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MARGARETTEN FINANCIAL REPORTS RECORDMONTHLY LOAN APPLICATION ACTIVITY

 PERTH AMBOY, N.J., April 8 /PRNewswire/ -- Margaretten Financial Corporation (NYSE: MRG), a leading residential mortgage banker, today reported record loan application activity for the month ended March 31, 1993.
 Loan applications received during March 1993 totaled $1.6 billion, more than double March 1992 loan applications of $758 million and up more than 55 percent from $1.0 billion in February 1993. Retail applications in March 1993 totaled $1.1 billion, of which 52 percent were refinances, as compared to $607 million in March 1992, with refinances equal to 18 percent. Wholesale loan applications for the recent period totaled $533 million, a more than three-fold increase over the $151 million in wholesale loan applications in March 1992.
 Total sources of production for March 1993 equaled $619 million as compared to $744 million produced in March 1992. Total sources of production include retail closings and wholesale and correspondent purchases.
 Retail closings amounted to $414 million, or 67 percent of the total for March 1993, compared with $650 million, or 87 percent of total sources of production for the same month of 1992. Approximately 42 percent of the retail closings were refinances of existing mortgages, down from 52 percent in March 1992. Wholesale loan production in March 1993 totaled $165 million or 27 percent of total sources of production, versus $94 million or 13 percent for the year-ago period. Correspondent purchases equaled $40 million or 6 percent of total sources of production in March 1993. There were no comparable correspondent purchases in March 1992.
 Margaretten's servicing portfolio at March 31, 1993 was $14.7 billion, compared to $4.6 billion at March 31, 1992. At March 31, 1993 the servicing portfolio had a weighted average coupon of 8.86 percent as compared to 9.36 percent one year prior.
 Felix M. Beck, Chairman and Chief Executive Officer, stated, "Loan originations are at record levels. During the month of March, Margaretten recorded its highest monthly total of loan applications, surpassing the previous high of January, 1992. In addition, the Wholesale Division's applications were more than 50 percent above the previous monthly high set in September, 1992."
 "The current low interest rate environment has resulted in a continued brisk pace of refinances and in strong home purchase activity. In March, home purchase application volume was at $516 million, the highest in the past twelve months."
 Mr. Beck also commented, "Our servicing portfolio's weighted average interest rate is currently 8.86 percent, down 50 basis points from one year ago. This figure is particularly significant given the fact that less than 10 percent of the servicing portfolio is comprised of adjustable rate loans."
 Margaretten Financial Corporation, through its mortgage banking subsidiary, Margaretten & Company, Inc., engages in the origination, purchase, sale and servicing of residential mortgage loans. Its Retail Division maintains 63 branch and satellite offices in 18 states, and its Wholesale Division operates primarily in California, Texas, Arizona, the Pacific Northwest and Georgia.
 MARGARETTEN FINANCIAL CORPORATION
 Monthly Operating Statistics
 March March February
 1993 1992 1993
 Total Sources of Production
 ($ millions) $ 619 $ 744 $ 391
 Retail Closings $ 414 $ 650 $ 277
 Percentage Refinance (in percent) 42 52 31
 Wholesale Purchases $ 165 $ 94 $ 68
 Correspondent Purchases $ 40 $ 0 $ 46
 Average Loan Size $116,000 $116,000 $113,000
 Total Loan Applications (Units) 13,389 6,432 8,362
 Retail 9,515 5,491 6,121
 Percentage Refinance (in percent) 51 18 40
 Wholesale 3,874 941 2,241
 Total Loan Applications
 ($ Millions) $ 1,604 $ 758 $ 1,032
 Retail $ 1,071 $ 607 $ 697
 Percentage Refinance (in percent) 52 18 41
 Wholesale $ 533 $ 151 $ 335
 Average Loan Size $120,000 $118,000 $123,000
 Servicing Portfolio
 Amount ($ Millions) $ 14,706 $ 4,628 $ 14,837
 Units 208,855 58,515 210,570
 Delinquencies (in percent) 4.17 3.44 4.84
 Foreclosures (in percent) 1.17 0.86 1.23
 Weighted Average Interest Rate
 (in percent) 8.86 9.36 8.90
 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- 4/8/93
 /CONTACT: Michele Katz or Edward Nebb both of Morgen-Walke Associates, 212-986-5900, for Margaretten Financial Corp./
 (MRG)


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

LD -- NY007 -- 4046 04/08/93 08:01 EDT
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Date:Apr 8, 1993
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