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NORTH AMERICAN MORTGAGE COMPANY REPORTS DECEMBER MORTGAGE ORIGINATIONS UP 70 PERCENT; FUNDINGS FOR THE YEAR UP 125 PERCENT TO $11.79 BILLION

 SANTA ROSA, Calif., Jan. 8 /PRNewswire/ -- North American Mortgage Company (NYSE: NAC), the nation's seventh largest originator of home loans, today reported that December 1992 loan originations of $1.16 billion were up 70 percent over December 1991 originations of $681 million. In addition, loan applications taken during December were $1.16 billion, a slight increase from $1.14 billion in December 1991.
 For the 12 months ended Dec. 31, 1992, loan fundings were $11.79 billion, up 125 percent from the comparable prior year's loan fundings of $5.23 billion. Loan applications through December increased by 93 percent to $18.81 billion in 1992 from $9.73 billion in 1991. Loan refinancings through December 1992 represented 69 percent of total loan fundings versus 48 percent during the same period last year.
 John F. Farrell Jr., chairman of the board and chief executive officer of North American Mortgage Company, said: "We are pleased with our strong December originations, which topped off a record setting year." He added that "while refinancing activity has slowed, we were encouraged to see an increase in resale activity in all of our markets."
 At Dec. 31, 1992, the company's owned servicing portfolio rose to $11.6 billion, a 75 percent increase compared with $6.7 billion at Dec. 31, 1991. For the 12 months ended Dec. 31, 1992, servicing rights retained represented 57 percent of total originations versus 34 percent for the comparable period during 1991. The servicing portfolio had a weighted average coupon of 8.14 percent at Dec. 31, 1992, compared with 9.35 percent at the end of December 1991.
 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. It is a major originator in the California, Texas, and mid-Atlantic markets. Headquartered in Santa Rosa, the company operates 48 origination offices located in 13 states.
 NORTH AMERICAN MORTGAGE COMPANY
 Operating Statistics
 Year-To-Date
 12/92 12/91 12/92 12/91
 Loan originations (millions) $ 1,156 $ 681 $ 11,789 $ 5,233
 Average loan size originated $133,196 $133,053 $134,109 $128,174
 Percentage refinance originations 68 66 69 48
 Loan applications (millions) $ 1,162 $ 1,141 $ 18,810 $ 9,731
 Owned servicing portfolio
 (millions) $ 11,620 $ 6,658 -- --
 Servicing portfolio no. of loans 118,778 84,846 -- --
 Average loan size serviced $ 97,833 $ 78,472 -- --
 Servicing delinquency percent
 (30 days & over) 1.88 3.21 -- --
 Foreclosure percent 0.48 0.46 -- --
 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- 1/8/93
 /CONTACT: Martin S. Hughes, chief financial officer 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:

GK-TS -- NY039 -- 3079 01/08/93 14:02 EST
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Date:Jan 8, 1993
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