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FLEET MORTGAGE GROUP REPORTS RECORD LOAN PRODUCTION FOR AUGUST; RETAIL PRODUCTION UP 48 PERCENT

 COLUMBIA, S.C., Sept. 13 /PRNewswire/ -- Fleet Mortgage Group (NYSE: FLG) today reported mortgage loan production for the month of August 1993 of $1.8 billion. During August, retail production was $0.7 billion, a 48 percent increase over the same month last year. Correspondent production was up significantly as well, growing from $0.9 billion in August 1992, to $1.1 billion in August 1993, an increase of 17 percent.
 Through this year's first eight months, production was $13.9 billion, compared to $11.8 billion for the first eight months of 1992. Retail production was the strongest performing segment, growing from $4.6 billion in the first eight months of 1992 to $6.1 billion during the same period this year, a 32 percent gain. Correspondent production increased from $7.2 billion to $7.8 billion during the same eight month period, and the company acquired $5.5 billion in bulk servicing.
 "Our retail branch performance continues to be strong as its was up significantly over last August's volume," said Andrew D. Woodward Jr., chairman and chief executive officer.
 The company's servicing portfolio continued to grow, as well. It reached $68.6 billion at the end of August, up from $61.6 billion in August 1992.
 Fleet Mortgage Group, Inc. located in Columbia, S.C., is a leading originator and servicer of mortgage loans. Its subsidiaries, Fleet Mortgage Corp., and Fleet Real Estate Funding Corp., originate mortgage loans through 91 branches in 37 states. The company also acquires new mortgage loans from other lenders through its extensive correspondent network.
 FLEET MORTGAGE GROUP
 OPERATING STATISTICS
 Aug. 31, 1993
 August August YTD YTD
 1993 1992 1993 1992
 Loan Production (billions)
 Retail branches $0.7 $0.5 $ 6.1 $ 4.6
 Correspondent $1.1 $0.9 $ 7.8 $ 7.2
 TOTAL $1.8 $1.4 $13.9 $11.8
 Bulk Servicing Acquisitions
 (billions) -- -- $ 5.5(A)
 Average Loan Size Produced/
 Acquired $84,954 $85,751 $83,901 $84,260
 Servicing Portfolio
 (billions) $68.6(A) $61.6
 Servicing Portfolio
 No. of Loans (thousands) 1,085(A) 1,027
 Average Loan Size Serviced $63,245 $60,006
 Servicing Portfolio Weighted
 Average Note Rate 8.67pct 9.38pct
 (A) Includes $4.2 billion (approximately 50,000 loans) acquired but not yet transferred to the company.
 -0- 9/13/93
 /CONTACT: Charles T. Conway Jr., Director, Corporate Communications, Fleet Mortgage Group, 803-929-7910/
 (FLG)


CO: Fleet Mortgage Group ST: South Carolina IN: FIN SU:

SB -- CH007 -- 1272 09/13/93 11:50 EDT
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Publication:PR Newswire
Date:Sep 13, 1993
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