Residential loan originations shot up at Flagstar Bancorp Inc. But so did delinquency.
Second quarter production was $7.2 billion, rising from $5.5 billion the previous quarter, according to earnings data released Tuesday. A year earlier, fundings were $4.9 billion.
Subprime business represented just 0.2 percent of first quarter volume, the Troy, Mich.-based company said.
Flagstar said its mortgage servicing portfolio ended the latest quarter at $21.5 billion. The company's first and second mortgage loans held for investment totaled $5.6 billion on June 30. Delinquency of at least 90 days was 1.30 percent for all loan types -- jumping from 0.93 percent on March 31.
Second quarter commercial loan production reportedly was $0.2 billion.
Second quarter net earnings were $15.1 million, according to the report.