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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 Inflates Fundings, Lowers Losses

$6.9 billion in Q4 production

Feb. 2, 2010

By staff

Quarterly and annual originations increased at Flagstar Bancorp Inc., while quarterly losses fell. But delinquency and annual earnings didn't fare so well.

Residential loan production was $6.9 billion during the fourth quarter, the Troy, Mich.-based institution reported Monday. Business was better than the third quarter's $6.6 billion and the fourth-quarter 2008's $5.4. billion.

Of the 10 major residential lenders that have reported fourth-quarter activity -- only Flagstar and Quicken Loans Inc. reported an increase from the third quarter.

Full-year 2009 fundings were $32.3 billion, improving from the prior year's $28.0 billion.

The portfolio of loans serviced for others finished last year at $56.522 billion, increasing from $53.160 billion on Sept. 30, 2009, and $55.870 billion on Dec. 31, 2008.

In addition, Flagstar said it owned $4.991 billion in first mortgages as of the end of 2009, less than $5.305 billion on Sept. 30. Second-mortgage holdings fell to $0.222 billion from $0.236 billion.

Construction loan assets declined to $0.016 billion from $0.023 billion. But warehouse-lending assets increased to $0.449 billion from $0.426 billion.

Commercial real estate loans fell to $1.600 billion from $1.677 billion at the end of September.

Delinquency of at least 30 days on all loan assets hit 16.9 percent on Dec. 31, climbing from 15.7 percent on Sept. 30 and just 10.8 percent on Dec. 31, 2008.

Flagstar -- which announced on Jan. 27 that it raised $300 million in capital --had a $67 million fourth-quarter loss before income taxes, improving from the $178 million loss in the prior quarter and better than the $336 million loss in the fourth-quarter 2008. For all of 2009, losses rose to $497 million from $275 million.

The company said it operates 23 home-loan centers in 14 states.

Flagstar employed 336 loan officers and account executives as of the end of December. The sales staff was slashed from 436 on Sept. 30 and 674 at the end of 2008.

Company-wide headcount, excluding loan sales staff, fell to 3,075 from 3,220 three months earlier and 3,246 one year earlier.

Flagstar profile

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