December mortgage volume stepped up for a Michigan-based banking institution and an annual record followed.
Flagstar Bancorp Inc. reported that in December it closed $2.6 billion in residential mortgage loans, up from $2.3 billion in November. A year ago, production was much more robust at $5.3 billion.
In all of 2003, residential volume totaled a record $56.4 billion, compared to $43.2 billion in the prior year, the company said.
Flagstar, which says it is one of the largest Michigan-headquartered banking institutions, pointed out that factors contributing to the positive results included its growth in retail banking, the strong performance of its mortgage servicing portfolio, and management's quick response to reduce expenses when the refinance business slowed.
The thrift agreed last month to pay approximately $1.2 million after an Indianapolis court determined it was being illegally discriminatory by charging larger revenue per loan to nonminority borrowers than minority borrowers, according to an announcement from the law firm of Young, Riley, Dudley & Debrota.