Flagstar Bancorp's Investor Conference Call Has Been Made Available On Its Website.

Flagstar Bancorp announced that Mark T. Hammond, Chief Executive Officer and President and Michael W. Carrie, Chief Financial Officer hosted an investor conference call on September 16, 2003. The call was sponsored by Oppenheimer & Co. and was attended by invitation only.

A replay of the audiocast of the Mid-quarter Review, including the follow- up questions and answers, is available at the Company's website, http://www.flagstar.com/ in the investor relations area.

Flagstar Bancorp is the second largest banking institution headquartered in Michigan. During both 2001 and 2002, Flagstar was the most profitable publicly traded banking institution in the nation, based on return on equity.

Flagstar Bank currently operates 98 banking centers in Michigan and Indiana, 108 loan origination offices in twenty one states, and 15 correspondent lending offices across the United States.

The information contained in this release is not intended as a solicitation to buy Flagstar Bancorp, Inc. stock and is provided for general information. Additional information about Flagstar may be accessed via the Internet at http://www.flagstar.com/

CONTACT: Michael W. Carrie, Executive Vice President of Flagstar Bancorp, +1-248-312-2000

Web site: http://www.flagstar.com/