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NORTH AMERICAN MORTGAGE COMPANY REPORTS RECORD $2 BILLION IN LOAN FUNDINGS IN OCTOBER; SERVICING PORTFOLIO REACHES RECORD $16.7 BILLION

 SANTA ROSA, Calif., Nov. 2 /PRNewswire/ -- North American Mortgage Company (NYSE: NAC), the nation's sixth largest originator of home loans, reported today that its October 1993 loan fundings were a company record $2.0 billion, 53 percent over October 1992 fundings of $1.3 billion. Year-to-date, 1993 loan originations were $13.6 billion, a 44 percent increase over $9.4 billion for the 1992 year-to-date period.
 Loan applications in October 1993 were $2.8 billion, a 34 percent increase over October 1992 applications of $2.1 billion. Year-to-date applications for 1993 were $21.7 billion, 33 percent over 1992 year-to- date applications of $16.3 billion. Loan refinancings represented 77 percent of total loan fundings in October, as compared with 75 percent in October 1992.
 "We are extremely pleased with our October loan production. We are very proud to be able to produce $2 billion of mortgage loans in a single month without purchasing closed loans from others," said John F. Farrell, Jr., Chairman and Chief Executive Officer. "While our production organization continues to benefit from the current low interest rate environment, we also continue to plan for the future by expanding our geographic base and by continuing to grow our servicing portfolio."
 At October 31, 1993, the Company's owned loan servicing portfolio was a Company record $16.7 billion, a 45 percent increase as compared with a portfolio of $11.5 billion at October 31, 1992. The servicing portfolio had a weighted average coupon of 7.13 percent, compared with 8.28 percent at the end of October 1992. At month end, the Company's delinquency rate, including foreclosures, was 1.95 percent compared with 2.45 percent in October 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, California, the Company operates 64 production locations (including 12 satellite offices) in seventeen states and the District of Columbia.
 NORTH AMERICAN MORTGAGE COMPANY
 Operating Statistics
 October October YTD YTD
 1993 1992 1993 1992
 Loan Originations $2,033 $1,332 $13,583 $9,444
 (millions)
 Average Loan Size
 Originated $136,330 $139,184 $132,059 $134,321
 Percentage Refinance
 Originations
 (in percent) 77 75 72 68
 Loan Applications
 (millions) $2,784 $2,082 $21,706 $16,325
 Owned Servicing
 Portfolio
 (millions) $16,745 $11,530 -- --
 Servicing Portfolio
 no. of Loans 162,080 118,137 -- --
 Average Loan Size
 Serviced $103,314 $97,599 -- --
 Servicing Portfolio
 Weighted Average
 Coupon (in percent) 7.13 8.28 -- --
 Servicing Delinquency
 Percentage (30 days
 and over) (in percent) 1.67 2.05 -- --
 Foreclosure Percentage 0.28 0.40 -- --
 (in percent)
 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- 11/2/93
 /CONTACT: Martin S. Hughes, Executive Vice President of North American Mortgage Company, 707-523-5049; or Andrew Baer or Thomas J. Davies of Kekst & Company, 212-593-2655/
 (NAC)


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

WB -- NY050 -- 9614 11/02/93 11:43 EST
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Publication:PR Newswire
Date:Nov 2, 1993
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