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'INSIDE MORTGAGE FINANCE' RELEASES ESTIMATES ON MORTGAGE ORIGINATIONS, LIST OF TOP LENDERS IN 1992

 'INSIDE MORTGAGE FINANCE' RELEASES ESTIMATES ON MORTGAGE
 ORIGINATIONS, LIST OF TOP LENDERS IN 1992
 WASHINGTON, July 27 /PRNewswire/ -- Even before the latest mortgage refinance rush started, mortgage originations had soared to unprecedented levels in the first part of this year.
 According to new estimates announced by "Inside Mortgage Finance," mortgage originations during the first six months of 1992 appear to have set a staggering new record of $450 billion.
 "Inside Mortgage Finance," an independent weekly newsletter based in Bethesda, Md., released its new 1992 mortgage origination estimates along with its latest ranking of the top mortgage originators in the country.
 This year's estimated originations in the first half not only represents a large 68 percent increase over total originations during the same six-month period in 1991, but also suggests new residential mortgage production should easily top $700 billion for all of this year -- particularly if refinance activity continues to remain strong going into the fourth quarter.
 The previous highest mortgage origination year was 1991 when an estimated $565 billion in one-to-four family mortgages were originated.
 As might be expected, most of the nation's top residential mortgage producers reported very big gains during the first half of 1992, according to "Inside Mortgage Finance's" latest ranking of originators.
 In fact, this year's top two mortgage originators -- Pasadena, Calif.-based Countrywide Funding and St. Louis-based Prudential Home Mortgage -- reported more origination volume during the first six months of 1992 than they did for 12 months of 1991. Three years ago, neither firm was even among the top 10 originators in the country.
 However, this year's refi environment did not benefit all lenders. Some of the major bank and thrift lenders reported relatively modest gains in the first half, noting that lower balance refinance loans were not alone able to completely offset lackluster home purchase activity.
 Generally, those lenders with major wholesale origination operations reported the biggest growth in the first part of 1992. Separately, mortgage companies appear to have fared better than thrifts and banks in this year's fixed-rate lending environment.
 Countrywide topped the list of mortgage producers in the first half of 1992 with $12.2 billion in originations -- the most volume ever reported by a lender for a six-month period -- according to "Inside Mortgage Finance's" new ranking. Countrywide was the fourth largest originator in 1991 with $9.7 billion in volume. About 45 percent of the firm's 1992 volume came from wholesale originations.
 (Note: For purposes of this ranking, firms were asked to report their total one-to-four family mortgage originations -- including wholesale purchases -- for the first six months of 1992.)
 Not too far behind Countrywide in second place among mortgage originators in the first half was Prudential with $11 billion in volume. Prudential Home Mortgage's volume in the first half of 1992 was particularly impressive given that about two-thirds of the firm's originations are jumbo, or non-conforming, mortgages. Prudential is the largest jumbo mortgage originator in the country.
 In third place among originators in the first half was Rhode Island-based Fleet/Norstar Financial Group, which reported volume of $8.9 billion. A good deal of Fleet's volume came from FHA and VA mortgage originations.
 Last year's top mortgage originator, Norwest Mortgage in Des Moines, Iowa, was the fourth largest in the first half of 1992 with $8.79 billion. About $3 billion of Norwest's first half originations came from the firm's wholesale network, while the balance was originated through retail offices.
 Rounding out the top five mortgage producers in the first half was Chemical Mortgage with $5.9 billion in volume. Chemical Bank, which acquired Manufacturer's Hanover and Centrust in the latter part of last year, jumped from the 10th largest originator in 1991 to the fifth largest in early 1992.
 The top 25 mortgage producers accounted for 27 percent of estimated total mortgage originations during the first half of 1992 -- about the same level found in 1991.
 Here is a list of the top 10 mortgage originations in 1992:
 TOP MORTGAGE ORIGINATORS IN 1992
 (Dollars in Billions)
 1992-Six Months 1991 1991
 Rank Lender Volume Volume Rank
 1. Countrywide Funding, Calif. $12.21 $ 9.70 4
 2. Prudential Home Mortgage, Mo. $11.00 $10.70 3
 3. Fleet/Norstar Financial Group,
 R.I. $ 8.90 $11.20 2
 4. Norwest Mortgage, Iowa $ 8.79 $13.22 1
 5. Chemical Mortgage, Ohio $ 5.90 $ 6.40 10
 6. Great Western Financial, Calif. $ 5.60 $ 7.50 8
 7. Home Savings of America, Calif. $ 5.30 $ 9.10 5
 8. Sears Mortgage, Ill. $ 5.29 $ 6.60 9
 9. Bank of America (including
 Security Pacific), Calif. $ 5.20(est.) $ 7.80 7
 10. North American Mortgage
 (IMCO), Calif. $ 5.09 $ 5.23 12
 Source: Inside Mortgage Finance, Copyright 1992.
 -0- 7/27/92
 /CONTACT: Guy Cecala, editor and publisher, Inside Mortgage Finance, 301-951-1240/ CO: Inside Mortgage Finance ST: Maryland IN: FIN SU:


KD -- DC011 -- 3474 07/27/92 11:27 EDT
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Date:Jul 27, 1992
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