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FARRAGUT MORTGAGE CO., INC. FIRST QUARTER SERVICING AND APPLICATION ACTIVITY

 FARRAGUT MORTGAGE CO., INC.
 FIRST QUARTER SERVICING AND APPLICATION ACTIVITY
 MANSFIELD, Mass., April 23 /PRNewswire/ -- Farragut Mortgage Co., Inc. (AMEX: FMS) announced today mortgage acquisition volume and application activity for the quarter ended March 31, 1992.
 During the first quarter, the company acquired or placed under contract $384 million in residential mortgage servicing rights, bringing its current portfolio to $789 million compared to $217 million in the first quarter of 1991.
 Loan applications for the first quarter were $26.1 million compared to $2.6 million in 1991. Closings for the quarter ended March 31, 1992 were $8.2 million compared to $763,000 in 1991.
 Edward D. Lagarde, president and chief executive officer, stated "Farragut's core business of servicing continues to be our primary emphasis. However, the company will continue to redirect its resources in order to substantially increase retail mortgage origination and the wholesale business."
 The company continues to examine acquisition possibilities as a means of growing the company.
 Farragut Mortgage Co., Inc. is engaged in the residential mortgage banking business, which involves the origination, purchase, sale and servicing of one-to-four family mortgage loans.
 -0- 4/23/92
 /CONTACT: Edward D. Lagarde, president and chief executive officer of Farragut Mortgage Co., 508-337-8605/
 (FMS) CO: Farragut Mortgage Co., Inc. ST: Massachusetts IN: FIN SU:


PB -- NE014 -- 1860 04/23/92 11:58 EDT
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Publication:PR Newswire
Date:Apr 23, 1992
Words:224
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