Printer Friendly

MARGARETTEN FINANCIAL REPORTS OCTOBER MORTGAGE LOAN VOLUME AND APPLICATION ACTIVITY

 MARGARETTEN FINANCIAL REPORTS OCTOBER MORTGAGE LOAN VOLUME
 AND APPLICATION ACTIVITY
 PERTH AMBOY, N.J., Nov. 10 /PRNewswire/ -- Margaretten Financial Corporation (NYSE: MRG), a leading residential mortgage banker, announced mortgage loan volume and application activity for the month ended Oct. 31, 1992.
 Total loans closed and purchased for October 1992 were $775 million. this represented a 100 percent increase over the $387 million produced in October 1991. Retail closings for the recent month amounted to $555 million, or 72 percent of the total, with $220 million or 28 percent resulting from wholesale production. Approximately 48 percent of the retail closings were refinances of existing mortgages, as compared to 26 percent a year ago.
 Loan applications received during October 1992 totaled $999 million, an increase of 26 percent over the comparable October 1991 amount of $792 million. For the month of October 1992, approximately 42 percent of retail applications (by dollar amount) represented refinance transactions, versus 39 percent in October 1991.
 The Company's Wholesale Division received applications of $339 million in October 1992, compared with $173 million in October 1991.
 Margaretten's servicing portfolio at Oct. 31, 1992 was $13.3 billion, compared with $3.4 billion at Oct. 31, 1991. The dramatic increase reflected the Company's acquisition of NationsBanc Mortgage Corporation of Virginia on Sept. 1, 1992, as well as growth from retention of servicing on loan production.
 Felix M. Beck, chairman of the board and chief executive officer, stated, "The combination of strong retail and wholesale operations resulted in record loan production for the second consecutive month. We are pleased by the performance of our Wholesale Division, which is becoming an increasingly important contributor to our volume. Wholesale production increased 29 percent to $220 million in October 1992 from $171 for the prior month."
 "Total loan production for the first ten months of this year was over $5.9 billion. We would expect strong loan closings for the remainder of 1992 based upon the fact that Margaretten's application volume has averaged approximately $1 billion in each of the past two months," he added.
 Mr. Beck also noted that, as of Nov. 1, 1992, the company had completed the consolidation of its mortgage servicing operations in Richmond, Va., at the facility housing the former NationsBanc Mortgage Corporation of Virginia. He said Margaretten's operations will benefit from increases in cost-efficiency and productivity as a result of this consolidation.
 Margaretten Financial Corporation, through its mortgage banking subsidiary, Margaretten & Company, Inc., engages in the origination, purchase, sale and servicing of residential mortgage loans. Its Retail Division maintains 58 branch offices in 17 states, and its Wholesale Division operates primarily in California, Texas and the Pacific Northwest.
 MARGARETTEN FINANCIAL CORPORATION
 Monthly Operating Statistics
 Oct. Oct. Sept.
 1992 1991 1992
 Total Loan Production($ Millions)(A) $ 775 $ 387 $ 747
 Retail Closings (A) $ 555 $ 345 $ 576
 Percentage Refinance (A) (pct) 48 26 50
 Wholesale Purchase $ 220 $ 42 $ 171
 Average Produced Loan Size $121,000 $109,000 $121,000
 Total Loan Applications(Units) 8,393 6,461 8,998
 Retail 5,970 5,538 6,595
 Percentage Refinance (pct) 41 37 48
 Wholesale 2,423 923 2,403
 Total Loan Applications($ Millions) $ 999 $ 792 $ 1,089
 Retail $ 660 $ 619 $ 737
 Percentage Refinance (pct) 42 39 49
 Wholesale $ 339 $ 173 $ 352
 Average Application Loan Size $119,000 $123,000 $121,000
 Servicing Portfolio (B)
 Amount($ Millions) $ 13,322 $ 3,441 $ 13,110
 Units 199,378 47,618 198,935
 Delinquencies (pct) 4.31 4.73 4.81
 Foreclosures (pct) 1.07 0.93 1.06
 Weighted Average Interest Rate (pct) 9.17 9.78 9.25
 (A) -- The company has changed its method of calculating monthly retail production, so that month-end October 1992 loan production was based on the date of loan funding, rather than closing. The new method excludes from production totals refinance loans closed during the last three days of the month which were subject to the right of rescission, but has no significant effect on income recognition. If the change had not been made, Total Loan Production, Retail Closings and Percentage Refinance would have been $850 million, $630 million and 55 percent, respectively. Prior months have not been restated.
 (B) -- Servicing data for September and October 1992 reflect servicing portfolio acquired as a result of Margaretten's purchase of NationsBanc Mortgage Corporation of Virginia on Sept. 1, 1992.
 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- 11/10/92
 /CONTACT: Michele Katz or Edward Nebb of Morgen-Walke Associates, 212-986-5900, for Margaretten/
 (MRG) CO: Margaretten Financial Corporation ST: New Jersey IN: FIN SU:


KD -- NYTU001 -- 9049 11/10/92 07:31 EST
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:Nov 10, 1992
Words:838
Previous Article:MAYTAG CHEESE: HOLIDAY CHEERS WITH WHOLESOME CHEESE
Next Article:EMPLOYERS REVAMPING SAVINGS PLAN INVESTMENT STRATEGIES; EMPLOYEE CONTRIBUTIONS IN GIC'S SHRINKING
Topics:


Related Articles
MARGARETTEN FINANCIAL REPORTS JULY MORTGAGE LOAN VOLUME AND APPLICATION ACTIVITY
MARGARETTEN FINANCIAL REPORTS JANUARY SOURCES OF PRODUCTION AND LOAN APPLICATION ACTIVITY
MARGARETTEN FINANCIAL REPORTS RECORDMONTHLY LOAN APPLICATION ACTIVITY
MARGARETTEN FINANCIAL REPORTS STRONG LOAN PRODUCTION FOR THE MONTH OF MAY
MARGARETTEN FINANCIAL REPORTS JUNE LOAN PRODUCTION ROSE 83 PERCENT
MARGARETTEN FINANCIAL CORPORATION COMPLETES REFINANCING OF BANK CREDIT FACILITIES
MARGARETTEN FINANCIAL REPORTS $7.5 MILLION IN SECOND QUARTER EARNINGS; DECLARES REGULAR QUARTERLY DIVIDEND
American Home Mortgage reports Q1 results. (Business Alert).
West residential lenders--top 30.
Countrywide's servicing portfolio hits $747 billion.

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