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NORTH AMERICAN MORTGAGE COMPANY REPORTS SECOND QUARTER NET EARNINGS UP 123 PERCENT

 NORTH AMERICAN MORTGAGE COMPANY REPORTS
 SECOND QUARTER NET EARNINGS UP 123 PERCENT
 SANTA ROSA, Calif., July 30 /PRNewswire/ -- North American Mortgage Company (NYSE: NAC), one of the nation's largest mortgage originators, today announced that net income for the quarter ended June 30, 1992, was $7,817,000, a 123 percent increase over net income of $3,500,000 during the quarter ended June 30, 1991.
 Earnings per share increased to $0.57 per share during the quarter, up from earnings per share of $0.26 in the comparable period. Earnings for all periods give effect to the company's recently completed initial public offering and the acquisition of the business of IMCO Realty Services -- a California Limited Partnership.
 John F. Farrell, Jr., chairman and chief executive officer, stated, "North American Mortgage Company's strong results were due primarily to larger origination fee income, gains from loan sales, interest income and gains on sale of servicing rights. We are very pleased with the Company's success in building its loan origination capabilities within its existing markets and its recent expansion through its acquisition (March 1992) of nine origination branches in the Maryland and Virginia markets. The company's increased origination volume has contributed to the strong growth in earnings and servicing portfolio during the first six months of 1992. At June 30, 1992, the company's owned servicing portfolio totaled $8.9 billion, a 39 percent increase, compared with $6.4 billion at June 30, 1991."
 For the six months ended June 30, 1992, net income totaled $14,358,000, an increase of 231 percent from net income of $4,343,000 earned during the first six months of 1991. Earnings per share increased to $1.05 for the first six months of 1992 from $0.32 earned a year ago.
 Total revenues for the second quarter were $51.6 million, a 69 percent increase from revenues of $30.6 million during the second quarter of 1991. For the six months ended June 30, 1992, revenues were $93.5 million, up 76 percent from revenues of $53.2 million for the six months ended June 30, 1991.
 Terry Hodel, president and chief operating officer, added, "The results reflect an increase in the company's production volumes to $2.7 billion in the quarter from $1.4 billion in the second quarter a year ago, and to $5.1 billion for the six months, up from $2.3 billion in last year's first half. In the quarter, the company sold servicing amounting to 37 percent of its production volume, down from 46 percent in the corresponding 1991 period. For the six months of 1992, sales of servicing were 40 percent of production volume compared to 57 percent in same period last year."
 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. It is a major originator in the California, Texas and mid-Atlantic markets. Headquartered in Santa Rosa, Calif., the company operates 42 origination offices located in California, Texas, Maryland, Virginia, Hawaii, Colorado and New Mexico.
 NORTH AMERICAN MORTGAGE COMPANY
 Statement of Operations
 For the Quarter and Six Months Ended June 30
 (In thousands, except per share amounts)
 (Unaudited)
 Second Quarter Six Months
 1992 1991 1992 1991
 Loan administration fees,
 net $ 5,810 $ 6,200 $11,744 $12,300
 Loan origination fees 18,098 9,246 33,678 14,927
 Gain from sales of loans 12,108 2,901 16,244 3,329
 Interest income, net 5,109 3,341 9,405 5,772
 Gain on sale of servicing 8,985 7,504 19,363 14,524
 Other 1,493 1,401 3,060 2,339
 Total revenues 51,603 30,593 93,494 53,191
 Total expenses $38,830 $25,206 $70,140 $46,503
 Income before income taxes 12,773 5,387 23,354 6,688
 Income tax expense 4,956 1,887 8,996 2,345
 Net income(A) $ 7,817 $ 3,500 $14,358 $ 4,343
 NET income per share $0.57 $0.26 $1.05 $0.32
 Weighted average
 shares outstanding 13,704 13,704 13,704 13,704
 (A) Net income for all periods gives effect to the company's recently completed initial public offering and the acquisition of the business of IMCO Realty Services -- a California Limited Partnership. Accordingly, these results include adjustments to recognize the effects of federal and state income taxes and the effects of debt reduction.
 NORTH AMERICAN MORTGAGE COMPANY
 Financial Highlights
 For the Quarter and Six Months Ended June 30
 (Dollar amounts in millions)
 (Unaudited)
 Second Quarter Six Months
 1992 1991 1992 1991
 Volume of loans
 originated $ 2,691 $ 1,387 $ 5,092 $ 2,314
 Owned loan servicing portfolio
 at end of period(A) $ 8,947 $ 6,358 $ 8,947 $ 6,358
 (A) Includes warehoused loans but excludes loans serviced under subservicing contracts.
 -0- 7/30/92
 /CONTACT: Robert J. Gallagher, senior vice president & CFO, or Tracey T. Stearns of North American Mortgage Company, 707-523-5055, or Andrew R. Baer of Kekst and Company, 212-593-2655, for North American Mortgage Company/
 (NAC) CO: North American Mortgage Company ST: California IN: FIN SU: ERN


PS -- NY093 -- 5252 07/30/92 16:03 EDT
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