Mortgage Daily

Published On: June 11, 2003
May Production Down at Flagstar

$5.3 billion down from $5.6 billion in April

June 11, 2003

By MortgageDaily.com staff

Monthly loan production dipped slightly for yet another industry player, according to a news release.

Flagstar Bancorp reported $5.3 billion in loan production for May, shrinking a bit from April’s record $5.6 billion, the company said. Still, production volume is more than double that of May 2002, which totaled $2.4 billion, according to the statement.

Also reported were year-to-date numbers; $26 billion in residential mortgage loan closings in the first five months of 2003. In addition, Michigan-based Flagstar stated rate-lock commitments of $10.7 billion as of May 31.

The company has 101 loan origination offices in 21 states, the statement said.

Flagstar ranked number one for return on average equity, according to a U.S. Banker list of publicly traded banks and savings-and-loans.

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