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To: JeffA who wrote (43631)	1/15/1999 9:25:00 AM
From: brent gephart	Respond to of 119973

SOURCE: Flagstar Bancorp, Inc. Flagstar Bancorp Announces Record Mortgage Production DataTuesday January 5, 12:43 pm Eastern Time Company Press Release BLOOMFIELD HILLS, Mich., Jan. 5 /PRNewswire/ -- Flagstar Bancorp, Inc. (Nasdaq: FLGS - news), holding company of Flagstar Bank, FSB, today released record fourth quarter residential mortgage loan production figures. The Company's mortgage production totaled $5.7 billion for the fourth quarter of 1998, a 119% increase over the $2.6 billion recorded during the comparable 1997 period. The levels achieved by the Company in the fourth quarter also exceeded the previous corporate quarterly record set in the 3rd quarter 1998 of $4.9 billion. Mortgage production levels for all of 1998 were $18.8 billion. This level of production exceeded the 1997 production by $10.9 billion, or 138%. Production for 1997 totaled $7.9 billion. Chairman and Chief Executive Officer, Thomas J. Hammond stated ''We are pleased with this record mortgage loan volume. Flagstar has exceeded both internal and industry analysts' projections on loan production volume. The Company has positioned itself well to take advantage of the low interest rate environment and the large amount of refinance activity.'' Flagstar has continued to sell nearly all of its mortgage loan production. Mr. Hammond added, ''The record loan production volume has created a record setting amount of revenue from loan originations and the subsequent loan sales. It is management's belief that this record revenue stream, similar to the Company's 3rd quarter, will translate into quarterly earnings which are above historical levels and current industry analyst expectations.'' Flagstar Bancorp's wholly owned subsidiary, Flagstar Bank, is the largest independent savings institution headquartered in Michigan. Flagstar Bank currently operates from 28 bank branches located in southern and western Michigan, 33 loan origination centers located in Michigan, Florida, and Ohio, along with 15 correspondent lending offices located across the United States. Flagstar Bank is one of the largest originators of residential mortgage loans in the United States. The information contained in this release is not intended as a solicitation to buy Flagstar Bancorp, Inc. stock, 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 flagstar.com SOURCE: Flagstar Bancorp, Inc.