Higher costs, hurricanes weigh down Flagstar’s quarterly results

Mortgage

Flagstar Bancorp in Troy, Mich., reported lower earnings after higher expenses and a loss tied to mortgage-servicing rights offset revenue from commercial loan growth.

The $17 billion-asset company said in a press release Tuesday that its third-quarter earnings fell by 30% from a year earlier, to $40 million, or 70 cents a share. Flagstar’s profit still fell by 2% when subtracting a large one-time gain from last year’s results.

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