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Article: Indexed loans boost North American's volume. (North American Mortgage Co.) (Brief Article)
- Article from:
- American Banker
- Article date:
- December 9, 1994
- Author:
CopyrightCOPYRIGHT 1994 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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North American Mortgage Co. reported a bit of strength in its loan business in November and a principal reason was its arrangement to originate loans indexed to the cost of funds in California and Nevada for sale to Home Savings of America.
The Santa Ana, Calif.-based company had fundings of $459 million for the month, down sharply from the $2 billion in November 1993 as the refinancing boom peaked. But applications in the month rose slightly, reaching $830 million, and president Terrance G. Hodel said he was pleased.
"Our loan production volumes continue to reflect the difficult, very competitive mortgage environment," he said.
"I am encouraged, however, by our ...