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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 Shrinking Mortgage Ops

$9.3 billion Q2 production

July 29, 2009

By staff

The number of mortgage offices, account executives and loan originators have been cut at Flagstar Bancorp Inc. In line with the contraction, originations were off from the first quarter.

The Troy, Mich.-based bank today reported $9.3 billion in second-quarter originations. Activity eased from $9.5 billion in the first quarter but was higher than $8.1 billion during the second-quarter 2008.

The institution's servicing portfolio ended last month at $61.5 billion, higher than $58.9 billion as of March 31.

Flagstar held $5.5 billion in first mortgages for investment as of June 30, lower than $5.8 billion at the end of March. Second-mortgage holdings fell to $0.2 billion from $0.3 billion, while commercial mortgages declined to $1.7 billion from $1.8 billion.

Chief Executive Officer Mark T. Hammond noted an improvement in delinquency near the end of the quarter.

Flagstar's second-quarter loss was $77 million, worse than the $67 million loss in the previous period and the $16 million profit a year earlier.

The number of loan officers and account executives fell to 457 on June 30 from 519 three months earlier. Company-wide headcount was 3,747, down from 3,804.

Flagstar operated 45 loan origination centers as of the end of the second quarter, apparently closing 16 centers since the end of the first quarter.

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