The Federal Reserve has given the green light for the proposed merger between Flagstar Bank and New York Community Bank to go through, about 19 months after the deal was agreed to.

The $2.6 billion merger deal, which was first announced in April 2021, is now expected to close on Dec. 1.

The Office of the Comptroller of the Currency approved the merger in late October.

Michigan-based Flagstar ranks among the biggest mortgage lenders in America, originating $23 billion in mortgages over the first nine months of the year, according to figures by Inside Mortgage details ⇒

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