underscored the toll that higher rates are taking on mortgage lenders.

Flagstar Bancorp of Bloomington Hills said Wednesday that weakness in its mortgage banking earnings will hurt its results for the third quarter and the year. The $3.7 billion-asset company owns Flagstar Bank, the largest thrift in Michigan and the 17th-ranked originator of residential mortgage loans in the United States in the second quarter, according to National Mortgage News.

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