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Flagstar Pays for Change in MSR Accounting.
Troy, MI -- Flagstar Bancorp lost $10.6 million in the first quarter as a change in accounting for mortgage servicing rights and higher credit costs damaged the company's results.
Still, the first-quarter loss was an improvement from the fourth quarter, when Flagstar lost $30.1 million.
Flagstar's credit costs increased as the company recorded a $34.3 million provision for loan losses in the first quarter.
Mark Hammond, Flagstar's president and CEO, said the company's operating metrics are improving better than expected in some areas, with improvements in net interest margin, loan production and gain-on-loan-sale margin.
Flagstar switched to fair value accounting for the fast majority of its mortgage servicing rights portfolio in the first quarter, contributing to a loss of $17 million related to loan administration. Prior to 2008, Flagstar had accounted for the MSR asset using the amortization method. Fair value essentially requires the bank to mark-to-market the value of its MSRs on a quarterly basis.
The company said had it used the amortization method, its MSR earnings would have been $617,663 in the first quarter.
Flagstar serviced $38.4 billion of home loans at the end of the first quarter, nearly double the volume of loans serviced a year ...
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