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FLEET MORTGAGE GROUP REPORTS RECORD LOAN PRODUCTION FOR JULY; RETAIL BRANCHES UP 93 PERCENT

 COLUMBIA, S.C., Aug. 9 /PRNewswire/ -- Fleet Mortgage Group (NYSE: FLG) today reported record mortgage loan production for the month of July, with retail branch production nearly twice last July's volume.
 Loan production for the month totaled $2.2 billion, an increase of 59 percent over the previous July. During July 1993, retail production was $1.0 billion, a 95 percent increase over the same month last year. Correspondent production was up significantly as well, growing from $0.9 billion in July 1992, to $1.2 billion in July 1993, an increase of 39 percent.
 Through this year's first seven months, production was $12.1 billion, compared to $10.4 billion for the first seven months of 1992. For the January to July 1993 period, retail production was the strongest performing segment, growing from $4.1 billion in the first seven months of 1992, to $5.4 billion during the same period this year, a 30 percent gain. Correspondent production increased from $6.3 billion to $6.7 billion during the same seven month period, and the company has acquired $5.5 billion in bulk servicing.
 "Our production volume continues at record levels and we are particularly pleased with our retail branch performance which nearly doubled last July'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 July, up 12 percent from $61.3 billion in July 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
 July 31, 1993
 July July YTD YTD
 1993 1992 1993 1992
 Loan Production (billions)
 Retail branches $1.0 $0.5 $5.4 $4.1
 Correspondent $1.2 $0.9 $6.7 $6.3
 Total $2.2 $1.4 $12.1 $10.4
 Bulk Servicing Acquisitions
 (billions) --- --- $5.5(A) ---
 Average Loan Size
 Produced/Acquired $84,670 $84,492 $83,790 $84,058
 Servicing Portfolio
 (billions) $68.6(A) $61.3
 Servicing Portfolio
 No. of Loans (thousands) 1,088(A) 1,025
 Average Loan Size Serviced $63,066 $59,806
 Servicing Portfolio
 Weighted Average
 Note Rate 8.74pct. 9.42pct.
 (A) Includes $4.2 billion (approximately 50,000 loans) acquired but not yet transferred to the company.
 -0- 8/9/93
 /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-CM -- CH002 -- 0727 08/09/93 11:39 EDT
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Publication:PR Newswire
Date:Aug 9, 1993
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