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LOAN AMERICA TO EXPAND INTO CORRESPONDENT LENDING; COMPANY REPORTS INCREASING MORTGAGE LOAN VOLUMES

 LOAN AMERICA TO EXPAND INTO CORRESPONDENT LENDING;
 COMPANY REPORTS INCREASING MORTGAGE LOAN VOLUMES
 MIAMI LAKES, Fla., July 31 /PRNewswire/ -- Loan America Financial Corporation (NASDAQ-NMS: LAFCB), a publicly owned residential mortgage banking firm, plans to expand its nationwide network to include correspondent lending.
 John S. Kuczwanski, president of Loan America, stated, "Loan volumes are increasing dramatically for the second time this year as the bond market rally has decreased mortgage rates and reignited refinancing applications throughout the industry. This should provide a favorable market for introducing our correspondent lending."
 Under the new program, scheduled to begin later this year, Loan America will purchase mortgages from small and medium sized banks and thrifts and from smaller mortgage banking firms.
 Loan America is a wholesale mortgage banker which currently acquires its loans from a network of 3,000 independent mortgage brokers.
 Kuczwanski said the demand in the correspondent segment of the market also is growing. Loan America believes it can profitably serve this group by providing access to large institutional investors not directly available to the correspondents because of their small volume of originations.
 Correspondent lending operations will be located at the company's headquarters in Miami Lakes, Fla.
 Loan America recently reported its third consecutive quarter of record earnings. It attained net earnings of $1.4 million on total revenues of $11.2 million for the three months ended June 30, 1992. Total loan production for the period was $768 million, compared to $536 million for the same quarter a year ago.
 Loan America is a publicly owned company traded on the NASDAQ National Market System under the symbol LAFCB.
 -0- 7/31/92
 /CONTACT: John S. Kuczwanski, president of Loan America Financial Corporation, 305-557-9282; or John K. Schulte of Schulte, Ross & Aguilar, 305-856-1442, for Loan America Financial Corp./
 (LAFCB) CO: Loan America Financial Corporation ST: Florida IN: FIN SU:


JB-AW -- FL006 -- 5493 07/31/92 10:12 EDT
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Publication:PR Newswire
Date:Jul 31, 1992
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