. So we tonight mortgages across the country we also have a mortgage servicing business. We are the sixth largest mortgage servicer in the country. where We are we service not only flex mortgages but Service for others is wow and within our community bank We have both retail as well as commercial lending as an example. We have a warehouse lending business which is the third largest warehouse lending business in the country And we also offer on a number of other Commercial loans including homebuilder finance and commercial real estate. Cni and you were the chief information officer of the of the company talk a little bit of balance. And you've been there in enroll for roughly three years. I mentioned at the top talk a bit about the. It department you inherited when you join the organization. Which which did you find. And as a result of that what. We're the first changes you look to enact. Yeah so You know. I mentioned the the prominent role in mortgage had it flagstar bank. And if you were to go back to the financial crisis i think at that time. I you know they look hit pretty hard on at that time. with You know the impact on mortgage and mortgage lending in a number of of various regulatory issues that they had to deal with and so the organization that i came into is was clearly one that had been through. I will say a bit of crisis in turmoil. During that time A number of cost reductions. That were were likely made decisions. Made about reducing Potential investment costs. And things. Like that. And so i was fortunate enough to come into the bank at a time when it was now starting to turn a corner it most of the regulatory issues were largely past them and i and now we're starting to look forward toward you know. What was the new flight. Flagstar going to look like the the flagstar that could now focus on growing. And so one of the challenges that i had was coming into an organization that had been very alsace sort of risk averse and maybe also less inclined to to invest and think about things in more of an innovative way So more kind of toga line. In a whole the core versus continuing to to kind of advancing grow. And so when i came to it that that was sort of the situation that i was in and and so my one of my goal was to now start thinking about. How could we advance flagstar in a more innovative in a more digital way and so a few things on that i did was engaging us with more of the fintech culture so one example was engaging with the university of michigan In their fintech club doing like a a challenge with them another example was we created basically a mortgage technology accelerator so they were a venture capital firm and so they helped us put together.