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Flagstar Bank Sees Loss on Lower Servicing Sales.
Troy, MI -- Flagstar Bancorp, which has often profited handsomely from the sale of mortgage servicing rights, couldn't rely on that asset to reverse negative mortgage trends in 2007.
Flagstar Bancorp lost $39.2 million, or $0.64 per share, in 2007, with the bulk of the loss ($30.1 million) coming in the fourth quarter.
For the full year, Flagstar's net gain on MSR sales was $5.9 million, down from $92.4 million in 2006.
In addition to a decrease in gain on the sale of MSRs, Flagstar said that higher credit costs and impairment to the value of securities in its "available for sale and trading" portfolios all took a toll on the company.
Mark Hammond, president and CEO of Flagstar, said the company is focused on managing through a period when real estate values may continue to decline and the economy may weaken further.
"At the same time, we believe there are a number of positive trends and underlying fundamentals that are currently occurring or are on the horizon. These include our increasing market share for mortgage originations, increased residential loan production, improving gain-on-sale spreads, the potential for higher Fannie Mae, Freddie Mac and FHA loan limits, and ...
- Flagstar Reports Monthly Mortgage Loan Production: Mortgage Originations Up...
- Press release article from: PR Newswire September 9, 2003 700+ words
Flagstar Bancorp today...recent sale of mortgage servicing rights. August...28.0 billion mortgage servicing for others portfolio...market price for mortgage servicing rights sales...and President. Flagstar Bancorp is the...
- Flagstar Benefits from Mortgage Servicing Gains.
- News wire article from: Mortgage Line Cornwell, Ted September 29, 2008 700+ words
Troy, MI -- Flagstar earned $0.22 per share...benefiting from gains on its mortgage servicing portfolio. Flagstar's $15.7 million in second...market value of the bank's mortgage servicing rights. The bank said 37...
- Flagstar Bancorp Announces Record Third Quarter Earnings.
- Press release article from: PR Newswire October 21, 1998 700+ words
...adjusted assets. Flagstar's retail deposits...Company's originated mortgage servicing rights which enabled...Furthermore," he said, "Flagstar was positioned to...for such periods. FLAGSTAR BANCORP, INC. Summary...269 Net gain on mortgage servicing rights sales 206 6...
- Flagstar Bancorp Announces First Quarter Earnings
- Press release article from: PR Newswire April 22, 1998 700+ words
...Mich., April 22 /PRNewswire/ -- Flagstar Bancorp, Inc. (Nasdaq: FLGS...Allowance for losses 7,000 3,995 Mortgage servicing rights 85,179 30,331 Deposits...4,162,204 Capitalized value of mortgage servicing rights 1.31% 1.31% Interest...
- Flagstar Pays for Change in MSR Accounting.
- Magazine article from: Mortgage Servicing News June 1, 2008 700+ words
Troy, MI -- Flagstar Bancorp lost $10...in accounting for mortgage servicing rights and higher...loan-sale margin. Flagstar switched to fair value...fast majority of its mortgage servicing rights portfolio in...Prior to 2008, Flagstar had accounted for...
- Flagstar Cites Tech As Key to Growth.(Flagstar Bank)
- Magazine article from: Origination News Brustein, Joshua May 1, 2003 700+ words
...significant drop in volume. Most of Flagstar's business comes from third...business into the future. Flagstar's mortgage servicing portfolio is also growing...Yerbick sees more of the same for Flagstar. Technology will continue...
- Flagstar Hurt by Change in Accounting for Servicing Rights.
- News wire article from: Mortgage Line June 6, 2008 700+ words
TROY, MI -- Flagstar Bancorp lost $10...in accounting for mortgage servicing rights and higher...loan-sale margin. Flagstar switched to fair value...fast majority of its mortgage servicing rights portfolio in...Prior to 2008, Flagstar had accounted for...
- Flagstar Bancorp, Inc. Announces Third Quarter Earnings.
- Press release article from: PR Newswire October 19, 1999 700+ words
...quarter of 1999. Flagstar's decline in earnings...banking operation and mortgage servicing operation, the amount...comparative 1998 period. Flagstar's 1999 earnings...retail banking and mortgage servicing operations. We anticipate...operating environment." Flagstar Bancorp's ...