Andrew (Drew) Ottaway has been named executive vice president and head of lending at Flagstar Bank.
This is in addition to Ottaway’s current role as president of the bank’s Michigan market. In that role, he has responsibility for Flagstar’s retail platform and 99 branches in Michigan.
In the year since Ottaway has been in charge of lending, he has led his team to impressive growth and increased capabilities, Flagstar says in a release. Commercial loan balances grew to $3.3 billion, including a highly diversified portfolio of commercial real estate and commercial and industrial loans. Commercial real estate loans increased 55% to $1.3 billion. Warehouse lending commitments climbed 32% to $2.9 billion year over year, with about 60% of the mortgages purchased by investors other than Flagstar. And, for the first time, Flagstar’s commercial loan portfolio exceeded its consumer loans.
Also under Ottaway’s leadership, new commercial lending initiatives were launched, including home builder finance, equipment finance and leasing, franchise financing, and mortgage servicing rights financing. Flagstar also initiated capital markets products and services, including syndications. In its first year, the home builder financing group has grown to a $181 million portfolio of national home builder clients, while equipment loans and leases reached $89 million in 2016.