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| Earnings and originations improved at Flagstar Bancorp Inc. — though the company cut back on mortgage salespeople.Residential originations were $9.5 billion during the first quarter, Flagstar reported today. Fundings jumped from $5.4 billion the prior quarter and $7.9 billion the prior year.
The Troy, Mich.-based company’s servicing portfolio ended March at $58.9 billion, up from $55.9 billion three months earlier. At the end of March 2008, the servicing portfolio stood at $38.4 billion. First mortgages on the balance sheet were $5.8 billion at the end of March, down from $6.0 billion at the end of December. Second mortgages edged down to $0.3 billion, while warehouse lending outstandings rose to $0.6 billion from $0.4 billion. The commercial mortgage portfolio ended the latest quarter at $1.8 billion, about the same as at the end of the fourth quarter and up from $1.6 billion 12 months earlier. Flagstar has a $67 million loss in the first quarter, improving from a $219 million loss during the prior period and an $11 million loss a year earlier. The financial institution employed 3,285 people as of March 31, up from 3,246 on Dec. 31. Included in the headcount were 519 loan officers and account executives, down from 674. Flagstar operated 61 loan origination centers at the end of the quarter, down from 104 at the end of 2008. |
