TROY, MI (April 10, 2002) — Flagstar Bancorp, Inc. (FBC) , holding company of Flagstar Bank, FSB, today released March 2002 residential mortgage loan production figures. During March, the Company closed $3.1 billion in residential mortgage loans. This level of production is the highest level of production recorded for any March in our history and is 19.2% greater than the $2.6 billion reported in 2001.
During the 1st quarter, the Company closed $9.3 billion in residential mortgage loans. This level of production is the highest level of production recorded for any 1st quarter in our history and is 72.2% greater than the $5.4 billion reported in the comparable 2001 period.
“These numbers are impressive. Rates have moved up but our numbers continue to be strong,” stated Mark T. Hammond, President and Chief Executive Officer.
“This record mortgage volume, our retail banking expansion, and our increasing interest margin have all contributed to the record level of earnings we expect to report for the 1st quarter,” he added.