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PLAZA HOME MORTGAGE POSTS FEBRUARY LOAN ORIGINATIONS, APPLICATIONS AND MONTH-END PIPELINE

 SANTA ANA, Calif., March 5 /PRNewswire/ -- Plaza Home Mortgage Corp. (NASDAQ: PHMC) today announced that February 1993 new loan applications and the month-end pipeline (loans-in-process) were up strongly from the previous month, but loan originations and the pipeline were less than a year ago. All figures are unaudited.
 The February month-end pipeline rose 29 percent to $642 million from $498 million a month earlier, while February's loan applications increased 36 percent to $619 million vs. $454 million in January. The February 1992 month-end pipeline and applications were $984 million and $930 million, respectively.
 February 1993 loan originations totaled $279 million vs. $411 million a year ago. January 1993 loan originations were reported at $314 million.
 Jack French, chairman and chief executive officer, said, "I believe the significant increase in February's pipeline and loan applications from the month earlier is pointing toward an overall increase in company loan production following a year-end lull. The applications reflect our increased market presence, and what our associates in the field report is a cautious resurgence in new mortgage and refinance lending stemming from lower interest rates.
 "Loan production from our loan origination offices outside of California continues to strengthen. The remaining three of six new offices we are opening in the first quarter will be operating by the end of March and are expected to contribute to April production."
 Plaza earlier announced it was opening six offices, five in states outside of California, during the first quarter as part of its strategy to increase market share and diversify its loan funding base.
 "I am pleased to report that Option One began loan fundings in February and is expected to make a positive contribution to fiscal 1993 results," French added. Option One is a Plaza subsidiary that offers a flexible loan product line to borrowers who are creditwotrhy but don't meet traditional underwriting criteria.
 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 22 loan origination offices in seven states, and is ranked the ninth-largest mortgage loan originator in California, the 22nd-largest nationwide. Plaza's savings and loan subsidiary has its single savings branch in Santa Ana.
 For information about Plaza by fax, dial 800-PRO-INFO, ext. 132.
 PLAZA HOME MORTGAGE CORP.
 Operating Statistics
 (In millions of dollars)
 (Unaudited)
 February 1993(a) February 1992
 Pipeline (loans-in-process) $642 $984
 Loan applications $619 $930
 Average daily loan applications $33 $49
 Loan originations
 Month-to-date:
 Wholesale $210 $291
 Retail 40 60
 Correspondent 29 60
 Total $279 $411
 Year-to-date Dec. 31:
 Wholesale $459 $606
 Retail 78 117
 Correspondent 56 124
 Total $593 $847
 Delinquency ratio 1.86 pct. 2.18 pct.
 Servicing portfolio, net
 of interim servicing $2,513 $1,795
 Working days in the month 19 19
 (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- 3/5/93
 /CONTACT: James M. Weld, president and COO of Plaza Home Mortgage, 714-564-3010; or Nick Farina (Chicago), 312-266-7800, Regina Ryan (New York), 212-661-8030, or John H. Shaw (Los Angeles), 818-783-2400, all of Financial Relations Board for Plaza Home Mortgage/
 (PHMC)


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

JB-JL -- LA003 -- 3327 03/05/93 09:01 EST
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Date:Mar 5, 1993
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