Printer Friendly

STANDARD FEDERAL SETS RECORD MORTGAGE LENDING ACTIVITY FOR FEBRUARY

 STANDARD FEDERAL SETS RECORD MORTGAGE LENDING ACTIVITY FOR FEBRUARY
 TROY, Mich., March 6 /PRNewswire/ -- Standard Federal Bank (NYSE: SFB) announced that it set a new record for home mortgage lending volume in February.
 During the month of February, the bank closed 3,918 home mortgage loans for $286,296,148 compared to 1,130 home mortgage loans closed for a total of $97,415,318 in February 1991. In the first two months of 1992, Standard Federal closed 6,553 home mortgage loans for a total of $485,353,413 compared to 1,919 home mortgage loans for $161,597,912 in 1991. This is a 200-percent increase in dollars of loans closed.
 During the first two months of 1992, the bank has received a total of 13,923 home mortgage loan applications compared to 4,838 home mortgage loan applications in the first two months of 1991. This is a 188-percent increase.
 Standard Federal Bank has current loan commitments of approximately $524,923,115 and, in addition, has approximately $374,184,000 in single- family home mortgage loan applications being processed in its offices. The amount of loan closings, loan commitments and loans in its mortgage loan processing pipeline are all record-setting amounts for the bank.
 Of the $485,353,413 single-family home mortgage loans closed in the first two months of 1992, 59 percent were refinances of current Standard Federal loans. In 1991, of the $161,597,912 of single-family home mortgage loans closed, 22 percent were refinances of Standard Federal loans. Loan closings, excluding refinances of Standard Federal loans, were $200,963,413 in 1992 and were $125,499,912 in 1991, a 60-percent increase.
 "With our current level of loans closed, loan commitments and loans in the mortgage processing pipeline, we expect to close approximately $775,000,000 in home mortgage loans in the first quarter of 1992," noted Thomas R. Ricketts, chairman and president of Standard Federal Bank. "This would represent a 143-percent increase in mortgage loan production over last year's first-quarter lending activity of $319,228,511.
 "Standard Federal Bank is by far the largest home mortgage lender in Michigan, closing more loans that the next two largest lenders put together," Ricketts further noted. "The unprecedented level of loan activity is due principally to the refinance business that is being generated by current relatively low levels of long-term interest rates. While the loan volume is extraordinary, Standard Federal is working diligently to provide its customers with expeditious service. To accommodate customers who would like to refinance their current mortgage or to apply for a new mortgage, the bank has made arrangements to schedule applications and closings for customers not only during normal business hours, but after hours as well, during the week and on weekends."
 Standard Federal Bank, headquartered in Troy, is Michigan's leading home mortgage lender and largest thrift with current assets of $9.5 billion. The bank operates 120 branch offices throughout Michigan, Indiana and Ohio.
 -0- 3/6/92
 /CONTACT: William R. Yaw Jr. of Standard Federal Bank, 313-643-9600, 800-482-3930 (in Michigan), or 800-874-3716 (in Indiana)/
 (SFB) CO: Standard Federal Bank ST: Michigan IN: FIN SU:


SB-JG -- DE027 -- 5975 03/06/92 16:04 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 6, 1992
Words:534
Previous Article:DELAWARE & HUDSON RAILWAY EXERCISES OPTION TO PURCHASE CONRAIL'S SOUTHERN TIER LINE
Next Article:MOR-FLO MERGER PROCEEDING
Topics:


Related Articles
GLENDALE FEDERAL BANK REPORTS SURGE IN RESIDENTIAL MORTGAGE LOAN APPLICATIONS AT BRANCH OFFICES
STANDARD FEDERAL SETS RECORD MORTGAGE VOLUME FOR 1991
STANDARD FEDERAL SETS RECORD FOR MONTHLY MORTGAGE ACTIVITY
STANDARD FEDERAL BANK SETS MORTGAGE LENDING RECORD FOR FIRST SIX MONTHS OF 1993
STANDARD FEDERAL BANK ORIGINATES $4 BILLION IN SINGLE-FAMILY HOME MORTGAGE LOANS
STANDARD FEDERAL BANK REPORTS MONTHLY FINANCIAL HIGHLIGHTS
STANDARD FEDERAL BANK REPORTS MONTHLY FINANCIAL HIGHLIGHTS
STANDARD FEDERAL BANK SETS RECORD FOR FIRST NINE MONTHS IN HOME MORTGAGE LOAN CLOSINGS
STANDARD FEDERAL BANCORPORATION, INC., REPORTS RECORD FIRST QUARTER 1996 EARNINGS OF $32.2 MILLION ($1.00 PER SHARE)
Standard Federal Bancorporation, Inc., Reports its Financial Results for the Third Quarter of 1996

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