Following the path of other major industry lenders, mortgage production continued to fall at one of Michigan's largest banks.
Flagstar Bancorp Inc. announced residential mortgage loan production in October totaled $2.9 billion, down from $3.3 billion in September, and significantly lower than $5.1 billion a year ago.
Fallings fundings at Flagstar follow reports of decreasing production at Countrywide Financial Corp., ABN AMRO Mortgage Group Inc., and National City Corp.
Year-to-date loan production of $51.5 billion was up from $32.7 billion the same period last year, reported the company.
The Michigan-headquartered bank said rate lock commitments, which indicate the level of production that can be expected in the near term, totaled $3.1 billion at October's end, compared to $3.8 billion at the prior month's end.