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NORTH AMERICAN MORTGAGE COMPANY ANNOUNCES EXPANDED $1.6 BILLION WAREHOUSE LINE OF CREDIT

 SANTA ROSA, Calif., June 24 /PRNewswire/ -- North American Mortgage Company (NYSE: NAC), the nation's sixth largest originator of home loans, announced today that it has executed a new warehouse credit facility which provides for a credit line of $1.605 billion. This credit facility is 38 percent larger than the $1.165 billion line it replaces and is funded by a group of 22 commercial banks and one institutional lender. Terrance G. Hodel, president and chief operating officer, said, "We are particularly pleased that we were able to add a number of new banks to our credit facility, as well as to have a number of our existing lenders increase the amount of their commitment. We feel that this vote of confidence from the financial community is well deserved in light of the financial results the company has achieved over the last several years."
 "We accomplished the key goals we set when we began the renewal process," said John F. Farrell, Jr., chairman and chief executive officer. Mr. Farrell added, "These goals included increasing the credit facility substantially so as
to provide the financing necessary to support our growing organizations. We also sought to provide added flexibility in the terms and conditions of the credit facility to meet the needs of our changing business and to recognize our increased financial strength. We believe that we have achieved these goals with this new credit agreement. We will continue to grow our origination network through internal expansion or by acquisitions."
 In May 1993, the company sold two million shares of common stock and raised an additional $44.3 million of new equity capital. Part of these funds will be used to expand the company's origination network and a portion was used to repay the balance of a Term Loan incurred in 1985.
 North American Mortgage Company is primarily engaged in the mortgage banking business and, accordingly, originates, acquires, sells and services mortgage loans which are principally first- lien mortgage loans secured by single family residences. The company is a leading residential lender in the California, Texas, Hawaii, Colorado, New Mexico and the Washington D.C. area. Headquartered in Santa Rosa, the company operates 50 origination offices located in 14 states.
 -0- 6/24/93
 /CONTACT: Martin S. Hughes, executive vice president of North American Mortgage Company, 707-523-5049, or Andrew R. Baer or Thomas J. Davies of Kekst and Company, 212-593-2655, for North American Mortgage Company/
 (NAC)


CO: North American Mortgage Company ST: California IN: FIN SU:

SM -- NY049 -- 5329 06/24/93 12:49 EDT
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Publication:PR Newswire
Date:Jun 24, 1993
Words:423
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