Printer Friendly

STANDARD FEDERAL BANK'S 1992 6-MONTH MORTGAGE ACTIVITY SURPASSES ENTIRE 1991 RECORD LENDING VOLUME

 STANDARD FEDERAL BANK'S 1992 6-MONTH MORTGAGE ACTIVITY SURPASSES
 ENTIRE 1991 RECORD LENDING VOLUME
 TROY, Mich., July 2 /PRNewswire/ -- Standard Federal Bank (NYSE: SFB) announced today that it set a new record for home mortgage lending by originating 21,704 single-family home mortgage loans for a total of $1,668,709,959 during the first six months of 1992. This level of mortgage loan activity, the highest ever in the bank's 99-year history, surpasses all of last year's record mortgage lending volume of $1,665,687,865. In 1991, Standard Federal became the first Michigan- based lender ever to originate $1.6 billion of home mortgage loans in a single year.
 Originations for the first six months of 1992 are double the mortgage production for the same period last year when the bank generated 10,015 single-family home loans for a total of $805,691,305. As of June 30, 1992, the bank had approximately $292,154,062 in current loan commitments compared to $216,234,015 for the same period last year.
 "This outstanding loan activity was due in part to a high number of refinances early in the year," noted Thomas R. Ricketts, chairman and president of Standard Federal Bank, "and as evidenced by our current loan commitments and activity in the marketplace, our mortgage volume should continue to be strong for the remainder of the year."
 Ricketts continued, "With interest rates remaining at their lowest levels in 18 years, 1992 continues to be a great time to buy or build a new home or to refinance an existing home mortgage loan."
 Standard Federal Bank, headquartered in Troy, has current assets of $9.6 billion and operates 120 branch offices throughout Michigan and Indiana.
 -0- 7/2/92
 /CONTACT: William R. Yaw Jr., marketing director, Standard Federal Bank, 313-643-9600 or 800-482-3930 (in Michigan) or 800-874-3716 (in Indiana)/
 (SFB) CO: Standard Federal Bank ST: Michigan IN: FIN SU:


SM -- DE032 -- 6305 07/02/92 16:07 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 2, 1992
Words:327
Previous Article:CHRYSLER REPORTS ASSEMBLY PLANT SCHEDULE FOR WEEK ENDING JULY 10
Next Article:MINNEGASCO REQUESTS FIRST RATE INCREASE IN 10 YEARS
Topics:


Related Articles
STANDARD FEDERAL BANK EXPERIENCES GREATEST LENDING MONTH IN ITS HISTORY
STANDARD FEDERAL BANK SETS MORTGAGE LENDING ACTIVITY RECORDS
STANDARD FEDERAL BANK REPORTS MAY LENDING ACTIVITY
TOP MORTGAGE ORIGINATORS REPORT BANNER YEAR IN 1992 AS COUNTRYWIDE, PRUDENTIAL DOMINATE MARKET
STANDARD FEDERAL SETS RECORD FOR MONTHLY MORTGAGE ACTIVITY
STANDARD FEDERAL BANK SETS RECORD FOR JULY HOME MORTGAGE CLOSINGS
RECORD SEPTEMBER CLOSINGS HELP STANDARD FEDERAL BANK REACH $3 BILLION IN SINGLE-FAMILY HOME MORTGAGES
Residential lending to low-income and minority families: evidence from the 1992 HMDA data.
MINORITY MORTGAGE APPLICATION VOLUME SURGES; APPROVALS INCREASE IN HARRIS 1993 HMDA DATA
Standard Federal Bank Ranked As Nation's Leading Thrift Mortgage Originator For First Quarter 1996

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters