Printer Friendly

FLEET MORTGAGE GROUP REPORTS $2 BILLION IN LOAN PRODUCTION FOR OCTOBER; RETAIL BRANCHES UP 7 PERCENT

 COLUMBIA, S.C., Nov. 18 /PRNewswire/ -- Fleet Mortgage Group (NYSE: FLG) today reported mortgage loan production for the month of October 1993 of $2.0 billion. During October, retail production was $.9 billion, a seven percent increase over the same month last year. Correspondent production was down slightly from $1.2 billion in October 1992, to $1.1 billion in October 1993, a decrease of eight percent.
 Through this year's first ten months, mortgage loan production was $17.9 billion, compared to $15.4 billion for the first ten months of 1992. Retail production was the strongest performing segment, growing from $6.1 billion in the first ten months of 1992 to $7.9 billion during the same period this year, a 28 percent increase. Correspondent production increased from $9.3 billion to $10.0 billion during the same ten month period, and the company acquired $5.7 billion in bulk servicing.
 The company's servicing portfolio continued to grow, as well. It reached $68.6 billion at the end of October, up from $62.6 billion in October 1992.
 Fleet Mortgage Group, Inc. located in Columbia, S.C., is a leading originator and servicer of mortgage loans. Its subsidiaries, Fleet Mortgage Corp. and Fleet Real Estate Funding Corp., originate mortgage loans through 91 branches in 37 states. The company also acquires new mortgage loans from other lenders through its extensive correspondent network.
 FLEET MORTGAGE GROUP, INC.
 OPERATING STATISTICS
 October 31, 1993
 October October YTD YTD
 1993 1992 1993 1992
 Loan Production (billions)
 Retail branches $0.9 $0.8 $7.9 $6.1
 Correspondent $1.1 $1.2 $10.0 $9.3
 TOTAL $2.0 $2.0 $17.9 $15.4
 Bulk Servicing Acquisitions
 (billions) $0.2 -- $5.7(A)
 Average Loan Size Produced/Acquired $86,363 $86,140 $84,423 $84,679
 Servicing Portfolio (billions) $68.6(A) $62.6
 Servicing Portfolio
 Number of Loans (thousands) 1,081(A) 1,035
 Average Loan Size Serviced $63,502 $60,493
 Servicing Portfolio Weighted
 Average Note Rate 8.51pct 9.25pct
 (A) Includes $3.0 billion acquired and $.2 billion sold but not yet transferred to or from the company's servicing portfolio.
 -0- 11/18/93
 /CONTACT: Charles T. Conway Jr., director-Corporate Communications, of Fleet Mortgage Group, 803-929-7910/
 (FLG)


CO: Fleet Mortgage Group ST: South Carolina IN: FIN SU:

MM -- CH003 -- 5863 11/18/93 08:39 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 18, 1993
Words:396
Previous Article:PACIFICORP DECLARES DIVIDEND
Next Article:CARVE THE TURKEY; THEN MAKE PLANS TO SEE FAR AWAY RELATIVES WITHOUT TRAVELING
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters