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MARGARETTEN FINANCIAL REPORTS JULY MORTGAGE LOAN VOLUME AND APPLICATION ACTIVITY

 MARGARETTEN FINANCIAL REPORTS JULY MORTGAGE LOAN VOLUME
 AND APPLICATION ACTIVITY
 PERTH AMBOY, N.J., Aug. 11 /PRNewswire/ -- Margaretten Financial Corporation (NYSE:MRG), a leading residential mortgage banker, announced mortgage loan volume and application activity for the month ended July 31, 1992.
 Total loans closed and purchased for July 1992 were $484 million. This represented a 39 percent increase over the $348 million produced in July 1991. Retail closings for the recent month amounted to $407 million, or 84 percent of the total, with $77 million or 16 percent resulting from wholesale production. Approximately 21 percent of the retail closings were refinances of existing mortgages, as compared to 14 percent a year ago.
 Loan applications received during July 1992 totaled $1.14 billion, a 134 percent increase over the comparable July 1991 amount of $489 million. For the month of July 1992, approximately 49 percent of retail applications (by dollar amount) represented refinance transactions, versus 11 percent in July 1991.
 The company's wholesale division received applications of $257 million in July 1992, compared with $70 million in July 1991.
 Margaretten's servicing portfolio at July 31, 1992 was $5.28 billion, compared with $2.99 billion at July 31, 1991.
 Felix M. Beck, chairman of the board and chief executive officer, stated, "Loan application volume exceeded $1 billion for the month of July, and was second only to the record level set in January of this year. While refinance activity has increased sharply, the recent level also reflects a 14 percent rise in home purchase applications comparing July 1992 and 1991."
 Margaretten Financial Corporation, through its mortgage banking subsidiary, Margaretten & Company, Inc. engages in the origination, purchase, sale and servicing of residential mortgage loans. Its retail division maintains 58 branch offices in 18 states, and its wholesale division operates primarily in California and Texas.
 MARGARETTEN FINANCIAL CORPORATION
 Monthly Operating Statistics
 July July June
 1992 1991 1992
Total Loan Production ($ Millions) $ 484 $ 348 $ 531
 Retail Closings $ 407 $ 301 $ 437
 Percentage Refinance (pct.) 21 14 21
 Wholesale Purchase $ 77 $ 47 $ 94
Average Produced Loan Size $118,000 $114,000 $120,000
Total Loan Applications (Units) 9,107 4,300 5,490
 Retail 7,511 3,919 4,629
 Percentage Refinance (pct.) 47 11 19
 Wholesale 1,596 381 861
Total Loan Applications ($ Millions) $ 1,143 $ 489 $ 663
 Retail $ 886 $ 419 $ 519
 Percentage Refinance (pct.) 49 11 21
 Wholesale $ 257 $ 70 $ 144
Average Application Loan Size $126,000 $114,000 $121,000


Servicing Portfolio
 Amount ($ Millions) $ 5,284 $ 2,985 $ 5,241
 Units 63,958 43,802 63,643
Delinquencies (pct.) 3.41 4.56 3.70
Foreclosures (pct.) 0.74 0.92 0.74
Weighted Average Interest Rate (pct.) 9.07 9.94 9.11


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- 8/11/92
 /CONTACT: Michele Katz or Edward Nebb of Morgen-Walke Associates, 212-986-5900, for Margaretten Financial/
 (MRG) CO: Margaretten Financial Corp. ST: New Jersey IN: FIN SU:


TM -- NY011 -- 8780 08/11/92 07:31 EDT
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Date:Aug 11, 1992
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