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Flagstar Bancorp Inc. reported fourth-quarter earnings of $32.1 million ($1.03 earnings per share), up from $29 million ($0.95 EPS) for the same period in 2001, mostly driven by a record mortgage production volume of $15.6 billion, or $4.6 billion higher than the previous year.
Flagstar attributed the increase in mortgage volume primarily to refinancing activity and "technological advantages." In December 2002 alone, it closed a monthly company record of $5.3 billion in residential loans. A record company executives plan to repeat this year, even though mortgage activity is expected "to soften" in the second half of the year. President and CEO Mark Hammond also expects ...