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STANDARD FEDERAL BANK SETS MORTGAGE LENDING ACTIVITY RECORDS

 STANDARD FEDERAL BANK SETS MORTGAGE LENDING ACTIVITY RECORDS
 TROY, Mich., April 6 /PRNewswire/ -- Standard Federal Bank (NYSE: SFB) announced that it set new records for single-family mortgage lending volume in the month of March. Total mortgage loan closings for March 1992 were $421.9 million, a 168-percent increase over the $157.6 million closed in March 1991 and the largest one-month mortgage loan volume in the bank's history. For the quarter ended March 31, 1992, the bank's mortgage loan closings were $907.3 million, a 184-percent increase over the $319.2 million closed during the first quarter 1991, and another bank record.
 Approximately $527.2 million, or 58 percent, of total loan closings for the first quarter of 1992 were refinances of existing Standard Federal mortgages. Mortgages to new borrowers totaled $380.1 million for the period, an increase of $141.7 million or 59 percent, over the $238.4 million in mortgage loans to new borrowers during the first quarter 1991.
 In addition to the record-setting volume of loans already closed during the first quarter 1992, Standard Federal has approximately $650 million in mortgage loans still in the process of being underwritten and closed. During the first quarter of 1992, the bank received 17,426 home mortgage applications, compared to 8,759 received during the same period last year, an increase of approximately 99 percent.
 "With our current and pending mortgage loan volume, we appear to be well on our way to establishing an all-time annual record for single- family loan closings during 1992," noted Thomas R. Ricketts, chairman and president of Standard Federal Bank. "The $907.3 million in home mortgage loans already closed during the first quarter of 1992 is more than 55 percent of the record $1.67 billion closed during all of 1991."
 In order to accommodate all customers who would like to refinance an existing mortgage loan or apply for a new one, the bank has arranged to schedule applications and closings not only during normal business hours, but after hours as well, both during the week and on weekends.
 Standard Federal Bank, headquartered in Troy, is Michigan's leading home mortgage lender and the Midwest's largest thrift with total assets of more than $9.5 billion. The bank operates 120 branch offices in Michigan, Indiana and Ohio.
 -0- 4/6/92
 /CONTACT: William R. Yaw Jr. of 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:


KK -- DE012 -- 5318 04/06/92 11:28 EDT
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Publication:PR Newswire
Date:Apr 6, 1992
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