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Origination News | Lender Ranking | Fundings by Lender | Statistics
Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.

Flagstar Originations Better, Earnings Worse

$5.4 billion Q4 fundings

January 30, 2009

By staff

Flagstar Bancorp Inc.'s loan production rose last year, while the servicing portfolio continued to grow. But the latest quarterly earnings deteriorated.

Residential loan production last year was $28.0 billion, according to earnings data reported today. Volume was 9 percent higher than $25.7 billion reported for 2007.

During just the fourth quarter, Flagstar funded $5.4 billion, falling from $6.7 billion in the third quarter and $6.5 billion 12 months earlier.

The portfolio of mortgages serviced for others ended last year at $55.9 billion, increasing from $51.8 billion on Sept. 30 and $32.5 billion on Dec. 31, 2007. Flagstar said it earns 33 basis points for its servicing fee.

Flagstar's first mortgage holdings were $6.0 billion at the end of December, down from $6.1 billion at the end of September and $5.8 billion a year earlier. Second-mortgage holdings were off slightly from September to $0.3 billion but were well above $0.1 billion 12 months prior.

Commercial mortgages on the balance sheet were $1.8 billion, up from $1.7 billion the prior quarter.

Last year, Flagstar had a $257 million loss -- soaring from a $39 million loss during 2007. Fourth-quarter losses were $200 million, worsening from a $62 million third-quarter loss and a $30 million loss one year earlier.

Flagstar disclosed that it will receive $523 million in capital from three sources -- including $267 million in capital purchase program proceeds under the Troubled Asset Relief Program and $250 million from MP Thrift Investments L.P., which has committed to another $100 million in equity investments during the first quarter.

Employee count was 3,920 at yearend, falling from 4,027 at the end of the third quarter. Headcount included 674 loan officers and account executives, down 62 positions from the third quarter.

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