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Flagstar Bancorp Announces Record Mortgage Production Data

TROY, Mich., June 8 /PRNewswire/ -- Flagstar Bancorp, Inc. (Nasdaq: FLGS news), holding company of Flagstar Bank, FSB, today released May 2001 residential mortgage loan production figures. The levels achieved by the Company during the month reached a new corporate record. The Company has achieved a corporate record during March 2001 at $2.56 billion, then during April at $2.63 billion and during May mortgage production reached $2.7 billion.

Production totals for the five months ended May 31, 2001 have exceeded the residential mortgage loan production levels of all of 2000. Flagstar has originated $10.8 billion in residential mortgages in the first five months of 2001 versus $9.9 billion recorded during the year ended December 31, 2000.

At May 31, 2000, the Company had rate lock commitments to originate $3.0 billion in mortgage loans compared with $2.5 billion at March 31, 2001.

Chairman and Chief Executive Officer, Thomas J. Hammond stated, "Our mortgage origination is operating on all cylinders. Flagstar has positioned itself well and has been able to take advantage of the large amount of refinance activity this year. We have been categorized as a mortgage originator and the Company has always been able to capitalize on a low interest rate environment. We have put up record origination volumes and an associated increase in the amount of transaction fee revenue. We are poised to exceed our annual record achieved in 1998 if interest rates remain at these levels."

Flagstar Bancorp's wholly owned subsidiary, Flagstar Bank, is the largest independent savings institution headquartered in Michigan. Flagstar Bank currently operates from 61 bank branches located in Michigan and Indiana, 49 loan origination centers located predominantly in Michigan, along with 15 correspondent lending offices located across the United States.

The information contained in this release is not intended as a solicitation to buy Flagstar Bancorp, Inc. stock, is provided for general information, and is not intended to predict the future earnings of Flagstar Bancorp, Inc. Additional information about Flagstar may be accessed via the Internet at http://www.flagstar.com

SOURCE Flagstar Bancorp, Inc.
Web Site: http://www.flagstar.com

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