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More Records

Flagstar reports September production

October 10, 2002

By MortgageDaily.com staff

Flagstar Bancorp, Inc. released record production figures for the month of September and reported a jump in rate lock commitments.

The Michigan-based company reported Monday that it closed an all-time high of $4.1 billion in residential mortgage loans during September, shattering its former record of $3.8 billion set in December 2001.

This new record is a 31% increase from the August 2002 figure of $3.6 billion, and a 58% increase from the September 2001 figure of $2.6 billion.

Flagstar reported $8.6 billion in rate lock commitments at Sept. 20, 2002, a general indication of the level of mortgage production that can be expected in the near term. This compares with the $7.0 billion in rate lock commitments reported for August.

Because of the record production in September, company officials are comfortable with meeting the consensus earnings expectation of $0.85 in the third quarter, the report said.

"Earnings of $0.85 would constitute a corporate record for any quarterly earnings report," said Mark Hammond, president and chief executive officer. "On a going forward basis, our rate locks continue to be at record levels which project well for a continuation of these results into the fourth quarter."

The company will released its third quarter earnings after the close of business on Oct. 29, according to a separate report.

Flagstar shares closed down $0.37 yesterday to end at $18.68.

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