With the help of a recent acquisition, Flagstar Bancorp Inc. was able to make a year-over-year gain in mortgage originations. Ongoing reductions continued, though, for the primary servicing portfolio.

In the first-three months of this year, income before income taxes came to $44 million, according to the Troy, Michigan-based firm’s first-quarter earnings report.

Income improved compared to the first-three months of last year, when Flagstar earned $40 million. But earnings fell from $51 million in the previous three months.

Source: Mortgage Daily