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Flagstar Lifts Production, Grows Staff

Fundings at Flagstar Bancorp Inc. increased by 10 percent during the first quarter of this year, while staffing for mortgage sales expanded. Also increasing was the mortgage servicing portfolio and net earnings.

Residential first-mortgage originations were $11.169 billion during the first quarter of 2012, earnings data from the company indicate.

Business was up from $10.187 billion closed during the fourth quarter of last year.

Flagstar originated more than twice as much as the $4.856 billion in loan production for the first-quarter 2011.

Refinances accounted for $8.981 billion of first-quarter volume, growing from $8.039 billion during the prior period.

The third-party mortgage servicing portfolio concluded March at $68.208 billion. At the end of last year, the portfolio of loans serviced for investors was $63.771 billion, while the balance was $59.577 billion at the same point in 2011.

Residential loans on the balance sheet fell to $3.305 billion from $3.750 billion at the end of last year. The March 31, 2011, total was $3.755 billion.

Second-mortgage holdings declined to $0.132 billion from $0.139 billion and were $0.165 billion at the same point in 2011.

Home-equity lines-of-credit on the books were $0.209 billion, off from $0.222 billion three months earlier and $0.255 billion 12 months earlier.

Warehouse lending assets finished March at $1.104 billion, diminishing from $1.174 billion at the end of December. But warehouse assets have grown significantly from $0.304 billion during the same quarter last year.

The volume of mortgages that were sold and securitized inched up to $10.830 billion from $10.477 billion during the prior three-month period.

Commercial real estate assets drifted down to $1.158 billion from $1.243 billion as of Dec. 31. The total was $1.170 billion at this point in 2011.

As of the third quarter, outstanding demands for repurchases stood at $357 million, worsening from $343 million as of the fourth quarter. A year prior, the balance was $304 million.

Repurchase charge-offs were $44 million, higher than $38 million the previous quarter and $23 million in the same quarter during the previous year.

The Troy, Mich.-based company said its net losses before taxes fell to $7 million from fourth quarter’s $75 million loss. Losses also retreated from the first-quarter 2011’s $27 million.

Despite losses, Flagstar Chairman, President and Chief Executive Officer Joseph P. Campanelli said the company remains “well-capitalized with significant liquidity.”

As of March 31, Flagstar employed 311 loan officers and account executives. The mortgage sales force grew from 297 in the prior quarter and expanded from 306 in the same period the prior year.

In addition, the bank-holding company had another 2,970 people on staff, growing from the 2,839 employees at the end of last year but fewer than the 3,030 headcount as of the first-quarter 2011.

Flagstar operated 28 loan origination centers as of the end of the first quarter, one more than three months earlier and one less than a year earlier.

Bank-branch count was unchanged at 113 but has fallen from 162 at the same point in 2011.

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