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NORTH AMERICAN MORTGAGE COMPANY REPORTS RECORD $2.6 BILLION LOAN APPLICATION VOLUMES AND $1.15 BILLION OF LOAN FUNDINGS IN MARCH

 SANTA ROSA, Calif., April 5 /PRNewswire/ -- North American Mortgage Company (NYSE:NAC), the nation's sixth largest originator of home loans, reported today that its March 1993 loan applications of $2.6 billion set a new single-month record and were up 64 percent over March 1992 applications of $1.58 billion. In addition, loan originations in March 1993 were $1.15 billion, a 19 percent increase over March 1992 origination of $966 million. Year-to-date 1993 loan originations were $2.54 billion, compared with $2.40 billion for the comparable 1992 period, with refinancings representing 68 percent of total loan fundings in 1993 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, "I am extremely pleased with our performance in March, with an overall increase in loan fundings of 74 percent over February 1993, of which 40 percent of the increase represented higher fundings in our California markets." Mr. Farrell also noted that it has been a year since the mid-Atlantic acquisition and that this region continues to postperformance gains. In the month of March, applications taken in the mid-Atlantic region were $563 million which is more than double its best month in all of 1992.
 At March 31, 1993, the company's owned servicing portfolio was $11.8 billion, a 55 percent increase compared with $7.6 billion at March 31, 1992. The servicing portfolio had weighted average coupon of 7.92 percent at March 31, 1993, compared with 8.97 percent at the end of March 1992. Terry Hodel, president and chief operating officer noted that the company's servicing division also had an excellent month. During March the company's delinquency rate, including foreclosures, fell to 2.28 percent compared to 2.91 percent in March 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 50 origination offices located in fourteen states.
 NORTH AMERICAN MORTGAGE COMPANY
 March March YTD YTD
 1993 1992 1993 1992
 Loan originations
 (millions) $1,148 $966 $2,537 $2,404
 Average loan size
 originated $129,726 $129,206 $133,222 $129,309
 Percentage refinance
 originations 71 pct. 71 pct. 68 pct. 72 pct.
 Loan applications $2,595 $1,582 $5,052 $4,786
 (millions)
 Owned servicing $11,824 $7,632 -- --
 Portfolio (millions)
 Servicing portfolio 120,928 91,082 -- --
 # of loans
 Average loan size $97,773 $83,78 -- --
 serviced
 Servicing delinquency 1.76 pct. 2.35 pct. -- --
 Percent (30 days & over)
 Foreclosure percent 0.52 pct. 0.56 pct. -- --
 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- 04/05/93
 /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:

AH -- NY057 -- 3168 04/05/93 16:12 EDT
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Date:Apr 5, 1993
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