|Flagstar Bancorp Reports Mortgage Production Totals
TROY, Mich., Jan. 11 /PRNewswire-FirstCall/ -- Flagstar Bancorp, Inc. (NYSE: FBC), holding company of Flagstar Bank, FSB, today released December 2001 residential mortgage loan production figures. During December, the company closed a record $3.8 billion in residential mortgage loans. This level of production equals the corporate record recorded in November despite the slower holiday period.
Fourth quarter production of $11.0 billion and 2001 annual totals also reached periodic records for residential mortgage loan production. During 2001, the Company originated $33.0 billion, exceeding the $18.8 billion record set in 1998.
"We are extremely proud of this achievement, which is a result of long hours put in by our associates and leveraging strong customer relationships developed over many years," stated Mark T. Hammond, President and Chief Executive Officer. "Although we are seeing a slowdown in volume for the early weeks of 2002, our pipeline of loans with rate lock commitments totaled $3.1 billion at year end. We believe that our volume for the first half of the year will lag last year by 12%, however 2002 looks like it is going to be another great year for mortgage production," added Hammond.
"As has been the case in the recent past, the record origination volume has created a large amount of transaction fee income within our mortgage banking operation. At this time we believe our earnings for the fourth quarter will exceed the consensus estimate of $1.00 per share.
|Flagstar Bancorp's wholly owned subsidiary, Flagstar Bank, is the largest savings institution headquartered in Michigan. Flagstar Bank currently operates from 71 banking centers located in Michigan and Indiana, 59 loan origination offices 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
Flagstar Bancorp, Inc.
Michael W. Carrie
Executive Vice President of Flagstar Bancorp, Inc.