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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 Originations Down By Nearly Half

$4.9 billion Q1 production

April 27, 2011

By MortgageDaily.com staff


A 47 percent drop in quarterly home-loan production was reported by Flagstar Bancorp Inc., and the current quarter is likely seeing further declines. But the bank-holding company grew its mortgage servicing portfolio, unloaded $80 million in non-performing mortgages and substantially cut its losses.

Residential originations at the Troy, Mich.-based company were $4.9 billion, according to first-quarter earnings data. Volume sank from $9.2 billion closed in the prior period but was better than $4.3 billion a year earlier.

Business is likely to continue to decline, with mortgage rate lock commitments falling to $5.5 billion from the fourth quarter's $8.9 billion.

The third-party mortgage servicing portfolio finished last month at $59.6 billion, up from $56.0 billion at the end of last year. At the same point in 2010, the portfolio was $48.3 billion.

During the quarter, Flagstar said it sold $80 million in non-performing residential first mortgages.

The bank's March 31 investment portfolio included $3.8 billion in residential first mortgages, $0.2 billion in residential second liens and $0.3 billion in warehouse loans. Another $1.2 billion was owned in commercial real estate loans.

First-quarter income before taxes was a $27 million loss -- an improvement from the $186 million loss in the prior three-month period and the $77 million loss in the first three months of last year.

Flagstar employed 306 loan officers and account executives as of March 31, more than the 278 loan sales staff as of Dec. 31. The number was 314 on at the end of the first-quarter 2010.

Total staff size across the parent company was 3,336, up from 3,279 at the end of December and 3,241 a year earlier.

Branch count has remained constant at 162.

Flagstar profile

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