Quarterly mortgage originations slipped at Flagstar Bancorp Inc., which is churning out barely more than half of the production it was a year earlier.
Residential volume amounted to $4.6 billion in the third quarter, the Troy, Mich.-based company reported. The total is down from $4.9 billion in the second quarter and from $8.3 billion in the comparable period during 2005.
Flagstar employed 491 loan officers and account executives at the third quarter's end, 39 individuals less than as of June 30.
During the third quarter, a bulk sale lowered the mortgage servicing portfolio balance to $14.8 billion from the $22.4 billion balance at the second quarter's end, Flagstar said.
The lender announced third quarter net earnings of $20.8 million were off from $28.6 billion in the linked quarter.