Printer Friendly

NORTH AMERICAN MORTGAGE COMPANY REPORTS $1.47 BILLION OF LOAN FUNDINGS IN APRIL; SERVICING PORTFOLIO REACHES $12.7 BILLION

 SANTA ROSA, Calif., May 4 /PRNewswire/ -- North American Mortgage Company (NYSE: NAC), the nation's sixth largest originator of home loans, reported today that its April 1993 loan fundings were $1.47 billion, up 45 percent over April 1992 fundings of $1.01 billion. In addition, loan applications in April 1993 were $2.39 billion, a 68 percent increase over April 1992 applications of $1.43 billion. Year-to-date 1993 loan originations were $4.01 billion, compared with $3.42 billion for the comparable 1992 period.
 The company continues to benefit from a favorable interest rate environment which has stimulated loan demand, particularly loans related to mortgage refinancings. Loan refinancings represented 71 percent of total loan fundings in 1993, in line with the percentage for the same period last year.
 At April 30, 1993, the company's owned servicing portfolio was $12.7 billion, a 53 percent increase compared with $8.36 billion at April 30, 1992. The servicing portfolio had a weighted average coupon of 7.80 percent at April 30, 1993, compared with 8.88 percent at the end of April 1992. During April, the company's delinquency rate, including foreclosures, fell to 2.33 percent compared with 2.79 percent in April 1992.
 North American Mortgage Company is primarily engaged in the mortgage banking business and, accordingly, originates, acquires, sells and services mortgage loans which are principally first-lien mortgage loans secured by single family residences. The company is a leading residential lender in the California, Texas, Hawaii, Colorado, New Mexico and the Washington D.C. area. Headquartered in Santa Rosa, the company operates 50 origination offices located in 14 states.
 NORTH AMERICAN MORTGAGE COMPANY
 Operating Statistics
 April April YTD YTD
 1993 1992 1993 1992
 Loan Originations $1,469 $1,013 $4,006 $3,417
 (millions)
 Average Loan Size $128,019 $130,012 $131,266 $129,517
 Originated
 Percentage Refinance 76 67 71 71
 Originations
 Loan Applications $2,387 $1,425 $ 7,439 $6,211
 (millions)
 Owned Servicing $12,749 $8,360 -- --
 Portfolio (millions)
 Servicing Portfolio 128,219 96,555 -- --
 Number of Loans
 Average Loan Size $99,430 $86,585 -- --
 Serviced
 Servicing Delinquency 1.82 2.23 -- --
 Percent (30 days & over)
 Foreclosure Percent 0.51 0.56 -- --
 The above data reflects current operating statistics and does 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 which will be provided on a quarterly basis.
 -0- 5/4/93
 /CONTACT: Martin S. Hughes, executive vice president of North American Mortgage Company, 707-523-5049; or Andrew R. Baer or Thomas J. Davies of Kekst and Company, 212-593-2655, for North American Mortgage Company/
 (NAC)


CO: North American Mortgage Company ST: California IN: FIN SU:

SM -- NY018 -- 4158 05/04/93 08:50 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 4, 1993
Words:466
Previous Article:INTERNATIONAL TECHNOLOGY CORP. RECEIVES AIR EMISSIONS NAVY CONTRACT
Next Article:TRM COPY CENTERS CORP. ANNOUNCES RECORD RESULTS FOR THE THIRD QUARTER OF FISCAL 1993
Topics:


Related Articles
NORTH AMERICAN MORTGAGE COMPANY REPORTS RECORD $2.6 BILLION LOAN APPLICATION VOLUMES AND $1.15 BILLION OF LOAN FUNDINGS IN MARCH
NORTH AMERICAN MORTGAGE COMPANY REPORTS $1.51 BILLION LOAN FUNDINGS IN AUGUST; SERVICING PORTFOLIO REACHES RECORD $15.1 BILLION
NORTH AMERICAN MORTGAGE COMPANY REPORTS RECORD $2 BILLION IN LOAN FUNDINGS IN OCTOBER; SERVICING PORTFOLIO REACHES RECORD $16.7 BILLION
NORTH AMERICAN MORTGAGE COMPANY REPORTS JANUARY LOAN FUNDINGS UP 84%; JANUARY LOAN APPLICATIONS UP 64%
NORTH AMERICAN MORTGAGE COMPANY REPORTS MARCH LOAN FUNDINGS OF $1.4 BILLION, UP 21%; PURCHASE APPLICATIONS AND FUNDINGS SET RECORDS
NORTH AMERICAN MORTGAGE COMPANY REPORTS NOVEMBER LOAN FUNDINGS OF $459 MILLION
NORTH AMERICAN MORTGAGE COMPANY REPORTS FEBRUARY LOAN APPLICATIONS OF $1.6 BILLION AND LOAN FUNDINGS OF $823 MILLION
NORTH AMERICAN MORTGAGE COMPANY REPORTS MAY LOAN APPLICATIONS OF $1.4 BILLION AND LOAN FUNDINGS OF $840 MILLION
North American Mortgage Company Reports July Loan Applications of $1.16 Billion And Loan Fundings Of $708 Million
North American Mortgage Company Reports August Loan Applications of $1.22 Billion and Loan Fundings of $738 Million

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters