Record mortgage banking income
By MortgageDaily.com staff
4/26/2002

Flagstar Bancorp, Inc. reported record first quarter mortgage loan production of $9.3 billion, according to its announcement of earnings this week. This is more than seventy percent higher than the $5.4 billion production during the first quarter of last year.

The company, headquartered in Michigan, said it closed $3.1 billion during March. Flagstar says it is "one of the largest originators of residential mortgage loans in the nation."

"Our mortgage banking operation will slow slightly in comparison to 2001, but our retail banking operation and mortgage servicing operation will provide us with exceptional returns," said Mark T. Hammond, President and CEO.

Flagstar, which says it operates 73 loan origination centers and 15 correspondent lending offices across the U.S., reported record levels of mortgage banking income.

The company said it had record first quarter earnings of $25.5 million, up 114.3%, from for the comparable 2001 period.

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