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PLAZA HOME MORTGAGE POSTS JANUARY LOAN ORIGINATIONS; TWO MORE NEW OFFICES OUTSIDE CALIFORNIA WILL BE OPENED IN FIRST QUARTER

 SANTA ANA, Calif., Feb. 5 /PRNewswire/ -- Plaza Home Mortgage Corp. (NASDAQ: PHMC) today announced January loan originations and the month-end pipeline (loans-in-process) were down from a year ago, but that the company's outlook for 1993 remains unchanged.
 January 1993 loan originations totaled $314 million vs. $436 million a year ago. December 1992 loan originations were reported at $456 million.
 January loan applications and the month-end pipeline totaled $454 million and $498 million, respectively, compared with $1.0 billion and $955 million in the year-earlier period. December 1992 loan applications and the Dec. 31 pipeline were reported at $560 million and $606 million.
 Jack French, chairman and chief executive officer, said, "While short-term fluctuations in lending activity are endemic to our business, the long-term outlook for Plaza remains a favorable one. As interest rates have stabilized or edged lower, and concerns over the economy have lessened, we have begun to see improvement in loan production in the past couple weeks.
 "We are experiencing a significant rise in loan production from our loan origination offices outside of California, a trend we believe will continue. Plaza is well positioned for growth in 1993, having opened eight loan origination offices in the past 12 months, four of which were in states outside of California. The production of these new offices is growing rapidly, confirming that our strategy to grow through geographic expansion is sound and on target. Andover, Mass., opened last week to serve New England. Houston, and Bellevue, Wash., will open in the next few weeks. We also intend to open at least two additional offices in states other than California later in the first quarter 1993, as well as opening an undetermined number of new offices throughout the United States later in the year.
 "Option One, our new subsidiary, will begin funding loans this month. Option One offers mortgages to homebuyers and refinance customers who are creditworthy but do not fall within traditional loan qualification standards of institutional secondary mortgage purchasers."
 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 20 loan origination offices in five states, and is ranked the eighth-largest mortgage loan originator in California, and the 20th-largest nationwide. Plaza's savings and loan subsidiary has its single savings branch in Santa Ana.
 For information on Plaza by fax, dial 800-PRO-INFO, ext. 132.
 PLAZA HOME MORTGAGE CORP.
 Operating Statistics
 (In millions of dollars)
 (Unaudited)
 January 1993(A) January 1992
 Pipeline (loans-in-process) $498 $955
 Loan applications $454 $1,013
 Average daily loan applications $23 $46
 Loan originations
 Month-to-date:
 Wholesale $249 $315
 Retail 37 58
 Correspondent 28 63
 Total $314 $436
 Working days in the month 20 22
 Servicing portfolio,
 net of interim servicing $2,615 $1,850
 Delinquency ratio,
 excluding foreclosures 1.88 pct. 2.161 pct
 (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- 2/5/93
 /CONTACT: James M. Weld, president and COO of Plaza Home Mortgage, 714-564-3010; Nick Farina of The Financial Relations Board/Chicago, 312-266-7800, Regina Ryan of The Financial Relations Board/NY, 212-661-8030, or John H. Shaw of The Financial Relations Board/LA, 818-783-2400, all for Plaza Home Mortgage/
 (PHMC)


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

JL-JB -- LA008 -- 3389 02/05/93 09:00 EST
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Date:Feb 5, 1993
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