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MARGARETTEN FINANCIAL REPORTS RECORD LOAN PRODUCTION FOR THE MONTH OF APRIL

 PERTH AMBOY, N.J., May 7 /PRNewswire/ -- Margaretten Financial Corporation (NYSE: MRG), a leading residential mortgage banker, today reported record loan production activity for the month ended April 30, 1993.
 Total sources of production for April 1993 equaled $1.2 billion, more than double the $500 million produced in April 1992 and an increase of more than 90 percent from March 1993. Total sources of production include retail closings and wholesale and correspondent purchases.
 Loan applications received during April 1993 totaled $1.243 billion, an increase of more than 81 percent over April 1992 loan applications of $684 million. Retail applications in April 1993 totaled $871 million, of which 41 percent were refinances, as compared to $498 million in April 1992, with refinances equal to 14 percent. Wholesale loan applications for the recent period totaled $372 million, a 100 percent increase over April 1992 wholesale loan applications of $186 million.
 Retail closings amounted to $601 million, or 51 percent of the total for April 1993, compared with $427 million, or 85 percent of total sources of production for the same month of 1992. Approximately 52 percent of the retail closings were refinances of existing mortgages, as compared to 32 percent in April 1992.
 Wholesale loan production in April 1993 totaled $272 million or 23 percent of total sources of production, versus $73 million or 15 percent for the year-ago period. Correspondent purchases equaled $308 million or 26 percent of total sources of production in April 1993. There were no comparable correspondent purchases in April 1992.
 Margaretten's servicing portfolio at April 30, 1993 was $14.7 billion, compared to $4.9 billion at April 30, 1992. At April 30, 1993 the servicing portfolio had a weighted average coupon of 8.82 percent as compared to 9.25 percent one year prior.
 Felix M. Beck, chairman and chief executive officer, stated, "Margaretten reported record production for the month of April. Retail closings increased 41 percent and wholesale purchases more than tripled. Loan application volume during the month of April was very strong across the board. Retail applications increased 75 percent and wholesale loan application volume doubled as compared to April 1992. Consistent with the strong application volume in March, refinances and home purchase activity continued at a strong pace during the month of April. Home purchase application volume was $511 million, an increase of 20 percent over April 1992."
 Margaretten Financial Corporation, through its mortgage banking subsidiary, Margaretten & Company, Inc., engages in the origination, purchase, sale and servicing of residential mortgage loans. Its Retail Division maintains 64 branch and satellite offices in 18 states, and its Wholesale Division operates primarily in California, the Pacific Northwest, Texas, Arizona, and Georgia.
 MARGARETTEN FINANCIAL CORPORATION
 Monthly Operating Statistics
 ($ Millions)
 April April March
 1993 1992 1993
 Total Sources of Production $ 1,181 $ 500 $ 619
 Retail Closings $ 601 $ 427 $ 414
 Percentage Refinance (Pct.) 52 32 42
 Wholesale Purchases $ 272 $ 73 $ 165
 Correspondent Purchases $ 308 $ 0 $ 40
 Average Loan Size $118,000 $114,000 $116,000
 Total Loan Applications (Units) 10,635 5,515 13,389
 Retail 7,770 4,471 9,515
 Percentage Refinance (Pct.) 42 14 51
 Wholesale 2,865 1,044 3,874
 Total Loan
 Applications ($ Millions) $ 1,243 $ 684 $ 1,604
 Retail $ 871 $ 498 $ 1,071
 Percentage Refinance (Pct.) 41 14 52
 Wholesale $ 372 $ 186 $ 533
 Average Loan Size $117,000 $124,000 $120,000
 Servicing Portfolio
 Amount ($ Millions) $ 14,673 $ 4,870 $ 14,706
 Units 207,568 60,467 208,855
 Delinquencies (Pct.) 3.62 3.56 4.17
 Foreclosures (Pct.) 1.21 0.81 1.17
 Weighted Average Interest Rate (Pct.) 8.82 9.25 8.86
 NOTE: Margaretten Financial Corporation is engaged in residential mortgage banking. The preceding data reflect current operating statistics and do not constitute all factors impacting the quarterly and annual financial results of the company. All figures are unaudited and monthly figures may be 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- 5/7/93
 /CONTACT: Michele Katz or Edward Nebb, both of Morgen-Walke Associates, 212-986-5900, for Margaretten Financial Corporation/
 (MRG)


CO: Margaretten Financial Corporation ST: New Jersey IN: FIN SU: ERN

TM -- NY008 -- 5761 05/07/93 07:31 EDT
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Date:May 7, 1993
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