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MARGARETTEN FINANCIAL REPORTS MAY MORTGAGE LOAN VOLUME AND APPLICATION ACTIVITY

 MARGARETTEN FINANCIAL REPORTS MAY MORTGAGE LOAN VOLUME
 AND APPLICATION ACTIVITY
 PERTH AMBOY, N.J., June 9 /PRNewswire/ -- Margaretten Financial Corporation (NYSE: MRG), a leading residential mortgage banker, today announced mortgage loan volume and application activity for the month ended May 31, 1992.
 Total loans closed and purchased for May 1992 were $470 million. This represented a 10 percent increase over the $427 million produced in May 1991. Retail closings for the recent month amounted to $386 million, or 82 percent of the total, with $84 million or 18 percent resulting from wholesale production. Approximately 21 percent of the retail closings were refinances of existing mortgages, as compared to 15 percent a year ago.
 Loan applications received during May 1992 totaled $611 million, a 13 percent increase over the comparable May 1991 amount of $542 million. Approximately 18 percent of retail applications in May 1992 represented refinance transactions, compared with 13 percent in May 1991.
 Margaretten's servicing portfolio at May 31, 1992 was $5.06 billion, compared with $2.70 billion at May 31, 1991.
 Felix M. Beck, chairman of the board and chief executive officer, stated, "Margaretten's loan volume and application levels for May were in line with our expectations, and support our targets for this year. Our core home finance business is stable. We are also experiencing some increase in the level of refinance applications compared with the previous month, although this is still well below the exceptionally high levels of last winter. We continue to be pleased with the growth in our servicing portfolio, and with the contributions of our recently expanded wholesale business."
 The company's wholesale division received applications of $146 million in May 1992, compared with $86 million in May 1991.
 Margaretten Financial Corporation, through its mortgage banking subsidiary, Margaretten & Company, Inc., engages in the origination, purchase, sale and servicing of residential mortgage loans. Its retail division maintains 58 branch offices in 18 states, and its wholesale division operates primarily in California and Texas.
 MARGARETTEN FINANCIAL CORPORATION
 Monthly Operating Statistics
 May May April
 1992 1991 1992
 Total loan production
 ($ millions) $ 470 $ 427 $ 500
 Retail Closings 386 376 427
 Percentage refinance 21 pct 15 pct 32 pct
 Wholesale purchase 84 51 73
 Average produced loan size $116,000 $109,000 $114,000
 Total loan applications
 (units) 4,979 4,789 5,515
 Retail 4,170 4,234 4,471
 Percentage refinance 17 pct 12 pct 14 pct
 Wholesale 809 555 1,044
 Total loan applications
 ($ millions) $ 611 $ 542 $ 684
 Retail 465 456 498
 Percentage refinance 18 pct 13 pct 14 pct
 Wholesale 146 86 186
 Average application
 loan size $123,000 $113,000 $124,000
 Servicing portfolio
 Amount ($ millions) $ 5,057 $ 2,703 $ 4,870
 Units 62,026 41,514 60,467
 Delinquencies 3.68 pct 4.59 pct 3.56 pct
 Foreclosures 0.76 pct 0.92 pct 0.81 pct
 Weighted average interest rate 9.17 pct 10.01 pct 9.25 pct
 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- 6/9/92
 /CONTACT: 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:


KD-LR -- NY004 -- 8177 06/09/92 07:32 EDT
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Date:Jun 9, 1992
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