Printer Friendly

MARGARETTEN FINANCIAL REPORTS APRIL MORTGAGE LOAN VOLUME AND APPLICATION ACTIVITY

 MARGARETTEN FINANCIAL REPORTS APRIL MORTGAGE LOAN VOLUME
 AND APPLICATION ACTIVITY
 PERTH AMBOY, N.J., May 7 /PRNewswire/ -- Margaretten Financial Corporation (NYSE: MRG), a leading residential mortgage banker, announced today mortgage loan volume and application activity for the month ended April 30, 1992.
 Total loans closed and purchased for April 1992 were $500 million. This represented a 30 percent increase over the $385 million produced in April 1991. Retail closings for the recent month amounted to $427 million, or 85 percent of the total, with $73 million or 15 percent resulting from wholesale production. Approximately 32 percent of the retail closings were refinances of existing mortgages, as compared to 24 percent a year ago.
 Loan applications received during April 1992 totaled $684 million, a 16 percent increase over the comparable April 1991 amount of $592 million. Approximately 14 percent of retail applications in April 1992 represented refinance transactions, compared with 13 percent in April 1991.
 Margaretten's servicing portfolio at April 30, 1992 was $4.9 billion, compared with $2.6 billion at April 30, 1991.
 Felix M. Beck, chairman of the board and chief executive officer, stated, "The volume of refinance applications has declined to more normal levels, as expected. While our total loan application volume is off from the high levels of March, it is on target with our expectations for the year. We are pleased to note that the average loan size of our applications has risen from $112,000 to $124,000 between April 1991 and 1992. Also, our servicing portfolio grew by nearly $1 billion from operations in the first four months of 1992, despite a relatively high level of prepayments. This has positive implications for our goal of increasing this important facet of our business."
 The company's wholesale division received applications of $186 million in April 1992, compared with $85 million in April 1991.
 Margaretten Financial Corporation, through its mortgage banking subsidiary, Margaretten & Company, Inc., engages in the origination, purchase, sale and servicing of residential mortgage loans. Its retail division maintains 58 branch offices in 18 states, and its wholesale division operates primarily in California and Texas.
 MARGARETTEN FINANCIAL CORPORATION
 Monthly Operating Statistics
 April March
 1992 1991 1992
 Total loan production ($ millions) $ 500 $ 385 $ 744
 Retail closings 427 324 650
 Percentage refinance 32 24 52
 Wholesale purchase 73 61 94
 Average produced loan size 114,000 113,000 116,000
 Total loan applications (units) 5,515 5,305 6,432
 Retail 4,471 4,773 5,491
 Percentage refinance 14 13 18
 Wholesale 1,044 532 941
 Total loan applications ($ millions) 684 592 758
 Retail 498 507 607
 Percentage refinance 14 13 18
 Wholesale 186 85 151
 Average application loan size 124,000 112,000 118,000
 Servicing portfolio
 Amount ($ millions) 4,870 2,638 4,628
 Units 60,467 41,221 58,515
 Delinquencies (in pcts.) 3.56 4.68 3.44
 Foreclosures (in pcts.) 0.81 0.96 0.86
 Weighted average interest rate (in pcts.) 9.25 10.04 9.36
 Margaretten Financial Corporation is engaged in residential mortgage banking. The above data reflect current operating statistics and do not constitute all factors impacting the quarterly and annual financial results of the company. All figures are unaudited and monthly figures may be adjusted in the reported financial statements of the company, which will be provided by the company quarterly. The company makes no commitment to update this information for changes in circumstances or events which occur subsequent to the date of this release.
 -0- 5/7/92
 /CONTACT: Bruce Schnelwar, senior vice president and CFO of Margaretten Financial, 908-324-4183, or David Walke or Edward Nebb of Morgen-Walke Associates, 212-986-5900, for Margaretten Financial/
 (MRG) CO: Margaretten Financial Corporation ST: New Jersey IN: FIN SU:


SM-OS -- NY053 -- 7601 05/07/92 11:52 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 7, 1992
Words:629
Previous Article:DYNCORP CONTINUES COMMERCIAL EXPANSION; BECOMES STOCKHOLDER IN BUSINESS MAIL EXPRESS, INC.
Next Article:ST. GEORGE METALS REPORTS DISCOVERY OF NEW ORE SHOOT
Topics:


Related Articles
MARGARETTEN FINANCIAL REPORTS MARCH MORTGAGE LOAN VOLUME AND APPLICATION ACTIVITY
MARGARETTEN FINANCIAL EARNS $6.1 MILLION FOR 1991 FIRST QUARTER; DECLARES INITIAL QUARTERLY DIVIDEND
MARGARETTEN FINANCIAL REPORTS MAY MORTGAGE LOAN VOLUME AND APPLICATION ACTIVITY
MARGARETTEN FINANCIAL REPORTS JULY MORTGAGE LOAN VOLUME AND APPLICATION ACTIVITY
MARGARETTEN FINANCIAL REPORTS SEPTEMBER MORTGAGE LOAN VOLUME AND APPLICATION ACTIVITY
MARGARETTEN FINANCIAL REPORTS OCTOBER MORTGAGE LOAN VOLUME AND APPLICATION ACTIVITY
MARGARETTEN FINANCIAL REPORTS RECORDMONTHLY LOAN APPLICATION ACTIVITY
MARGARETTEN FINANCIAL REPORTS RECORD LOAN PRODUCTION FOR THE MONTH OF APRIL
MARGARETTEN FINANCIAL REPORTS STRONG LOAN PRODUCTION FOR THE MONTH OF MAY
MARGARETTEN FINANCIAL REPORTS STRONG LOAN PRODUCTION FOR THE MONTH OF MAY

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