Approved Financial Corp. Reports Results For The Third Quarter Of 2000 And Launch Of New Wholesale Division.Business Editors VIRGINIA BEACH Virginia Beach, resort city (1990 pop. 393,069), independent and in no county, SE Va., on the Atlantic coast; inc. 1906. In 1963, Princess Anne co. and the former small town of Virginia Beach were merged, giving the present city an area of 302 sq mi (782 sq km). , Va.--(BUSINESS WIRE)--Nov. 17, 2000 Approved Financial Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :APFN APFN American Patriot Friends Network ): Reduction in Net Loss Approved Financial Corp. ("Company" or "Approved") reports a reduction in net loss of 37.5%, for the three months ended September September: see month. 30, 2000 to $0.8 million compared to a net loss of $1.4 million for the same period in 1999, excluding a non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. related to the deferred tax asset of $0.4 million for the year 2000 period. Including the non-cash charge related to the deferred tax asset, reduction in net loss was 11%, for the three months ended September 30, 2000 to $1.2 million compared to a net loss of $1.4 million for the same period in 1999. On a per share basis, the net loss for the three-month period ended September 30, 2000, excluding this charge was $0.16 and was $0.23 inclusive of inclusive of prep. Taking into consideration or account; including. the charge, compared to a net loss of $0.26 for the three-month period ended September 30, 1999. Net loss declined in excess of 56% for the nine-month period ended September 30, 2000 to $1.7 million excluding the $.4 million charge related to the deferred tax asset compared to a net loss of $3.9 million for the nine-month period ended September 30, 1999. Including the charge related to the deferred tax asset, net loss declined 47% for the nine-month period ended September 30, 2000 to $2.1 million compared to a net loss of $3.9 million for the nine-month period ended September 30, 1999. On a per share basis, the net loss for the nine-month period ended September 30, 2000 was $.38 including the charge related to the deferred tax asset and $0.31 excluding the charge compared to a net loss of $0.72 for the nine-month period ended September 30, 1999. The Company, after consulting with its outside auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together , recorded a non-cash charge to earnings for the third quarter of 2000 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the establishment of an allowance for possible non-recognition of its deferred tax asset for approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $365,000. Form 10-Q Form 10-Q See 10-Q. for the period ended September 30, 2000 was filed with the Securities and Exchange Commission ("SEC") on November November: see month. 14, 2000 providing greater detail of financial results. Links to the Company's SEC filings and press releases can be accessed at http://www.businesswire.com/cnn/apfn.shtml. Gain on Sale of Loan Revenues The largest component of revenues, gain on sale of loans, represents 50% and 53% of revenues for the three and nine month periods ended September 30, 2000 compared to 44% and 45% of total revenue for the same period in 1999. This is primarily due to the Company's initiatives to increase the percentage of retail loans funded in house, revenues from which are reported in gain on sale of loans, and to reduce the percentage of retail originations funded through other lenders ("Brokered Loans"), revenues from which are reported in other income. Gain on sale of loans is comprised of several components, as follows: (a) the difference between the sales price and the net carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of the loan; plus (b) loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. fee income collected at loan closing and deferred until the loan is sold; less (c) loan sale recapture recapture n. in income tax, the requirement that the taxpayer pay the amount of tax savings from past years due to accelerated depreciation or deferred capital gains upon sale of property. (See: income tax) RECAPTURE, war. premiums and loan selling costs. The dollar amount of non-conforming loans A non-conforming loan is a loan that fails to meet bank criteria for funding. Reasons include the loan amount is higher than the conforming loan limit (for mortgage loans), lack of sufficient credit, the unorthodox nature of the use of funds, or the collateral backing it. sold totaled $41.7 and $168.3 million including loans owned by the Company in excess of 180 days ("seasoned sales") for the three and nine-month periods ended September 30, 2000, compared to $55.1 and $192.8 million (including seasoned loan sales) for the same period in 1999. During the three month period ended September 30, 2000, the Company sold $2.9 million of seasoned loans, at a weighted average discount to par value of 18.4%. The loss was fully reserved for in prior periods. For the three month period ended September 30, 1999, the Company sold $10.9 million of seasoned loans, at a weighted average discount to par value of 7.0%. Non-conforming loan sales excluding seasoned loan sales amounted to $38.8 million and $165.4 million for the three and nine-month periods ended September 30, 2000, respectively, compared to $44.2 and $181.9 for the respective periods in 1999. The weighted-average premium, realized by the Company on the non-conforming loan sales was 3.46% and 3.05%, excluding seasoned loan sales, during the three and nine month periods ended September 30, 2000, compared to 3.07% and 3.14%, excluding seasoned loan sales, for the same period in 1999. The dollar amount of conforming con·form v. con·formed, con·form·ing, con·forms v.intr. 1. To correspond in form or character; be similar. 2. and government loan sales is $10.3 million and $33.8 million for the three and nine month periods ended September 30, 2000, compared to $11.0 million and $16.5 million for the three and nine month periods ended September 30, 1999. The Company began originating conforming loans Conforming loans Mortgage loans that meet the qualifications of Freddie Mac or Fannie Mae, which are bought from lenders and issued as pass-through securities. in May 1999. The weighted-average premium realized by the Company on its conforming and government loans sales was 1.56% and 1.27% during the three and nine month periods ended September 30, 2000, compared to 1.88% and 1.91% for the three and nine month periods ended September 30, 1999. The combined gain on sale of loans was $2.3 and $8.7 million for the three and nine-month periods ended September 30, 2000, which compares with $2.9 and $10.4 million for the same period in 1999. The decrease for the three and nine month periods ended September 30, 2000, was primarily the result of fewer loans being sold when compared to the same period ended September 30, 1999. The Company defers recognition of origination fee A charge imposed by a lending institution or a bank for the service of processing a loan. For example, a bank might charge an individual who has applied for a student loan an origination fee of one percent for processing the application and granting the loan. income earned on retail originations. These fees are recognized over the lives of the related loans as an adjustment of the loan's yield using the level-yield method. Deferred income pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to loans held for sale is taken into income at the time of sale of the loan. Origination fee income recognized during the three and nine-month periods ended September 30, 2000 on the sale of non-conforming retail loans averaged 4.25% and 4.73%, respectively, compared to an average of 4.44% and 4.60% for the respective periods in 1999. Loan Origination The volume of loans originated during the three and nine months ended September 30, 2000, decreased 28.8% and 24.9%, to $61.6 million and $212.0 million, respectively, as compared to $86.5 million and $282.3 million in the same period in 1999. The decline in origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real volume was due to a 49% and 44% reduction in retail loan originations during the respective periods in 2000 compared to 1999, which was the result of a reduction in the number of retail origination offices operated by the Company from fifteen (15) at September 30, 1999 to ten (10) at September 30, 2000. Retail loan originations represented 52% and 53% of the loan volume or $32.2 million and $112.6 million for the three and nine-month periods in 2000, respectively, compared to 74% and 72% or $63.6 million and $202.1 million for the same periods in 1999. However, the Company made significant progress in its initiative to reduce the percentage of retail loan originations funded by other lenders, referred to as "Brokered loans". "Brokered loan" volume as a percentage of total retail loan originations was successfully reduced to 30% and 33% of retail originations during the three and nine month periods ended September 30, 2000 compared to brokered loans equaling 58% and 62% of retail volume during the respective periods in 1999. The volume of loans originated through the Company's wholesale division, which originates loans through referrals from a network of mortgage brokers increased during the third quarter of 2000 to $29.5 million from $22.9 million in the third quarter of 1999 and increased 24% to $99.5 million for the nine month period ended September 30, 2000, compared to $80.2 million for the nine month period ended September 30, 1999. The increase was primarily the result of a decline in the number of competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. in the non-conforming marketplace, an expanded product line and the streamlining of the Company's service to brokers. Average services rendered fees paid on mortgage broker referral originations for both the three and nine month periods ended September 30, 2000 was 48 and 46 basis points compared to 36 and 33 basis points for the three and nine months ended September 30, 1999. New Western Wholesale Division During late September of this year, a new wholesale operation center was launched in Huntington Beach, California Huntington Beach is a seaside city in Orange County in southern California. As of the 2000 census, the city population was 189,594. It is bordered by the Pacific Ocean on the west, by Seal Beach on the north, by Costa Mesa on the south, by Westminster on the northeast, and by to develop new broker referral business in the western portion of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Barry Barry, Welsh Barri, town (1991 pop. 45,053) and port, Vale of Glamorgan, S Wales, on the Bristol Channel. Once a major coal-exporting port, its more diversified export products include cement, flour, and steel products. Epstein, the Managing Director of the new western division, has many years of experience in wholesale mortgage origination and operations management Operations management is an area of business that is concerned with the production of goods and services, and involves the responsibility of ensuring that business operations are efficient and effective. . This operation brings new sources of, and geographical ge·o·graph·ic also ge·o·graph·i·cal adj. 1. Of or relating to geography. 2. Concerning the topography of a specific region. ge diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. to the Company's loan origination volume. New Web Site During the quarter the Company's subsidiary, Approved Federal Savings Bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks ("Bank") launched a new web site (http://www.approvedwholesale.com) in order to better service its network of mortgage brokers across the country. The mortgage brokers by means of a password-protected technology are now able to access the outstanding `stips' and current status of loans that they have submitted to the Company for funding. Earlier this year, Approved Financial Solutions, Inc. ("AFS A distributed file system for large, widely dispersed Unix and Windows networks from Transarc Corporation, now part of IBM. It is noted for its ease of administration and expandability and stems from Carnegie-Mellon's Andrew File System. AFS - Andrew File System "), also a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. launched a website http://www.approvedfinancialsolutions.com introducing its new financial service products, Mortgage Acceleration Mortgage Acceleration is the process of paying down a mortgage loan faster than required by the promissory note. The decision to pay down a home loan early generally depends on the interest rate charged. Program ("MAP") and Debt Free Solutions, both of which are designed to assist individuals in the elimination of their outstanding debt and to accelerate the repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan of their mortgage in a disciplined manner. The Bank also has an informational retail web site, http://www.approvedbankdirect.com. Certain statements in this press release, which are not merely historical facts, may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995 concerning Approved Financial Corp. and its subsidiaries. Such statements may include but are not limited to those concerning current and future loan production volumes, success of the Bank's and AFS's web sites and product offerings, successful development of the new wholesale loan origination division in the western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century , warehouse lines of credit or other current sources of capital or funding, any past, present or future business strategy or operation are forward-looking statements. There are a number of important factors that could cause the actual results of Approved to differ materially from those indicated in such forward-looking statements. Those factors include, but are not limited to the ability of the Company's management to implement restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). , expense reduction and revenue enhancement revenue enhancement An increase in revenues, especially by way of increased taxes. Revenue enhancement includes reducing taxpayer deductions and eliminating tax credits. plans, recognition of future net losses or reductions in tangible net worth Tangible Net Worth Total assets less intangible assets and total liabilities. Notes: In terms of a consumer, tangible net worth is the sum of all your tangible assets (cash, home, cars, etc). , Company's ability to retain experienced personnel, Company's ability to successfully market its products including the new products offered by AFS, Company's ability to profitably expand wholesale operations in the western part of the United States, any changes in residential real estate values, changes in industry competition, general economic conditions, changes in interest rates, changes in the demand for non-conforming or conforming mortgage loans, the Company's continued availability of affordable funding sources for capital liquidity, changes in loan prepayment speeds Prepayment speed Also called speed, the estimated rate at which mortgagors pay off their loans ahead of schedule, critical in assessing the value of mortgage pass-through securities. , delinquency delinquency Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. and default and loss rates, changes in regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. issues concerning mortgage companies, federal savings banks or the Bank, changes in GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). accounting standards effecting the Company's financial statements, and any changes which influence any market for profitable sales of all types of mortgage loans. Current and historic information on the Company and links to the Company's Form 10-Q SEC filing for the period ended September 30, 2000 are accessible at: http://www.businesswire.com/cnn/apfn.shtml
APPROVED FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
September 30, 2000 and December 31, 1999
(Dollars in thousands, except per share amounts)
ASSETS (Unaudited) 1999
2000
------- -------
Cash $12,593 $10,656
Mortgage loans held for sale, net 29,150 62,628
Mortgage loans held for yield, net 6,292 4,143
Real estate owned, net 1,417 2,274
Investments available for sale 2,923 2,640
Income taxes receivable 2,027 5,644
Deferred tax asset 1,106 1,676
Premises and equipment, net 5,580 6,086
Goodwill, net 1,017 1,120
Other assets 1,317 1,733
------- -------
Total assets $63,422 $98,600
======= =======
LIABILITIES AND EQUITY
Liabilities:
Revolving warehouse loan $ 3,151 $17,465
FHLB bank advances - 4,648
Mortgage notes payable 2,556 2,341
Notes payable-related parties 2,855 2,993
Certificates of indebtedness 1,956 2,087
Certificates of deposits 39,041 55,339
FDIC - insured money market account 2,967 -
Accrued and other liabilities 1,681 2,428
------- -------
Total liabilities 54,207 87,301
------- -------
Commitments and contingencies - -
Shareholders' equity:
Preferred stock series A, $10 par
value; 1 1
Noncumulative, voting:
Authorized shares - 100
Issued and outstanding
shares - 90
Common stock, par value - $1.00 5,482 5,482
Authorized shares - 40,000,000
Issued and outstanding
shares - 5,482,114
Accumulated other
comprehensive loss (19) (16)
Additional capital 552 552
Retained earnings 3,199 5,280
------- -------
Total shareholders' equity 9,215 11,299
------- -------
Total liabilities and equity $63,422 $98,600
======= =======
The accompanying notes are an integral part of the consolidated
financial statements.
APPROVED FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
for the three months ended September 30, 2000 and 1999
(In thousands, except per share amounts)
(Unaudited)
2000 1999
------- -------
Revenue:
Gain on sale of loans $ 2,280 $ 2,920
Interest income 1,154 1,695
Other fees and income 1,164 1,971
------- -------
4,598 6,586
------- -------
Expenses:
Compensation and related 2,763 4,189
General and administrative 1,379 2,290
Advertising expense 331 585
Loan production expense 267 460
Interest expense 880 1,039
Provision for loan and
foreclosed property losses 396 327
------- -------
6,016 8,890
------- -------
Loss before income taxes (1,418) (2,304)
Benefit from income taxes (176) (901)
------- -------
Net loss (1,242) (1,403)
Other comprehensive loss, net of tax:
Unrealized gain (losses) on securities:
Unrealized holding gain (loss)
arising during period 3 (12)
------- -------
Comprehensive loss $(1,239) $(1,415)
======= =======
Net loss per share:
Basic and Diluted $ (0.23) $ (0.26)
======= =======
Weighted average number of
shares outstanding:
Basic and Diluted 5,482 5,482
======= =======
The accompanying notes are an integral part of the consolidated
financial statements.
APPROVED FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
for the nine months ended September 30, 2000 and 1999
(In thousands, except per share amounts)
(Unaudited)
2000 1999
------- -------
Revenue:
Gain on sale of loans $ 8,708 $10,443
Interest income 4,054 6,333
Other fees and income 3,564 6,370
------- -------
16,326 23,146
Expenses:
Compensation and related 8,985 13,579
General and administrative 4,706 7,295
Advertising expense 985 1,286
Loan production expense 907 1,491
Interest expense 2,961 3,934
Provision for loan and
foreclosed property losses 543 1,816
------- -------
19,087 29,401
------- -------
Loss before income taxes (2,761) (6,255)
Benefit from income taxes (681) (2,307)
------- -------
Net loss (2,080) (3,948)
Other comprehensive loss, net of tax:
Unrealized losses on securities:
Unrealized holding loss
arising during period (2) (68)
------- -------
Comprehensive loss $(2,082) $(4,016)
======= =======
Net loss per share:
Basic and Diluted $ (0.38) $ (0.72)
======= =======
Weighted average number of
shares outstanding:
Basic and Diluted 5,482 5,482
======= =======
The accompanying notes are an integral part of the consolidated
financial statements.
APPROVED FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
for the nine months ended September 30, 2000 and 1999
(In thousands)
(Unaudited)
2000 1999
------- -------
Operating activities
Net loss $(2,081) $(3,948)
Adjustments to reconcile net loss
to net cash provided by operating
activities:
Depreciation of premises
and equipment 510 685
Amortization of goodwill 103 345
Provision for loan losses 126 1,227
Provision for losses on
real estate owned 417 589
Loss on sale of ARM
Portfolio shares - 8
Deferred tax benefit 569 2,225
Gain on sale of loans (8,708) (10,443)
Proceeds from sale and
prepayments of loans 214,226 226,796
Originations of loans held
for sale, net of allowance
for loan losses (175,664) (156,443)
Changes in assets and liabilities:
Loan sale receivable 3 (279)
Other assets 412 2,205
Accrued and other liabilities (847) (1,056)
Income tax payable 3,617 (2,314)
Loan proceeds payable 99 (2,565)
------- -------
Net cash provided by
operating activities 32,782 57,032
Cash flows from investing activities:
Purchase of available
for sale securities - (125)
Sales of available for
sale securities 115 -
Sales of ARM fund shares - 4,692
Purchase of premises and equipment (185) (1,210)
Proceeds from sales of
premises and equipment 181 1,410
Proceeds from sales of
real estate owned 2,176 1,850
Real estate owned capital
improvements (387) (408)
Purchases of ARM fund shares (101) (3,594)
Purchases of FHLB stock (297) (146)
------- -------
Net cash provided by
investing activities 1,502 2,469
APPROVED FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS, continued
for the nine months ended September 30, 2000 and 1999
(In thousands)
(Unaudited)
2000 1999
------- -------
Cash flows from financing activities:
Borrowings - warehouse $41,268 $134,511
Repayments of borrowings
- warehouse (55,581) (193,171)
Repayments of FHLB advances (4,648) -
Principal payments (borrowings)
on mortgage notes payable 215 (879)
Net increase (decrease) in:
Notes payable (138) (72)
Certificates of indebtedness (132) (89)
Certificates of deposit (16,298) 598
FDIC - insured money
market account 2,967 -
------- -------
Net cash used in financing
activities (32,347) (59,102)
------- -------
Net increase in cash 1,937 399
Cash at beginning of period 10,656 6,269
------- -------
Cash at end of period $12,593 $ 6,668
======= =======
Supplemental cash flow information:
Cash paid for interest $ 3,043 $ 4,190
Supplemental non-cash information:
Loan balances transferred
to real estate owned $ 1,735 $ 2,978
The accompanying notes are an integral part of the consolidated
financial statements.
Loan Originations Summary
Three Months Ended September 30, 2000 and 1999
Three Months Ended
September 30,
(dollars in millions) 2000 1999
------- -------
Dollar Volume of Loan Originated:
Broker Referrals $ 29.4 $ 22.9
Retail - brokered loans 9.9 37.0
Retail - funded in-house
non-conforming 9.9 15.5
Retail -funded in-house
conforming and government 12.4 11.1
------- -------
Total Retail 32.2 63.6
------- -------
Total $ 61.6 $ 86.5
======= =======
Number of Loans Originated:
Broker Referrals 424 409
Retail - brokered loans 160 453
Retail - funded in-house
non-conforming 159 248
Retail -funded in-house
conforming and government 124 114
------- -------
Total Retail 443 815
------- -------
Total 867 1,224
======= =======
Loan Originations Summary
Nine Months Ended September 30, 2000 and 1999
Nine Months Ended
September 30,
(dollars in millions) 2000 1999
------- -------
Dollar Volume of Loan Originated:
Broker Referrals $ 99.4 $ 80.2
Retail - brokered loans 36.8 125.8
Retail - funded in-house
non-conforming 40.9 57.7
Retail -funded in-house
conforming and government 34.9 18.6
------- -------
Total Retail 112.6 202.1
------- -------
Total $ 212.0 $ 282.3
======= =======
Number of Loans Originated:
Broker Referrals 1,384 1,336
Retail - brokered loans 546 1,495
Retail - funded in-house
non-conforming 618 893
Retail -funded in-house
conforming and government 339 193
------- -------
Total Retail 1,503 2,581
------- -------
Total 2,887 3,917
======= =======
PRODUCTION DATA FOR LOANS FUNDED IN-HOUSE
(Excludes Brokered Loans Only)
Three Months Ended Nine Months ended
September 30, 2000 September 30, 2000
% Loan WAC LTV % Loan WAC LTV
origination weighted Weighted origination weighted Weighted
volume average average volume average average
funded coupon loan to funded coupon loan to
in-house value in-house value
Loan Class:
A 85.1% 10.8% 90.8% 85.2% 10.6% 90.7%
B 13.5% 11.5% 77.7% 13.0% 11.7% 80.9%
C 1.3% 13.1% 78.5% 1.7% 12.6% 76.8%
D - - - - - -
TOTAL 100.0% 10.9% 88.8% 100.0% 10.8% 89.1%
============================= ===========================
Primary Purpose:
Debt Consolidation/
Refinance 74.0% 70.3%
Purchase 26.0% 29.7%
Home Improvement 0.0% 0.0%
Lien Position:
1st Mortgage 80.2% 83.3%
2nd Mortgage 19.8% 16.7%
Loan Type:
Fixed 77.7% 84.7%
ARM 22.3% 15.3%
Occupancy Status:
Owner Occupied 96.9% 97.0%
Non-Owner Occupied 3.1% 3.0%
% Loans with
Prepayment Penalty 68.5% 73.8%
PRODUCTION DATA FOR NON-CONFORMING LOANS
FUNDED IN-HOUSE
(Excludes Brokered Loans, Conforming and Government Loans)
Three Months Ended Three months Ended
September 30, 2000 September 30, 1999
% Loan % Loan
origination origination
volume volume
Loan Class: funded funded
in-house in-house
A 80% 85%
B 18% 12%
C 2% 3%
D - -
TOTAL 100.0% 100.0%
============ ============
Primary Purpose:
Debt Consolidation/
Refinance 72.4% 93.0%
Purchase 27.6% 6.2%
Home Improvement 0.0% 0.8%
Lien Position:
1st Mortgage 76.6% 80.4%
2nd Mortgage 23.4% 19.6%
Loan Type:
Fixed 70.6% 86.7%
ARM 29.4% 13.3%
Occupancy Status:
Owner Occupied 96.9% 95.0%
Non-Owner Occupied 3.1% 5.0%
% Loans with
Prepayment Penalty 89.7%
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