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MARGARETTEN FINANCIAL REPORTS SEPTEMBER MORTGAGE LOAN VOLUME AND APPLICATION ACTIVITY

 MARGARETTEN FINANCIAL REPORTS SEPTEMBER MORTGAGE LOAN VOLUME
 AND APPLICATION ACTIVITY
 PERTH AMBOY, N.J., Oct. 8 /PRNewswire/ -- Margaretten Financial Corporation (NYSE:MRG), a leading residential mortgage banker, announced mortgage loan volume and application activity for the month ended Sept. 30, 1992.
 Total loans closed and purchased for September 1992 were $747 million. This represented a 115 percent increase over the $348 million produced in September 1991. Retail closings for the recent month amounted to $576 million, or 77 percent of the total, with $171 million or 23 percent resulting from wholesale production. Approximately 50 percent of the retail closings were refinances of existing mortgages, as compared to 19 percent a year ago.
 Loan applications received during September 1992 totaled $1.1 billion, approximately double the comparable September 1991 amount of $546 million. For the month of September 1992, approximately 49 percent of retail applications (by dollar amount) represented refinance transactions, versus 32 percent in September 1991.
 The company's Wholesale Division received applications of $352 million in September 1992, compared with $90 million in September 1991. September 1992 represented the third consecutive month in which wholesale applications set new records for dollar volume.
 Margaretten's servicing portfolio at Sept. 30, 1992 was $13.1 billion, compared with $3.3 billion at Sept. 30, 1991. The servicing portfolio growth reflected a net increase of more than $2 billion in the company's original portfolio, as well as the addition of the servicing acquired as a result of Margaretten's purchase of NationsBanc Mortgage Corporation of Virginia on Sept. 1, 1992.
 The delinquency and foreclosure statistics for September 1992 reflect the changed mix of the combined servicing portfolio as a result of the acquisition. The portfolio now contains a greater proportion of VA and FHA loans, which typically have higher delinquency rates than conventional loans. The delinquency and foreclosure rates for the combined portfolio are comparable to the average of all mortgage lenders as reported by the Mortgage Bankers Association of America. The VA and FHA loans generate higher fees, which will increase Margaretten's average servicing fee income.
 Felix M. Beck, chairman of the board and chief executive officer, stated, "In September, the combination of retail and wholesale operations generated record loan production. Total loan volume for the first nine months of this year was over $5.1 billion."
 "Margaretten's application volume has exceeded $1 billion in each of the past three months, which should result in continued strong loan closings for the final quarter of this year. We are also pleased to note that, although refinance business continues to be a powerful factor in the marketplace, our retail home purchase applications rose 21% comparing September of 1992 and 1991," Mr. Beck added.
 Margaretten Financial Corporation, through its mortgage banking subsidiary, Margaretten & Company, Inc., engages in the origination, purchase, sale and servicing of residential mortgage loans. Its Retail Division maintains 58 branch offices in 18 states, and its Wholesale Division operates primarily in California, Texas and the Pacific Northwest.
 MARGARETTEN FINANCIAL CORPORATION
 Monthly Operating Statistics
 Sept. Sept. August
 1992 1991 1992
 Total loan production
 ($ Millions) $ 747 $ 348 $ 604
 Retail closings $ 576 $ 306 $ 478
 Percentage refinance 50pct. 19pct. 38 pct.
 Wholesale purchase $ 171 $ 42 $ 126
 Average produced loan size $121,000 $110,000 $123,000
 Total loan applications (Units) 8,998 4,752 8,795
 Retail 6,595 4,222 6,690
 Percentage refinance 48pct. 29pct. 50pct.
 Wholesale 2,403 530 2,105
 Total loan applications $ 1,089 $ 546 $ 1,104
 ($ Millions)
 Retail $ 737 $ 456 $ 775
' Percentage refinance 49pct. 32pct. 53pct.
 Wholesale $ 352 $ 90 $ 329
 Average application loan size $121,000 $115,000 $125,000
 Servicing portfolio (A)
 Amount ($ Millions) $ 13,110 $ 3,330 $ 5,381
 Units 198,935 46,692 64,789
 Delinquencies 4.81pct. 5.22pct. 3.57pct,
 Foreclosures 1.06pct. 0.86pct. 0.71
 Weighted average interest rate 9.25pct. 9.83pct, 9.03pct
 (1) Servicing data for September 1992 reflect the servicing portfolio acquired as a result of Margaretten's purchase of NationsBanc Mortgage Corporation of Virginia on Sept. 1, 1992.
 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- 10/8/92
 /CONTACT: Michele Katz or Edward Nebb of Morgen-Walke Associates 212-986-5900, for Margaretten Financial/
 (MRG) CO: Margaretten Financial Corporation ST: New Jersey IN: FIN SU:


AH -- NY004 -- 7698 10/08/92 07:25 EDT
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