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PLAZA HOME MORTGAGE MARCH PIPELINE SURGES ON RECORD NEW LOAN APPLICATIONS

 SANTA ANA, Calif., April 7 /PRNewswire/ -- Plaza Home Mortgage Corp. (NASDAQ: PHMC) today announced that March 1993 loan originations, new loan applications and the month-end pipeline (loans-in-process) all rose substantially from the previous month. Loan originations were off slightly and the pipeline increased from a year ago. All figures are unaudited.
 March loan applications increased 113 percent to a record $1.3 billion from $619 million in February, while the month-end pipeline rose 57 percent to $1.0 billion vs. $642 million a month earlier. March 1992 applications and the month-end pipeline were reported at $994 million and $949 million, respectively.
 March 1993 loan originations advanced 90 percent to $530 million vs. $279 million a month earlier. March 1992 loan originations were reported at $559 million.
 Plaza also reported it acquired $517 million worth of loan servicing rights in March as part of its strategy to build its servicing portfolio with selective acquisitions. That portfolio, on March 31, stood at $2.9 billion.
 Jack French, chairman and chief executive officer, said, "The seven loan origination offices we opened in 1992 are gathering steam and, fueled by the recent drop in interest rates, contributed significantly to last month's results. Our strategy to expand and diversify our loan origination capability is going well as our funding results are increasingly broad-based from a geographic point of view. We plan to open additional offices later in the year.
 "I am confident the six new offices we opened in the first quarter 1993 will also be significant contributors to what I expect will be a record year for Plaza Home Mortgage despite a relatively slow start in January and February. Last month's new loan application figures bode favorably for the near-term outlook," French said. "It is important to note that 25 percent of March's new loan applications came from our eight offices that are located outside of California, five of which have been opened in the past three months."
 Plaza Home Mortgage is a mortgage banking company specializing in the origination, sale and servicing of one- to four-family residential mortgage loans. Plaza conducts mortgage banking activities through its 25 loan origination offices in seven states and is ranked the ninth-largest mortgage loan originator in California, the 22nd-largest nationwide.
 For information on Plaza by fax, dial 800-PRO-INFO, ext. 132.
 PLAZA HOME MORTGAGE CORP.
 Operating Statistics
 (In millions of dollars)
 (Unaudited)
 March 1993(a) March 1992
 Pipeline (loans-in-process) 1,007 949
 Loan applications 1,317 994
 Average daily loan applications 57 45
 Loan originations
 Month-to-date:
 Wholesale 409 390
 Retail 71 79
 Correspondent 46 90
 Option One 4 ---
 Total 530 559
 Year-to-date Dec. 31:
 Wholesale 868 997
 Retail 148 196
 Correspondent 103 213
 Option One 4 ---
 Total 1,123 1,406
 Delinquency ratio 1.39 pct 1.68 pct
 Servicing portfolio, net

 of interim servicing 2.9 billion 2.0 billion
 Working days in the month 23 22
 (a) All figures are unaudited and monthly figures may be adjusted in the reported financial statements of the company. Such financial statements are provided by the company quarterly. The company makes no commitment to update this information for changes in circumstances or events which occur subsequent to the date of this release.
 -0- 4/7/93
 /CONTACT: James M. Weld, president and COO of Plaza Home Mortgage, 714-564-3010; or Nick Farina (Chicago), 312-266-7800, or Regina Ryan (N.Y.), 212-661-8030, or John H. Shaw (L.A.), 818-783-2400, all of Financial Relations Board for Plaza Home Mortgage/
 (PHMC)


CO: Plaza Home Mortgage Corp. ST: California IN: FIN SU:

KJ-MS -- LA014 -- 3675 04/07/93 09:05 EDT
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Date:Apr 7, 1993
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