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MARGARETTEN FINANCIAL REPORTS MARCH MORTGAGE LOAN VOLUME AND APPLICATION ACTIVITY

 MARGARETTEN FINANCIAL REPORTS MARCH MORTGAGE LOAN VOLUME
 AND APPLICATION ACTIVITY
 PERTH AMBOY, N.J., April 7 /PRNewswire/ -- Margaretten Financial Corporation (NYSE: MRG), a leading residential mortgage banker, announced today mortgage loan volume and application activity for the month ended March 31, 1992.
 Total loans closed and purchased for March 1992 were $744 million. This represented a 118 percent increase over the $342 million produced in March 1991. Retail closings for the recent month amounted to $650 million, or 87 percent of the total, with the remaining $94 million or 13 percent resulting from wholesale production. Approximately 52 percent of the retail closings were refinances of existing mortgages, as compared to 22 percent a year ago. The strong volume of loan closings and purchases for March 1992 largely reflects the high level of applications received in January 1992.
 Loan applications during March 1992 were 6,432, compared with 5,656 in March 1991, an increase of 14 percent. Approximately 18 percent of retail applications in March 1992 represented refinance transactions, slightly less than the 20 percent recorded in March 1991.
 Margaretten's servicing portfolio at March 31, 1992, was $4.6 billion, compared with $2.6 billion at March 31, 1991.
 Felix M. Beck, chairman of the board and chief executive officer, stated, "Margaretten's core business of financing home purchases continues to build in volume while, as anticipated, refinance applications have declined as a percentage of total applications. The fact that 'purchase money' applications increased 27 percent between February and March of this year demonstrates that the growth potential of our business is not dependent on refinance transactions."
 Beck added that Margaretten's Wholesale Division received 941 applications in March 1992, compared with 802 in February 1992 and 589 in March 1991. He noted that wholesale volume was expected to accelerate further, reflecting the recent opening of the company's third wholesale office, in Dallas, Texas.
 Margaretten Financial Corporation, through its mortgage banking subsidiary, Margaretten & Company, Inc. engages in the origination, purchase, sale and servicing of residential mortgage loans. Its Retail Division maintains 58 branch offices in 18 states, and its Wholesale Division operates primarily in California and Texas.
 MARGARETTEN FINANCIAL CORPORATION
 Monthly Operating Statistics
 March March February
 1992 1991 1992
 Total loan production ($ millions) $ 744 $ 342 $ 599
 Retail closings 650 280 497
 Percentage refinance 52 22 60
 Wholesale purchase 94 62 102
 Total loan applications (units) 6,432 5,656 5,858
 Retail 5,491 5,067 5,056
 Percentage refinance 18 20 30
 Wholesale 941 589 802
 Servicing portfolio
 Amount ($ millions) 4,628 2,648 4,439
 units 58,515 41,482 57,044
 Delinquencies (percent) 3.44 4.64 4.16
 Foreclosures (percent) 0.86 0.97 0.83
 Margaretten Financial Corporation is engaged in residential mortgage banking. The above data reflects current operating statistics and do not constitute all factors impacting the quarterly and annual financial results of the company. All figures are unaudited adjusted in the reported financial statements of the company, which will be provided by the company quarterly. The company makes no commitment to update this information for changes in circumstances or events which occur subsequent to the date of this release.
 -0- 4/7/92
 /CONTACT: Bruce Schnelwar, senior vice president and CFO of Margaretten Financial, 908-324-4183, or David Walke or Edward Nebb of Morgan-Walke Associates, 212-986-5900, for Margaretten Financial/
 (MRG) CO: Margaretten Financial Corporation ST: New Jersey IN: FIN SU: ERN


PS -- NY008 -- 5667 04/07/92 08:00 EDT
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Publication:PR Newswire
Date:Apr 7, 1992
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