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MARGARETTEN FINANCIAL REPORTS JUNE LOAN PRODUCTION ROSE 83 PERCENT

 PERTH AMBOY, N.J., July 9 /PRNewswire/ -- Margaretten Financial Corporation (NYSE: MRG), a leading residential mortgage banker, today reported loan production activity for the month ended June 30, 1993.
 Total sources of production for June 1993 equaled $1.045 billion, an increase of 83 percent over June 1992 production of $570 million. Total sources of production include retail fundings and wholesale and correspondent purchases.
 Loan applications received during June 1993 totaled $894 million, an increase of more than 34 percent over June 1992 loan applications of $663 million. Retail applications in June 1993 totaled $706 million, of which 36 percent were refinances, as compared to $519 million in June 1992, with refinances equal to 21 percent. Wholesale loan applications for the recent period totaled $188 million, a 31 percent increase over June 1992 wholesale loan applications of $144 million.
 Retail fundings amounted to $712 million, or 68 percent of the total for June 1993, compared with $437 million, or 77 percent of total sources of production for the same month of 1992. Approximately 45 percent of the retail fundings were refinances of existing mortgages, as compared to 21 percent in June 1992.
 Wholesale loan production in June 1993 totaled $220 million or 21 percent of total sources of production, versus $94 million or 16 percent for the year-ago period. Correspondent purchases equaled $113 million in June 1993, or 11 percent of total production. Correspondent purchases in June 1992 totaled $39 million.
 Margaretten's servicing portfolio at June 30, 1993 was $15.3 billion, compared to $5.2 billion at June 30, 1992. At June 30, 1993 the servicing portfolio had a weighted average coupon of 8.63 percent as compared to 9.11 percent one year prior.
 Felix M. Beck, chairman and chief executive officer, stated, "We are particularly pleased to report that retail production in June set a company record. In combination, June's retail and wholesale production was the highest in the company's history. Retail loan origination, the traditional core of our business, showed excellent progress, augmented by sharply rising volume in our newer wholesale and correspondent areas."
 Margaretten Financial Corporation, through its mortgage banking subsidiary, Margaretten & Company, Inc., engages in the origination, purchase, sale and servicing of residential mortgage loans. Its Retail Division maintains 64 branch and satellite offices in 18 states, and its Wholesale Division operates primarily in California, the Pacific Northwest, Texas, Arizona and Georgia.
 MARGARETTEN FINANCIAL CORPORATION
 Monthly Operating Statistics
 Periods Ended June June May
 1993 1992 1993
 Total Sources of Production
 ($ millions) $ 1,045 $ 570 $ 904
 Retail Fundings 712 437 610
 Percentage Refinance 45 percent 21 percent 51 percent
 Wholesale Purchases 220 94 248
 Correspondent Purchases 113 39 46
 Average Loan Size 112,000 111,000 114,000
 Total Loan Applications (Units) 7,724 5,490 7,557
 Retail 6,345 4,629 5,797
 Percentage Refinance 36 percent 19 percent 38 percent
 Wholesale 1,379 861 1,760
 Total Loan Applications
 ($ millions) 894 663 881
 Retail 706 519 649
 Percentage Refinance 36 percent 21 percent 37 percent
 Wholesale 188 144 232
 Average Loan Size 116,000 121,000 117,000
 Servicing Portfolio
 Amount ($ millions) 15,267 5,241 14,853
 Units 210,844 63,643 207,960
 Delinquencies 4.15 percent 3.70 percent 3.92 percent
 Foreclosures 1.26 percent 0.74 percent 1.25 percent
 Weighted Average 8.63 percent 9.11 percent 8.74 percent
 Interest Rate
 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- 7/9/93
 /CONTACT: Michele Katz, or Joel Herskovits, both of Morgen-Walke Associates, 212-850-5600, for Margaretten Financial Corp./
 (MRG)


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

LD-MG -- NY001 -- 9774 07/09/93 08:01 EDT
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Date:Jul 9, 1993
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