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PLAZA HOME MORTGAGE POSTS RECORD MAY LOAN ORIGINATIONS; NEW LOAN APPLICATIONS TOP $1 BILLION FOR THIRD CONSECUTIVE MONTH

 SANTA ANA, Calif., June 3 /PRNewswire/ -- Plaza Home Mortgage Corp. (NASDAQ: PHMC) today announced May loan originations set a new company record as production from loan offices outside of California continued to build. All figures are unaudited.
 May 1993 loan originations rose to $750 million, compared with $730 million a month earlier. May 1992 loan originations were reported at $473 million.
 The 20 working days in May produced $1 billion in new loan applications, compared with the $1.3 billion reported for the 22 working days in April, while the month-end pipeline of $1.1 billion decreased slightly from $1.2 billion a month earlier. May 1992 applications and month-end pipeline were reported at $662 million and $675 million, respectively.
 Jack French, chairman and chief executive officer, said, "I am pleased with the production results we have achieved these past few months; we intend to continue to build on the momentum gained so far this year.
 "Our pipeline remains at a healthy level as the Plaza Associates in the field are working aggressively to gain market share at our newer, out-of-state offices as well as in our established California markets." May out-of-state production totaled nearly 30 percent of loan originations and new loan applications.
 "At our Portland, Ore., office for example," French said, "In just over 12 months we have become the third-largest originator of mortgage loans in the Portland metropolitan area, following two months of funding in excess of $50 million per month. At the other end of the country, our Andover, Mass., office, which just opened in late January 1993, originated over $47 million of loans in May.
 "Additionally," French noted, "Our growth in loan originations, along with the previously announced pending acquisition of Sandia Mortgage Corp.'s $3.3 billion loan servicing portfolio, will enable us to increase our retention of servicing rights from the loans we fund, adding further value to our balance sheet."
 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 27 loan origination offices in eight 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)
 May 31,
 1993(a) 1992
 Pipeline (loans-in-process) 1,135 675
 Loan applications 1,068 662
 Avg. daily loan applications 53 33
 Loan originations
 Month-to-date:
 Wholesale 601 343
 Retail 94 48
 Correspondent 49 82
 Option One 6 ---
 Total 750 473
 Year-to-date:
 Wholesale 2,045 1,724
 Retail 338 304
 Correspondent 205 378
 Option One 15 ---
 Total 2,603 2,406
 Delinquency ratio 1.55 pct 1.51 pct
 Servicing portfolio,
 net of interim servicing 3.4 billion 2.3 billion
 Working days in the month 20 20
 (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- 6/3/93
 /CONTACT: James M. Weld, president & COO of Plaza Home Mortgage, 714-564-3010; or Nick Farina/Chicago, 312-266-7800, or Regina Ryan/NY, 212-661-8030, or John H. Shaw/LA, 818-783-2400, all of The Financial Relations Board for Plaza Home Mortgage/
 (PHMC)


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

JL-BP -- LA056 -- 5266 06/03/93 21:39 EDT
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Date:Jun 3, 1993
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