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FARRAGUT MORTGAGE CO., INC. REPORTS APRIL 1992 MORTGAGE LOAN VOLUME AND SERVICING ACQUISITION

 FARRAGUT MORTGAGE CO., INC. REPORTS APRIL 1992 MORTGAGE
 LOAN VOLUME AND SERVICING ACQUISITION
 MANSFIELD, Mass., May 11 /PRNewswire/ -- Farragut Mortgage Co., Inc. (AMEX: FMS), announced today that it had bid for and won a servicing portfolio of $400 million, thus bringing its mortgage servicing portfolio at April 30, 1992 (which includes portfolios being subserviced and portfolios under contract but not closed) to over $1.1 billion compared to $215 million at April 30, 1991.
 The company's volume of loans originated and purchased during April 1992 was $8.8 million, compared to $260,000 in April 1991.
 Loan applications received during April 1992 totaled $12.8 million, compared to $450,000 in the same period last year.
 Edward D. Lagarde, president and chief executive officer, stated "The company continues to follow its strategic plan which emphasizes the systematic build up over time of servicing and origination capabilities and activities."
 The company continues to examine acquisition possibilities as an additional strategy for growth.
 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- 5/11/92
 /CONTACT: Edward D. Lagarde, president and chief executive officer of Farragut Mortgage Co., Inc., 508-337-8605/
 (FMS) CO: Farragut Mortgage Co. ST: Massachusetts IN: FIN INS SU:


TM -- NE005 -- 8423 05/11/92 08:31 EDT
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Publication:PR Newswire
Date:May 11, 1992
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