First quarter production down 3%
By MortgageDaily.com staff
4/10/2003

A Michigan based lender announced that production during the first quarter was down from the prior.

Mortgage loan closings reached $15.1 billion at Flagstar Bancorp during the ninety days ended March 31, according to announcement today. The company previously reported fundings of $15.6 billion for the fourth quarter 2002.

Production for the month of March was $5.3 billion, about the same level as December.

Flagstar said loan production was "the highest level of production recorded for any March in our history" and "the highest level of production recorded for any 1st quarter in our history."

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