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Flagstar Earnings, Originations Improve

$8.1 billion Q2 fundings

July 18, 2008

By MortgageDaily.com staff

Flagstar Bancorp Inc. saw quarterly earnings and mortgage volume improve, though non-performing assets worsened.

Residential loan production was $8.1 billion in the second quarter, the Troy, Mich.-based company reported Thursday. Fundings edged up from $7.9 billion during the prior period and rose from $7.2 billion a year earlier.

Flagstar's mortgage servicing portfolio ended the second quarter at $45.8 billion, increasing from $38.4 billion on March 31. Its first-mortgage loan portfolio was $6.0 billion, and its second-mortgage portfolio was $0.3 billion. The commercial mortgage portfolio was $1.7 billion on June 30.

Non-performing assets, including loans, real estate owned and repurchased assets, increased to $462 million from $373 million at the end of the first quarter. Non-performing first mortgages were $233 million, up from $173 million, while REOs rose to $119 million from $110 million.

Earnings during the latest period were $16 million, improving from an $11 million loss in the first quarter and a $15 million profit in the second quarter 2007. Loan-loss provisions increased to $44 million from $34 million three months earlier.

Flagstar employed 4,180 people on June 30, rising from 4,009 people on March 31. The total included 791 loan officers and account executives, down from 839.

The company operated 121 loan origination centers at the end of June, down from 138 at the end of March.

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