Mortgage Daily

Published On: October 9, 2003
Flagstar Fundings Fall Further

$3.3 billion September production

October 9, 2003

By MortgageDaily.com staff

Monthly and quarterly production fell, but year-to-date volume almost doubled for one of Michigan’s largest banks.

Flagstar Bancorp reported residential mortgage loan production of $3.3 billion in September, a decrease from $5.5 billion the prior month and from $4.1 billion volume a year ago.

Third quarter volume fell a little more than eight percent from the prior quarter to $16.0 billion, said Flagstar, but increased from $10.8 billion the same time last year.

While reported monthly and quarterly production fell, year-to-date volume almost doubled for the company. Flagstar, which claims to be the second largest banking institution headquartered in Michigan, reported fundings for the first nine-months of the year at $48.6 billion, compared to $27.6 billion a year ago.

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