Directors at the regional bank approved an amendment to change its name to Flagstar Financial. While under previous leadership, NYCB acquired Flagstar Bank, a company with extensive mortgage lending and servicing operations at the time, in 2021, closing on the deal a year later. 

The rebranding takes effect following the close of business on Oct. 25, with the publicly listed company to begin trading on the New York Stock Exchange under new ticker symbol FLG on Oct. 28.     

Consumers will likely see little change with the new corporate moniker, after NYCB previously converted all of its existing branch locations to Flagstar offices after the acquisition. 

"This name change is a continuation of those efforts and unifies the company and our vision into a single brand." New York Community President and CEO Joseph Otting said in a press release. 

"We are excited to announce our new holding company name and stock symbol, marking another milestone in our ongoing transformation. Over the past six months, the board of directors and management have made remarkable progress in laying a strong foundation for the future," Otting said. 

Representatives from NYCB had not responded to a request for comment on the potential impact to its mortgage business prior to article publication. Shortly after NYCB took over Flagstar, the bank reduced home lending operations of its newly acquired company due to expectations of an industry slowdown. 

For several years prior to the merger, Flagstar began a mortgage-specific technology accelerator program, which continues to operate. 

On the corporate and investor relations side, the streamlining of the company under the Flagstar name could represent a more positive strategy development as New York Community closes out the year. After analysts expressed concerns over the concentration of multifamily and other commercial loans within its portfolio, the Long Island, New York-based bank took hits to both reputation and stock price, with the bad news quickly multiplying in the first three months of this year.