Company expects increased July & August production
By MortgageDaily.com staff
7/11/2002

Mortgage loan production at Flagstar Bancorp, Inc. reached $2.4 billion during June, down from June of last year when production was $2.8 billion. In May, the Troy Michigan lender closed $2.4 billion.

Production for the second quarter was $7.4 billion, down from $8.2 billion last year.

Flagstar, which says it is the third largest banking institution headquartered in Michigan, reported rate lock commitments of $5.0 billion at June 30, 2002. "We saw a large increase in rate locks during the latter part of June which we believe will lead to an increase in our July and August loan production," said CEO Mark Hammond.

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