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NORTH AMERICAN MORTGAGE COMPANY REPORTS JANUARY MORTGAGE ORIGINATIONS UP 6 PERCENT

 SANTA ROSA, Calif., Feb. 5 /PRNewswire/ -- North American Mortgage Company (NYSE: NAC), the nation's sixth largest originator of home loans, today reported that January 1993 loan originations of $730 million were 6 percent above January 1992 originations of $689 million. In addition, loan applications taken during January were $1.04 billion, a 41 percent decrease from $1.75 billion in January 1992. Loan refinancings for January 1993 represented 67 percent of total loan fundings versus 72 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 see indications in the market that mortgage loan demand will strengthen in the coming months. Our Telemarketing and Retail divisions, which are our first to pick-up trends in mortgage loan demand, had 83 percent and 12 percent increases in loan applications in January as compared to December 1992."
 At Jan. 31, 1993, the company's owned servicing portfolio was $11.5 billion, a 61 percent increase compared with $7.2 billion at Jan. 31, 1992. The servicing portfolio had a weighted average coupon of 8.10 percent at Jan. 31, 1993, compared with 9.19 percent at the end of January 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. It is a major originator in the California, Texas and mid-Atlantic markets. Headquartered in Santa Rosa, the company operates 49 origination offices located in fourteen states.
 NORTH AMERICAN MORTGAGE COMPANY
 Operating Statistics
 Jan. Jan.
 1993 1992
 Loan Originations $730 $689
 (millions)
 Average Loan Size $138,270 $129,624
 Originated
 Percentage Refinance
 Originations 67 72
 Loan Applications $1,044 $1,748
 (millions)
 Owned Servicing
 Portfolio (millions) $11,511 $7,151
 Servicing Portfolio
 # of Loans 117,338 88,418
 Average Loan Size
 Serviced $98,097 $80,872
 Servicing Delinquency
 Percent (30 days & over) 2.04 2.75
 Foreclosure Percent 0.54 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- 2/5/93
 /CONTACT: Martin S. Hughes, executive vice president of North American Mortgage Company, 707-523-5049; 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: ERN

SH -- NY042 -- 3612 02/05/93 14:51 EST
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Publication:PR Newswire
Date:Feb 5, 1993
Words:437
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