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Flagstar Bancorp Reports Record Production Totals

TROY, MI (April 10, 2002) -- Flagstar Bancorp, Inc. (FBC) , holding company of Flagstar Bank, FSB, today released March 2002 residential mortgage loan production figures. During March, the Company closed $3.1 billion in residential mortgage loans. This level of production is the highest level of production recorded for any March in our history and is 19.2% greater than the $2.6 billion reported in 2001.

During the 1st quarter, the Company closed $9.3 billion in residential mortgage loans. This level of production is the highest level of production recorded for any 1st quarter in our history and is 72.2% greater than the $5.4 billion reported in the comparable 2001 period.

"These numbers are impressive. Rates have moved up but our numbers continue to be strong," stated Mark T. Hammond, President and Chief Executive Officer.

"This record mortgage volume, our retail banking expansion, and our increasing interest margin have all contributed to the record level of earnings we expect to report for the 1st quarter," he added.

Flagstar Bancorp, Inc.

Flagstar Bancorp's wholly owned subsidiary, Flagstar Bank, is the 3rd largest banking institution headquartered in Michigan. During 2001, Flagstar was the most profitable publicly-traded banking institution in the nation, based on its 35.0% return on equity.

Flagstar Bank currently operates from 74 banking centers located in Michigan and Indiana, 69 loan origination offices located in seventeen states, 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 and is provided for general information. Additional information about Flagstar may be accessed via the Internet at http://www.flagstar.com .

Copyright © 2002 MortgageDaily.com

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