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Flagstar Bancorp Reports Mortgage Production Totals

TROY, Mich., Feb 18, 2002 /PRNewswire-FirstCall via COMTEX/ -- Flagstar Bancorp, Inc. (FBC) , holding company of Flagstar Bank, FSB, today released January 2002 residential mortgage loan production figures. During January, the Company closed $3.5 billion in residential mortgage loans. This level of production is the highest level of production recorded for any January in our history and is 192% greater than the $1.2 billion reported in 2001.

"It seems that every time we believe that mortgage production is slowing, we break another record. We believe that this record production will continue for the near term. Our January pipeline is $3.5 billion compared with December's $3.1 billion. January was the second largest registration month in our history," stated Mark T. Hammond, President and Chief Executive Officer.

Flagstar Bancorp's wholly owned subsidiary, Flagstar Bank, is the largest savings institution headquartered in Michigan. Flagstar Bank currently operates from 71 banking centers located in Michigan and Indiana, 59 loan origination offices located predominantly in Michigan, along with 15 correspondent lending offices located across the United States.

The information contained in this release is not intended as a solicitation to buy Flagstar Bancorp, Inc. stock, is provided for general information, and is not intended to predict the future earnings of Flagstar Bancorp, Inc. Additional information about Flagstar may be accessed via the Internet at http://www.flagstar.com .

Flagstar Bancorp, Inc.

Michael W. Carrie, Executive Vice President of Flagstar Bancorp, Inc.

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