TROY, Mich., Jan. 10 /PRNewswire-FirstCall/ -- Flagstar Bancorp, Inc. , today released fourth quarter 2005 loan production figures. During the quarter, the Company closed $6.1 billion in loans, a $2.7 billion decrease as compared to $8.8 billion closed during the quarter ended September 30, 2005 and a $3.1 billion decrease when compared to the $9.2 billion closed during the same quarter last year.
Fourth quarter 2005 loan production was comprised of the following (in millions):
Quarter ended Quarter ended Quarter ended Loan type December 31, 2005 September 30, 2005 December 31, 2004 Residential mortgage loans $5,621.4 $8,306.4 $8,814.7 Consumer loans 230.0 350.1 263.7 Commercial loans 201.7 139.6 156.9 Totals $6,053.1 $8,796.1 $9,235.3
For the twelve months ended December 31, 2005, the Company closed $30.0 billion in loans as compared to $35.2 billion for the same period last year. This level of production was comprised of the following (in millions):
Year ended Year ended
Loan type December 31, 2005 December 31, 2004
Residential mortgage loans $28,244.6 $34,249.0
Consumer loans 1,150.7 627.3
Commercial loans 555.5 368.1
Totals $29,950.8 $35,244.4
At December 31, 2005, the Company had rate lock commitments of $1.3 billion as compared to $2.6 billion reported at September 30, 2005. The level of rate locks is a general indication of the level of mortgage production that can be expected in the near term.
Mark Hammond, Flagstar's President and Chief Executive Officer, said, "Our overall loan production for the year was in line with our expectations. In 2005, we remained focused on credit quality and growing our consumer and commercial loans. We increased our consumer loan production by 83% in 2005 versus 2004. We will continue to offer mortgage products that satisfy the needs of borrowers and we plan to expand our private securitization program in 2006 so that we can offer a wider array of high quality products at competitive rates. We also increased our commercial loan production by 50% in 2005 as compared to 2004. We look to develop a more geographically diversified commercial loan portfolio in 2006 by expanding into Georgia and into other states with our existing customers."
Flagstar Bancorp, which has $15.4 billion in total assets, is the largest publicly held savings bank headquartered in the Midwest. Flagstar operates more than 135 banking centers in Michigan, Indiana and Georgia, home loan centers in 24 states and wholesale lending offices across the country. Flagstar is one of the nation's leading originators of residential mortgage loans. For more information, please visit http://www.flagstar.com/ .
The information contained in this release is not intended as a solicitation to buy Flagstar Bancorp, Inc. stock and is provided for general information. This release contains certain statements that may constitute "forward-looking statements" within the meaning of federal securities laws. These forward-looking statements include statements about the Company's beliefs, plans, objectives, goals, expectations, anticipations, estimates, and intentions, that are subject to significant risks and uncertainties, and are subject to change based upon various factors (some of which may be beyond the Company's control). The words "may," "could," "should," "would," "believe," and similar expressions are intended to identify forward-looking statements. Additional information about Flagstar may be accessed via the Internet at http://www.flagstar.com/ .
