DocVelocity Announces Release of Version 2.0 With New Features and Enhancements

TROY, Mich., June 1 /PRNewswire-FirstCall/ -- DocVelocity, a paperless
processing service for mortgage bankers and brokers, today announced the
release of DocVelocity 2.0. The new release includes numerous enhancements to
make paperless processing easier and faster for users while providing tools
for better compliance. DocVelocity is a wholly owned subsidiary of Flagstar
Bancorp.

"We've taken the feedback from our customers and other mortgage professionals
and created a new version of DocVelocity that gives users a better paperless
experience," said Andrew Schmitt, DocVelocity manager of operations. "We even
redesigned docvelocity.com to make it easier to use and find information."

Notable enhancements in version 2.0 include:

-- Workflow alerts - Eight new optional alerts to keep mortgage
originators on top of important changes to their loans.

-- Better integration with loan origination software (LOS) - Each folder
created in DocVelocity has its own unique URL for even easier access
and
sharing. Folder links can be placed in virtually any LOS for instant
access to the corresponding folder in DocVelocity.

-- Audit logs - DocVelocity 2.0 helps mortgage originators stay compliant
by logging and recording all folder activity. Whether documents are
deleted or added, statuses are changed, or folders are moved, it's
all logged - even the contents of all transmissions.

In developing DocVelocity and its 2.0 release, Flagstar Bank partnered with
Capsilon Corporation, an innovative leader in Web-based paperless
technologies.

To learn more about DocVelocity, call (877) 362-8356 or visit
www.docvelocity.com.

About DocVelocity and Flagstar Bancorp
DocVelocity is the flagship product of Paperless Office Solutions, Inc., a
wholly owned subsidiary of Flagstar Bancorp (NYSE: FBC). With $16.8 billion in
total assets, Flagstar is the largest publicly held savings bank headquartered
in the Midwest. At March 31, 2009, Flagstar operated 177 banking centers in
Michigan, Indiana and Georgia and 61 home loan centers in 18 states. Flagstar
Bank originates loans nationwide and is one of the leading originators of
residential mortgage loans. For more information, please visit
www.flagstar.com.

About Capsilon Corporation
Capsilon Corporation, based in San Diego, Calif., is a leading provider of
Web-based paperless technology solutions. For more information, please visit
www.capsilon.com.

SOURCE Flagstar Bank, Inc.

Andrew Schmitt, Flagstar Bank, Inc., +1-248-312-2242