Printer Friendly


 August Loan Originations Robust As Month-End Pipeline
 Tops $1 Billion For Sixth Consecutive Month
 SANTA ANA, Calif., Sept. 8 /PRNewswire/ -- Plaza Home Mortgage Corp. (NASDAQ: PHMC) today announced that August 1993 loan originations rose 59 percent to $748 million, compared with $470 million a year ago. July 1993 originations were reported at $638 million.
 August new loan applications reached a record $1.4 billion, compared with the $856 million reported for August 1992, and up from the $1.2 billion reported for July 1993. The August month-end pipeline of loans in progress grew to $1.2 billion, compared with $733 million for August 1992. The July 1993 pipeline was reported at $1.1 billion.
 Plaza's loan servicing portfolio increased to $7.2 billion, up from $2.5 billion a year ago. Plaza has previously announced it is consolidating its loan servicing operations in Albuquerque, N.M., site of the recently acquired Sandia Mortgage Corp. portfolio, which is expected to result in significantly lower servicing costs.
 Jack French, chairman and chief executive officer, said, "Plaza's record-breaking month in new loan applications was fueled by our expansion outside of California. In Florida, for example, we experienced record applications of $136 million and loan originations of $52 million."
 In other remarks emphasizing the success of Plaza's national expansion program, French pointed to the $36 million in new applications taken by the Chicago office in its first full month of operation. He also reported that loan offices outside of California accounted for 37 percent of new loan applications during the record-breaking month of August.
 Plaza last month announced it has opened two new loan production offices outside California, a wholesale office in Chicago, and a retail office in McLean, Va., bringing to 11 the number of loan offices outside of California. Most recently, a wholesale office was opened in St. Louis.
 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 33 loan origination offices in 10 states, and is ranked the sixth- largest mortgage loan originator in California, the 18th-largest nationwide.
 For information on Plaza by FAX, Dial 800-PRO-INFO, ext. 132.
 Operating Statistics
 (In millions of dollars)
 Aug. 31,
 1993 1992
 Pipeline (loans-in-process) $1,221 $733
 A record loan applications 1,443 856
 Avg daily loan applications 66 41
 Loan originations
 Wholesale 553 359
 Retail 115 61
 Correspondent 67 50
 Option One 13 ---
 Total $748 $470
 Wholesale 3,694 2,615
 Retail 652 465
 Correspondent 390 555
 Option One 50 ---
 Total $4,786 $3,635
 Adjusted Delinquency Ratio:
 GNMA(a) 4.73 pct 0 pct
 FNMA 1.64 pct 1.51 pct
 FHLMC 1.30 pct 1.30 pct
 Private investors(b) 1.76 pct 1.50 pct
 Total(b) 1.77 pct 1.42 pct
 Servicing portfolio,
 net of interim servicing $7.2 billion $2.5 billion
 Working days in the month 22 21
 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.
 (a) The company did not perform GNMA servicing prior to the Sandia acquisition and does not consider the indicated delinquency ratio unfavorable compared to other GNMA servicing portfolios.
 (b) Does not include delinquencies associated with a minor portion (currently approximately $47 million in principal amount out of over $3.1 billion in aggregate servicing rights) of the recently acquired Sandia servicing portfolio. Including such portfolio, the estimated delinquency ratios for private investors and in the aggregate were 6.40 percent and 2.51 percent, respectively, as of Aug. 31, 1993. It is anticipated that the delinquencies associated with the subject portfolio will be significantly reduced upon final adjustment and settlement of the terms of the acquisition.
 -0- 9/8/93
 /CONTACT: Pam Albo, investor relations, of Plaza Home Mortgage, 714-564-3002; or Nick Farina (Chicago), 312-266-7800, Regina Ryan (NY), 212-661-8030, or John H. Shaw (LA), 818-783-2400, all of The Financial Relations Board/

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

MF-JL -- LA049 -- 0064 09/08/93 20:11 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 8, 1993

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters