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PLAZA HOME MORTGAGE POSTS RECORD DECEMBER LOAN ORIGINATIONS

 SANTA ANA, Calif., Jan. 7 /PRNewswire/ -- Plaza Home Mortgage Corp. (NASDAQ: PHMC) today announced loan originations last month set a new December record, supported by strong results in the wholesale channel.
 December 1992 loan originations rose to $456 million from $430 million a year ago. November 1992 loan originations were reported at $445 million.
 Pipeline (loans-in-process) and loan applications in December 1992 totaled $606 million and $560 million, respectively, compared with $729 million and $808 million in the year-earlier period. The pipeline and loan applications in November 1992 were reported at $810 million and $700 million.
 Company officials attributed the softness in December's loan pipeline and applications to fluctuating economic and interest rate factors affecting the industry overall.
 Jack French, chairman and chief executive officer, said, "Although new loan applications were off last month, the quality and closing probability of our pipeline improved due to interest rate changes. Additionally, we are already seeing geographic diversification in the pipeline reflecting the positive results of our strategy to grow through geographic expansion."
 In 1992, Plaza opened offices in three new states, Arizona, Oregon and Florida. In November, the company announced it will continue its aggressive geographic expansion in 1993 by opening three offices in new states during the first quarter -- Seattle/Tacoma, Wash.; Houston; and Massachusetts serving five New England-area states.
 "Our commitment to unrivaled broker and customer service remained high during the December's year-end closing rush, and will intensify further in 1993 increasing our competitive advantage," French added.
 "At our newly formed Option One subsidiary, we are working to create innovative loan products to serve what we believe is a substantial segment of the home lending market. Operations are expected to begin in the first quarter of this year."
 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 19 loan origination offices in four 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.
 PLAZA HOME MORTGAGE CORP.
 Operating Statistics
 (In millions of dollars)
 (Unaudited)
 December 1992 December 1991
 Pipeline (loans-in-process) $606 $729
 Loan applications $560 $808
 Avg. daily loan applications $27 $40
 Loan Originations
 Month-to-Date:
 Wholesale $360 $300
 Retail 56 65
 Correspondent 40 65
 Total $456 $430
 Year-to-date Dec. 31:
 Wholesale $4,168 $2,813
 Retail 718 404
 Correspondent 692 534
 Total $5,578 $3,751
 Working days in the month 21 20
 -0- 1/7/93
 /CONTACT: James M. Weld, president and COO of Plaza Home Mortgage, 714-564-3010, or John H. Shaw of Financial Relations Board, 818-783-2400, for Plaza Home Mortgage/
 (PHMC)


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

KJ-JB -- LA015 -- 2520 01/07/93 09:09 EST
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Date:Jan 7, 1993
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