NORTH AMERICAN MORTGAGE COMPANY REPORTS $1.51 BILLION LOAN FUNDINGS IN AUGUST; SERVICING PORTFOLIO REACHES RECORD $15.1 BILLION
SANTA ROSA, Calif., Sept. 7 /PRNewswire/ -- North American Mortgage Company (NYSE: NAC), the nation's sixth largest originator of home loans, reported today that its August 1993 loan fundings were $1.51 billion, a 49 percent increase over August 1992 fundings of $1.01 billion. Year-to-date, 1993 loan fundings were $9.89 billion, a 44 percent increase over $6.87 billion for the 1992 year-to-date period. Loan applications in August 1993 were $2.49 billion, a 31 percent increase over August 1992 applications of $1.90 billion. Year-to-date applications for 1993 were $15.9 billion, 31 percent over 1992 year-to- date applications of $12.2 billion. Loan refinancings represented 69 percent of total loan fundings in August, as compared with 68 percent in August 1992. John F. Farrell, Jr., chairman and chief executive officer said, "August was another great month for the company. In fact, it was the second best month in our history in terms of fundings and applications." Mr. Farrell continued, "In addition, we broke the $15 billion mark for our servicing portfolio. Looking ahead, all signs point to strong loan volumes in September if interest rates remain at current levels." At Aug. 31, 1993, the company's owned loan servicing portfolio was a company record of $15.1 billion, a 57 percent increase as compared with $9.57 billion at Aug. 31, 1992. The servicing portfolio had a weighted average coupon of 7.37 percent, compared with 8.56 percent at the end of August 1992. At month-end, the company's delinquency rate, including foreclosures, was 1.96 percent compared with 2.42 percent in August 1992. 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 California, Texas, Hawaii, Colorado, New Mexico and the Washington, D.C. area.
Headquartered in Santa Rosa, the company operates 52 branch offices located in 16 states.
NORTH AMERICAN MORTGAGE COMPANY Operating Statistics August August YTD YTD 1993 1992 1993 1992 Loan Originations $1,511 $1,012 $9,886 $6,869 (millions) Average Loan Size $135,013 $139,205 $130,923 $132,458 Originated Percentage Refinance 69 68 71 66 Originations (percent) Loan Applications $2,493 $1,904 $15,887 $12,169 (millions) Owned Servicing $15,058 $9,573 -- -- Portfolio (millions) Servicing Portfolio 147,795 103,956 -- -- No. of Loans Average Loan Size $101,886 $92,087 -- -- Serviced Servicing Portfolio 7.37 8.56 -- -- Weighted Average Coupon (percent) Servicing Delinquency 1.67 2.05 -- -- Percent (30 days & over) Foreclosure Percent 0.29 0.37 -- -- The above data reflects current operating statistics and does 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 which will be provided on a quarterly basis. -0- 9/7/93 /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/ (NAC)
CO: North American Mortgage Company ST: California IN: FIN SU:
PS -- NY039 -- 9306 09/07/93 11:44 EDT
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|Date:||Sep 7, 1993|
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