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PLAZA HOME MORTGAGE SETS PERFORMANCE RECORDS IN APRIL; SECURES ADDITIONAL $150 MILLION LINE OF CREDIT

 SANTA ANA, Calif., May 5 /PRNewswire/ -- Plaza Home Mortgage Corp. today announced that vigorous production at its recently opened offices nation wide resulted in record April loan originations. The company's month-end pipeline of loans-in-progress also advanced to record levels, exceeding both previous month and year ago results. All figures are unaudited.
 April loan applications matched the record $1.3 billion set in March, while the month-end pipeline rose 20 percent to $1.2 billion versus $1 billion a month earlier. April, 1992 applications and its month-end pipeline were reported at $925 million and $875 million, respectively.
 April 1993 loan originations jumped 38 percent to $730 million versus $530 million a month earlier. April 1992 loan originations were reported at $526 million.
 Jack French, chairman and chief executive officer, credited the month's record performance to exceptionally strong production at company loan offices located outside of California. "Our strategy of opening offices in states which we believed had excellent market potential, and staffing them with dedicated, well-trained Plaza Associates, is clearly paying off.
 "Approximately 22 percent of April loan originations, and 32 percent of new loan applications, were produced by Plaza offices outside of California," French said. "This is all the more exceptional when you consider that five of our eight out-of-state offices were opened in the 90 days preceding April 1, the other three in 1992. I am delighted with the results the new offices have achieved, backed up by the consistently strong performance of our California division.
 "Given the favorable interest rate environment, and the robust results from our expansion efforts this far, we expect to expedite our geographic expansion and diversification plans in 1993."
 In a separate, but related, announcement Plaza said it has secured a $150 million line of credit from Merrill Lynch Capital Markets, which will be used for loan funding.
 "The momentum we have attained going into the second quarter puts Plaza well on track to meet our goal for 1993 of significantly exceeding last year's record results," French said. "This new credit line at Merrill substantially boosts our liquidity and enables us to easily accommodate future growth."
 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 25 loan origination offices in seven states, and is ranked the ninth largest mortgage loan originator in California, the 22nd largest nationwide.
 PLAZA HOME MORTGAGE CORPORATION
 Operating Statistics
 (In millions of dollars)
 (Unaudited)
 April 30,
 1993(A) 1992
 Pipeline (loans-in-process) 1,191 875
 Loan Applications 1,289 925
 Avg daily loan applications 59 42
 Loan Originations
 Month-to-date:
 Wholesale 576 384
 Retail 96 59
 Correspondent 53 83
 Option One 5 --
 Total 730 526
 Year-to-date:
 Wholesale 1,444 1,381
 Retail 244 256
 Correspondent 156 296
 Option One 9 --
 Total 1,853 1,933
 Delinquency Ratio 1.39% 1.51%
 Servicing portfolio, net 3.0 billion 2.0 billion
 of interim servicing
 Working days in the month 22 22
 (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.
 For information on Plaza by FAX, Dial 1-800-PRO-INFO, ext. 132.
 -0- 5/5/93
 /CONTACT: James M. Weld, president/COO of Plaza Home Mortgage Corp., 714-564-3010; Nick Farina, 312-266-7800, Regina Ryan, 212-661-8030; or John H. Shaw, 818-783-2400, all of the Financial Relations Board, for Plaza Home Mortgage Corp./


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

PS -- NY022 -- 4737 05/05/93 09:13 EDT
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Date:May 5, 1993
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