| 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. |
