Revenues at Flagstar Bancorp Inc.’s home-lending business sank. But the financial institution has grown its mortgage asset and servicing portfolios over the past year.

In the three months ended Sept. 30, income before income taxes worked out to $60 million, the bank-holding company revealed in its third-quarter earnings report.

Income at Troy, Michigan-based Flagstar was no different than in the same three months last year. Earnings were off just $2 million compared to the preceding period.

Source: Mortgage Daily