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GLENDALE FEDERAL BANK REPORTS SURGE IN RESIDENTIAL MORTGAGE LOAN APPLICATIONS AT BRANCH OFFICES

 GLENDALE FEDERAL BANK REPORTS SURGE IN RESIDENTIAL
 MORTGAGE LOAN APPLICATIONS AT BRANCH OFFICES
 GLENDALE, Calif., Dec. 10 /PRNewswire/ -- Glendale Federal Bank, the nation's fourth largest savings bank, today announced that the refocus of the company's loan origination activity to its local banking offices has produced a dramatic increase in the bank's residential mortgage lending activity. Specifically, the bank's mortgage loan applications for November increased approximately two- and-a-half times over the level of applications in September.
 Stephen J. Trafton, Glendale Federal Bank's president and chief operating officer, noted that the bank's significant increase in residential real estate loan applications began in October. "The average monthly application volume for the past two months is about 85 percent higher than the bank's average volume during the previous three months of July, August and September," Trafton stated.
 "The residential real estate loan market, in general, has risen recently," Trafton said. "But a major factor behind Glendale Federal Bank's increase is the success of our community banking strategy, which includes returning loan origination authority to local banking offices as of Oct. 1, 1991, and a strong focus on single-family residential lending."
 Trafton added that the current residential real estate loan market continues to be characterized by substantial mortgage refinancing activity and strong consumer preference for fixed-rate loans. In November, for example, mortgage refinancing accounted for more than 83 percent of the gross dollar volume associated with the bank's residential real estate loan applications. At the same time, the ratio of fixed-rate to variable-rate loans was about four-to-one.
 Glendale Federal Bank recently announced a record $1 billion single-family mortgage loan program in conjunction with the Federal National Mortgage Association, the nation's largest investor in home mortgages.
 Glendale Federal Bank, a subsidiary of Glenfed Inc. (NYSE: GLN), is a community savings bank which operates 214 banking offices in California, Florida and Washington.
 -0- 12/10/91 R
 /CONTACT: Judy Cunningham, 818-500-2274 or Rosanne O'Brien, 818-500-2824, both of Glendale Federal; or Maury Healy of Healy & Associates, 415-546-6166/
 (GLN) CO: Glendale Federal Bank ST: California IN: FIN SU:


EH -- LA006 -- 0914 12/10/91 10:12 EST
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Publication:PR Newswire
Date:Dec 10, 1991
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