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Flagstar Bancorp Reports Mortgage Production Totals

TROY, MI (June 7, 2002) -- Flagstar Bancorp, Inc. (FBC) , holding company of Flagstar Bank, FSB, today released May 2002 residential mortgage loan production figures. During May, the Company closed $2.4 billion in residential mortgage loans. This level of production compares to the $2.7 billion of production recorded in May 2001 and the $831.0 million reported in May 2000.

For the first five months of 2002, the Company has closed $14.3 billion in residential mortgage loans. This level of production compares to the $10.8 billion and $3.5 billion reported in the comparable 2001 and 2000 periods, respectively.

At May 31, 2002, the Company had rate lock commitments of $3.6 billion compared to the $2.9 billion in rate locks reported at March 31, 2002. The level of rate locks is a general indication of the level of mortgage production that can be expected in the near term.

"Our May mortgage closing numbers are slightly lower than last year's numbers but they are still very strong. During the past few weeks, rate locks have picked up. The increase has coincided with the recent decline in the ten year treasury rate," stated Mark T. Hammond, President and Chief Executive Officer.

"In addition, new home purchase activity is accounting for more new mortgage business. These results are consistent with management's current expectations," he added.

Flagstar Bancorp, Inc.

About Flagstar:
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.
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