President and CEO
Flagstar Bank
Alessandro DiNello took the helm of Flagstar Bank in mid-2013 in the aftermath of the housing meltdown, which had left Flagstar saddled with non-performing residential mortgage loans. A 37-year veteran of the company, DiNello moved quickly to de-risk the balance sheet, assemble a seasoned executive team, build a risk management organization and develop a business plan that would put Flagstar on the path to profitability and keep it there. Underpinning it all was a new culture of compliance instilled by DiNello and his team.
As of the third quarter 2016, Flagstar had posted eight straight quarters of profits, beating Wall Street’s estimate in all but one of those quarters. Nonperforming loans fell to a 15-year low in the first quarter of 2016 and continue to drop. The company has redeemed its TARP securities, settled major outstanding lawsuits and validated its business model.
Through all its challenges, Flagstar has remained a leading national originator and is now also a leading national subservicer. Today, the company is revitalized with a growing and more diversified balance sheet, strong capital and impeccable credit quality.