Printer Friendly


 SANTA ROSA, Calif., Jan. 6 /PRNewswire/ -- North American Mortgage Company (NYSE: NAC), the nation's sixth largest originator of home loans, reported today December 1993 loan fundings of $1.98 billion, a 71% increase over December 1992 fundings of $1.16 billion. For the year, total 1993 loan originations were $17.6 billion, a 49% increase over $11.8 billion of originations for 1992.
 Loan applications in December 1993 were $1.9 billion, a 64% increase over December 1992 applications of $1.2 billion. Total applications for 1993 were $26.3 billion, 40% over 1992 applications of $18.8 billion. The company continued to benefit from a favorable interest rate environment which stimulated loan demand, particularly loans relating to mortgage refinancings. Loan refinancings represented 71% of total loan fundings in December, as compared with 68% in December 1992.
 "Our strong December fundings were a fitting conclusion to an exceptional year," said John F. Farrell, Jr., Chairman and Chief Executive Officer. "As we look forward to 1994, our ongoing geographic expansion and investment in new offices will position the Company to respond to the challenges we face in a market that is more oriented towards purchase transactions, rather than refinancings."
 Terrance G. Hodel, President and Chief Operating Officer, noted, "During the fourth quarter, bond market volatility increased and interest rates turned upward. The combination of these events resulted in a loss of approximately $500,000 on the Company's loan sales activity for the fourth quarter. This would result in total gains on sales of loans of approximately $38 million for 1993."
 At Dec. 31, 1993, the Company's owned loan servicing portfolio was $17.3 billion, a 49% increase as compared with a portfolio of $11.6 billion at Dec. 31, 1992. During the quarter, the Company sold servicing rights amounting to 48% of loan production, down from 56% for the fourth quarter of 1992. The servicing portfolio had a weighted average coupon of 6.95%, compared with 8.14% at the end of December 1992. At month end, the Company's delinquency rate, including foreclosures, was 1.92% compared with 2.36% in December 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 73 production locations in 22 states and the District of Columbia.
 North American Mortgage Company
 Operating Statistics
 December December YTD YTD
 1993 1992 1993 1992
 Loan Originations $1,975 $1,156 $17,607 $11,789
 Average Loan Size $134,533 $133,196 $132,925 $134,109
 Percentage Refinance 71% 68% 72% 69%
 Loan Applications $1,903 $1,162 $26,282 $18,810
 Owned Servicing $17,276 $11,620 -- --
 Portfolio (millions)
 Servicing Portfolio 165,484 118,778 -- --
 No. of Loans
 Average Loan Size $104,397 $97,833 -- --
 Servicing Portfolio
 Weighted Average Coupon 6.95% 8.14%
 Servicing Delinquency 1.64% 1.98% -- --
 Percent (30 days & over)
 Foreclosure Percent 0.28% 0.38% -- --
 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- 1/6/94
 /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/

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

SP -- NY015 -- 9669 01/06/94 09:10 EST
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 6, 1994

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters