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Flagstar Fundings Off

$2.9 billion production in October

November 11, 2003

By MortgageDaily.com staff


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.



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