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NORTH AMERICAN MORTGAGE REPORTS JULY MORTGAGE ORIGINATION AND APPLICATION VOLUME

 NORTH AMERICAN MORTGAGE REPORTS JULY MORTGAGE
 ORIGINATION AND APPLICATION VOLUME
 SANTA ROSA, Calif., Aug. 13 /PRNewswire/ -- North American Mortgage Company (NYSE: NAC), one of the nation's largest mortgage loan originators, today announced that its July, 1992 loan originations of $765 million were up 86 percent over July, 1991 originations of $412 million. In addition, loan applications taken during July, 1992 were $1.77 billion, an increase of 150 percent from the $707 million in July, 1991. This increase in mortgage originations and application volume reflects both the favorable interest rate environment during July, 1992, which has resulted in an increase in refinancing volume, as well as the company's continuing increases in market share in its market areas. Refinancing volume increased from 39 percent of total origination volume in July, 1991 to 60 percent of origination volume in July, 1992.
 July's improved origination and application volume is a continuation of the growth the company has seen during all of 1992. For the seven months ended July 31, 1992, loan originations were $5.9 billion or more than double the comparable prior year's originations of $2.7 billion, and loan applications for these periods increased 102 percent from $5.1 billion to $10.3 billion.
 John F. Farrell, Jr., chairman of the board and chief executive officer of North American Mortgage Company, stated, "We were encouraged in July by the marked increase in new loan applications over the total for June of this year. In one month, application volume increased 50 percent, from $1.16 billion to $1.77 billion. It appears that the public has taken notice of the decline in rates which has been in place for over three months. In particular, we expect the volume of refinance loans to remain high as long as rates remain at or below current levels."
 Terry Hodel, president and chief operating officer, added, "The increased application volume occurred in all of the company's principal market areas." He also indicated that the delinquency rate, including foreclosures, in the company's owned servicing portfolio fell to 2.47 percent from 3.39 percent in July, 1991.
 The significant increase in the company's loan originations during 1992, along with a decline in the sale of servicing rights sold as a percent of such originations, has resulted in increased servicing portfolio growth during the year. For the first seven months of 1992, the company's owned servicing portfolio increased by $2.2 billion from $6.7 billion at Dec. 31, 1991 to $8.9 billion at July 31, 1992. For the comparable period during 1991, the company's owned servicing portfolio increased by $617 million. During the same periods, servicing sales, as a percent of originations, declined from 59 percent in 1991 to 47 percent in 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. 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
 YTD YTD
 July July July July
 1992 1991 1992 1991
 Loan Originations $765 $412 $5,857 $2,726
 (millions)
 Average Loan Size $132,794 $125,883 $131,357 $127,496
 Originated
 Percentage Refinance 60 39 66 44
 Originations
 Loan Applications $1,769 $707 $10,265 $5,102
 (millions)
 Owned Servicing $8,874 $6,405 -- --
 Portfolio (millions)
 Servicing Portfolio 99,109 86,135 -- --
 No. of Loans
 Average Loan Size $89,537 $74,359 -- --
 Serviced
 Servicing Delinquency
 (as a percent) 2.01 2.89 -- --
 Percent (30 days & over)
 Foreclosure Percent .46 .50 -- --
 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- 8/13/92
 /CONTACT: Robert J. Gallagher, senior vice president & CFO of North American Mortgage, 707-523-5055, or Andrew R. Baer Tracey T. Stearns Kekst and Company, 212-593-2655, for North American Mortgage/
 (NAC) CO: North American Mortgage Company ST: California IN: FIN SU:


TS -- NY018 -- 9493 08/13/92 09:26 EDT
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Publication:PR Newswire
Date:Aug 13, 1992
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