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Flagstar Bancorp Continues Record Mortgage Production Pace

TROY, Mich., July 10 /PRNewswire/ -- Flagstar Bancorp, Inc. (Nasdaq: FLGS), holding company of Flagstar Bank, FSB, today released 2nd quarter residential mortgage loan production figures. The levels achieved by the Company during the quarter and the month of June reached new corporate records. As previously press released, the Company achieved corporate records during March 2001 at $2.56 billion, then during April at $2.63 billion, and again during May with $2.73 billion. During June, the company closed $2.83 billion in residential mortgage loans. For the 2nd quarter, the Company closed $8.2 billion.

Production totals for the first half of 2001 have exceeded the residential mortgage loan production levels of all of 2000. Flagstar has originated $13.2 billion in residential mortgages in the first six months of 2001 versus $4.4 billion recorded during the comparable period in 2000. Flagstar originated $9.9 billion in residential loans during 2000.

Chairman and Chief Executive Officer, Thomas J. Hammond stated ``Our mortgage operation is continuing to operate at full capacity. The transaction fee revenue generated by these originations will push the Company's earnings to record levels.''

MortgageDaily.com
Flagstar Bancorp's wholly owned subsidiary, Flagstar Bank, is the largest independent savings institution headquartered in Michigan. Flagstar Bank currently operates from 63 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.
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