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Record $5.3 Billion Flagstar December Production

Quarter reaches record $15.6 bil

January 14, 2003

By MortgageDaily.com staff

Flagstar Bancorp, Inc. announced another record-breaking quarter and month of mortgage loan originations.

During December, the Troy, Mich.-based company closed $5.3 billion in residential mortgage loans, beating its previous record of $5.2 billion during November. The new record also is an almost 40% increase over last year's $3.8 billion.

The company reported closing $15.6 billion in loans during the fourth quarter. According to the financial records readily available for review, this also is a record for Flagstar originations. It represents a 41% increase over third quarter's $10.9 billion, and an almost 42% over the $11.0 billion during the same time last year.

CEO Mark Hammond said the amount of Flagstar's interest rate locks were more than $6.8 billion during December.

"Our loan production exceeded our internal projections for this time of the year. This level of rate locks is a positive start to the 2003 production year, " he said.

Flagstar announced closing a corporate annual record of $43.2 billion in mortgage loans. This represents an almost 31% increase over 2001's year-end total of $33 billion.

Flagstar shares were trading at $22.00 midday Tuesday, down $0.68, according to CBSMarketwatch.com.

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