Fundings fell at Flagstar Bancorp, and no signs of recovery are on the horizon.
Production during the fourth quarter was $5.6 billion, down $2.7 billion from the prior period and $3.2 billion less than a year prior, according to an announcement Tuesday.
During all of 2005, originations were $28.2 billion, $6 billion worse than the prior year, the report said.
Rate lock commitments at the end of December were $1.3 billion, the Troy, Mich.-based lender reported -- just half the level at the end of the third quarter.
Noting the decline in mortgage production was expected, CEO and President Mark Hammond said, "We remained focused on credit quality and growing our consumer and commercial loans," adding that mortgages will continue to be offered to satisfy borrower needs.