Mortgage Daily

Published On: July 9, 2003
Flagstar Unfurls Record Production

Originator announces banner month and quarter

July 9, 2003

By MortgageDaily.com staff

June saw record mortgage production for Flagstar Bancorp, the company said.

In its latest production statement, the Troy, Michigan-based company reported a record $6.5 billion in production for residential mortgage loans for the month. Production was 22 percent higher than May’s $5.3 billion in reported production and dwarfed, by 171 percent, last June’s reported $2.4 billion in production.

Flagstar also hit record high production numbers for the quarter, with second quarter residential loan closings valued at $17.3 billion, the company said. The prior record was set in fourth quarter 2002, when production was reportedly $15.6 billion. First quarter 2003, the company said, saw $15.3 billion in loan closings.

Ranked the most profitable publicly-traded bank, based on return on equity, Flagstar has so far this year closed $32.6 billion in residential loans, the statement said.

Also, locked-in commitments at June’s end totaled $11.1 billion, the statement said. This number is slightly higher than the $10.7 billion in commitments reported at the end of May, according to company statements.

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