Flagstar Bancorp Reports Strong Residential Mortgage Loan Production for Q2 1999

Strategic Insights -

Flagstar Bancorp, a leading mortgage lender, released its residential mortgage loan production figures for the first half of 1999, exceeding expectations with a 12.2% increase to $9.2 billion, compared to $8.2 billion in the same period of 1998. Despite a rise in general interest rates, the company's market share expansion and advanced mortgage technology drove this increase. Chairman and CEO Thomas J. Hammond attributed the company's success to its strong mortgage origination capabilities and the growth of its mortgage investment portfolio.

Key Takeaways:

  • Flagstar Bancorp's residential mortgage loan production totaled $9.2 billion in the first half of 1999, a 12.2% increase from the same period in 1998.
  • The company's mortgage production in the second quarter of 1999 was $4.4 billion, down 4.3% from the comparable period in 1998.
  • Chairman and CEO Thomas J. Hammond attributed the company's success to its advanced mortgage technology, expanding servicing portfolio, and growth in its mortgage investment portfolio.
  • Flagstar Bank is one of the largest originators of residential mortgage loans in the US, with 31 bank branches, 35 loan origination centers, and 15 correspondent lending offices across the country.
  • The company's subsidiary, Flagstar Bank, is the largest independent savings institution headquartered in Michigan.

Statistics:

  • $9.2 billion: Flagstar Bancorp's total residential mortgage loan production for the first half of 1999.
  • 12.2%: Increase in production from the first half of 1998.
  • $4.4 billion: Mortgage production in the second quarter of 1999.
  • 4.3%: Decrease in production from the comparable quarter in 1998.
  • 31: Number of bank branches operated by Flagstar Bank.
  • 35: Number of loan origination centers operated by Flagstar Bank, predominantly in Michigan.
  • 15: Number of correspondent lending offices operated by Flagstar Bank across the US.

Sources:

  • "Flagstar Bancorp Reports Strong Q2 1999 Mortgage Production" - PRNewswire (July 9, 1999)
  • Flagstar Bancorp's press release announcing 1999 first half mortgage production figures.