Quarterly business worsened at Flagstar Bancorp Inc. -- which saw profits plummet.
Third quarter residential production was $6.6 billion, falling from $7.2 billion during the second quarter, the Troy, Mich.-based company announced Tuesday. Originations were, however, better than $4.6 billion a year earlier.
Fundings were handled from 151 loan origination centers, the press release said. The company employed 852 loan officers and account executives, while total employee count company wide was 2,939 at the end of the third quarter.
The mortgage servicing portfolio was reported at $26.7 billion as of Sept. 30, jumping from $21.5 billion three months earlier. The company held $5.0 billion in mortgages held for investment at quarter's end.
Delinquency of at least 90 days on all loans ended the latest period at 1.81 percent -- jumping from 1.30 percent at the end of the second quarter, the report indicated.
Flagstar's earnings fell to a loss of $32.1 million from a second quarter profit of $15.1 million, primarily reflecting "a decrease in gain on loan sales, an increase in the provision for losses, and a decrease in gains on sales of mortgage servicing rights," the statement said.