Printer Friendly

MARGARETTEN FINANCIAL REPORTS JULY 1993 LOAN PRODUCTION OF $833 MILLION, APPLICATIONS OF $1.1 BILLION

 PERTH AMBOY, N.J., Aug. 9 /PRNewswire/ -- Margaretten Financial Corporation (NYSE: MRG), a leading residential mortgage banker, today reported loan production and application activity for the month ended July 30, 1993.
 Total sources of production for July 1993 equaled $833 million, an increase of 72 percent over July 1992 production of $484 million. Total sources of production include retail fundings and wholesale and correspondent purchases.
 Retail fundings amounted to $560 million, or 67 percent of the total for July 1993, compared with $407 million, or 84 percent of total sources of production for the same month of 1992. Approximately 37 percent of the July 1993 retail fundings were refinances of existing mortgages, as compared to 21 percent in July 1992.
 Wholesale loan production in July 1993 totaled $146 million or 18 percent of total sources of production, versus $77 million or 16 percent for the year-ago period. Correspondent purchases equaled $127 million in July 1993, or 15 percent of total production, compared with no correspondent activity in July of last year.
 Loan applications received during July 1993 totaled $1.129 billion, 26 percent higher than the June 1993 figure of $894 million. The latest month's applications were roughly equal to the July 1992 figure of 1.143 billion, which was the second highest application level of last year. Retail applications in July 1993 totaled $791 million, of which 46 percent were refinances, as compared to $886 million in July 1992, with refinances equal to 49%. Wholesale loan applications for the recent month totaled $338 million, a 32 percent increase over July 1992 wholesale loan applications of $257 million.
 Margaretten's servicing portfolio at July 30, 1993 was $15.037 billion, compared to $5.284 billion at July 30, 1992. At July 30, 1993 the servicing portfolio had a weighted average coupon of 8.59 percent as compared to 9.07 percent one year earlier.
 Felix M. Beck, chairman and chief executive officer, said, "The strong increase in total sources of production reflected higher retail fundings and expanded wholesale and correspondent purchases. We continue to see substantial loan demand, as indicated by the more than $1.1 billion in applications received in the month of July 1993."
 Margaretten Financial Corporation, through its mortgage banking subsidiary, Margaretten & Company, Inc., engages in the origination, purchase, sale and servicing of residential mortgage loans. Its Retail Division maintains 65 branch and satellite offices in 18 states, and its Wholesale Division operates primarily in California, the Pacific Northwest, Texas, Arizona, Georgia and Ohio.
 MARGARETTEN FINANCIAL CORPORATION
 Monthly Operating Statistics
 July July June
 1993 1992 1993
 Total Sources of Production
 ($ millions) $ 833 $ 484 $ 1,045
 Retail Fundings 560 407 712
 Percentage Refinance
 (as a percent) 37 21 45
 Wholesale Purchases 146 77 220
 Correspondent Purchases 127 0 113
 Average Loan Size $109,000 $118,000 $112,000
 Total Loan Applications (Units) 9,401 9,107 7,724
 Retail 6,938 7,511 6,345
 Percentage Refinance
 (as a percent) 47 47 36
 Wholesale 2,463 1,596 1,379
 Total Loan Applications
 ($ millions) $ 1,129 $ 1,143 $ 894
 Retail 791 886 706
 Percentage Refinance
 (as a percent) 46 49 36
 Wholesale $ 338 $ 257 $ 188
 Average Application Loan Size $120,000 $126,000 $116,000
 Servicing Portfolio
 Amount ($ millions) $ 15,037 $ 5,284 $ 15,267
 Units 207,987 63,958 210,844
 Delinquencies (as a percent) 3.81 3.41 4.15
 Foreclosures (as a percent) 1.28 0.74 1.26
 Weighted Average Interest Rate
 (as a percent) 8.59 9.07 8.63
 NOTE: Margaretten Financial Corporation is engaged in residential mortgage banking. The preceding 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- 8/9/93
 /CONTACT: Edward Nebb or Jeff Majtyka of Morgen-Walke Associates, 212-850-5600, for Margaretten Financial Corporation/
 (MRG)


CO: Margaretten Financial Corporation ST: New Jersey IN: FIN SU:

TS -- NY010 -- 0588 08/09/93 08:00 EDT
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:Aug 9, 1993
Words:707
Previous Article:OMNICOM GROUP ANNOUNCES REDEMPTION OF DEBENTURES
Next Article:SAFECARD TO REASSERT CLAIMS AGAINST PETER A. HALMOS
Topics:

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