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Flagstar Benefits from Mortgage Servicing Gains.
Byline: Ted Cornwell
Troy, MI-Flagstar earned $0.22 per share in the second quarter, benefiting from gains on its mortgage servicing portfolio.
Flagstar's $15.7 million in second-quarter earnings was a turnaround from the company's first-quarter loss of just over $10 million, and it was also an improvement over the $15.1 million in net earnings reported in the second quarter of last year.
Flagstar said that loan administration income grew to $37.4 million in the second quarter. During the first quarter, the company reported a $17 million loan servicing loss.
But the company said this benefit was offset by an increase in the provision for loan losses.
Analysts at Friedman Billings Ramsey lowered their price target on Flagstar, calling the results "noisy" and noting that credit conditions continue to deteriorate for the bank.
Flagstar's loan production for the second quarter increased 2.5%, totaling $8.2 billion. Most of the total consisted of residential mortgages.
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