twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
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 Mortgage Sales Staff Grows Despite Business Decline

Originations tumble 29% from Q2 to Q3

Oct. 24, 2013

By Mortgage Daily staff

The number of loan originators and account executives increased at Flagstar Bancorp Inc. even though mortgage production tumbled. The company increased its focus on purchase financing.

The Troy, Mich.-based firm reported third-quarter mortgage originations of $7.737 billion.

Business was down from the second quarter, when total production amounted to $10.882 billion.

Loan fundings have plummeted by nearly half compared to the $14.514 billion in home loans closed in the same three-month period last year.

In the nine months ended Sept. 30, 2013, residential originations totaled $31.043 billion.

Purchase financing during the three months ended last month was $3.682 billion, rising from $3.147 billion in the second quarter despite the overall decline.

"Mortgage banking continues to be a key component of Flagstar's overall strategy, and we are adapting to a shift in the mortgage industry from a primarily refinance-driven market to a purchase market by further reducing our cost structure and focusing our efforts on appropriate growth opportunities," Flagstar President and Chief Executive Officer Sandro DiNello said in the report.

The report indicated that fallout-adjusted rate lock commitments fell a third from the second quarter to $6.6 billion.

Flagstar serviced $74.200 billion in mortgages for third parties. The servicing portfolio grew from $68.321 billion three months earlier and $82.415 billion 12 months earlier.

Residential first mortgages on the books fell to $2.479 billion from $2.628 billion. The total was also down from $3.086 billion one year prior.

Second-mortgage holdings were trimmed to $0.174 billion from $0.181 billion but have increased from $0.122 billion as of the same date in 2012.

Home-equity lines of credit owned by the bank were $0.308 billion, off from $0.322 billion -- though Flagstar has grown its HELOC holdings from $0.192 billion in the third-quarter 2012.

Warehouse lending assets retreated to $0.390 billion from $0.676 billion at the end of the second quarter. The total was $1.307 billion at the same point last year.

Commercial real estate assets were $0.421 billion, lower than $0.477 billion as of June 30. CRE assets were off by more than half from $1.005 billion 12 months previous.

Flagstar said it received 804 repurchase demands, four more than in the second quarter. The repurchase pipeline jumped to $155 million from $115 million.

Income before taxes at the parent company sank to $14 million from the prior period's $61 million and plummeted from $141 billion in the third-quarter 2012.

As of the end of September, there were 359 loan officers and account executives, more than 341 employed as of the end of June and the 336 employed at the same point last year.

In addition, 3,069 full-time employees were on Flagstar's payroll, dropping from 3,418 at the end of the second quarter. Headcount was 3,240 as of Sept. 30, 2012.

Flagstar operated 45 loan origination centers. The number grew from 40 at the end of the second quarter and 31 at the end of the third-quarter 2012.

Bank branch count was unchanged from June 30 at 111.

Flagstar profile

next story

back to current headlines


Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.


Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.


Commercial Mortgage News | CRE Lender Directory | CRE Statistics
Stories about commercial lending on multifamily, office, retail and industrial properties.


Mortgage Employment News | Employment Index | Employment Statistics
Job additions, layoffs and employment lawsuits. Employment data from the Department of Labor, state tracking, reports and analysis. Job finding tips.


Bank news


Secondary Marketing News | Correspondent Lender Directory
Mortgage portfolio trades and forward commitments. Correspondent lending, r e p u r c h a s e s and warehouse news. Secondary marketing statistics and lawsuits.



Mortgage Lawsuits News | Mortgage Litigation Index
Mortgage industry lawsuit news and mortgage litigation coverage. Stories about legal settlements, judgments and mortgage class actions.


Logout forgot
password?

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders