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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 Fundings Rise

$5.5 billion Q1 volume

April 27, 2007

By MortgageDaily.com staff

As its mortgage servicing portfolio fell, Flagstar Bancorp Inc.'s quarterly production rose.

The Troy, Mich.-based lender originated $5.5 billion during the first quarter, climbing from $5.1 billion during the fourth quarter, according to an earnings announcement Thursday. A year earlier, residential fundings totaled $4.3 billion.

"We significantly reduced our credit exposure on our high loan-to-value second mortgage/home equity loan portfolio," the statement said. First quarter subprime loan production was a mere $0.03 billion.

Flagstar's servicing portfolio was $19.1 billion at quarter's end, off $10.1 billion from a year earlier, according to the report. Delinquency of at least 90 days was 0.93 percent.

As of March 31, real estate owned declined to $76.8 million, repurchased assets also declined to $9.2 million and nonperforming soared $17.5 million to $74.6 million, Flagstar said.

The company said it held nearly $50 billion in mortgages for investment with average FICO scores of 721 and an average original loan-to-values of 73 percent.

Reflecting a decrease in loan servicing income, net earnings were $18.9 million during the latest period, the announcement said.

Servicing News | Servicer Ranking | Delinquency Statistics
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