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Fatter Fundings at Flagstar

$7.9 billion 1st quarter originations

April 23, 2008

By MortgageDaily.com staff

Flagstar Bancorp Inc.'s residential quarterly volume climbed, while earnings rose from the prior period but tumbled from the prior year.

First-quarter residential loan production was $7.9 billion, according to earnings data released yesterday. Fundings increased from $6.5 billion during the fourth quarter and $5.5 billion a year earlier.

Commercial mortgage originations were $0.1 billion during the latest period, down from around $0.2 billion in the fourth quarter and $0.2 billion during the first quarter 2007.

Loans associated with Flagstar's mortgage servicing rights portfolio totaled $38.4 billion at the end of March. Residential mortgage loans held for investment at the Troy, Mich.-based firm were $6.2 billion on March 31.

Nonperforming first mortgages jumped to $173 million from $135 on Dec. 31. Real estate owned was $137 million on March 31, climbing from $109 million three months earlier.

Flagstar reported a first-quarter loss of $11 million, improving from a $30 million loss in the fourth quarter but worse than the $8 million profit a year earlier.

Chief Executive Officer Mark T. Hammond explained that earnings were impacted by a $34 million provision for loan losses, asset mark-downs of $10 million and a loss on loan administration activities of $17 million that resulted from a change from the amortization method to fair value accounting for servicing rights.

Flagstar said it employed 4,009 people on March 31, including 839 loan officers and account executives. The company operated 138 loan origination centers.

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