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Article: June fundings down 58% at North American. (North American Mortgage Co., June 1994) (Brief Article)
- Article from:
- American Banker
- Article date:
- July 8, 1994
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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SANTA ROSA, Calif. -- North American Mortgage Co. reported June 1994 loan fundings of $664 million, a 58% decrease from year-earlier fundings of $1.6 billion.
For the first six months of 1994, the company had loan fundings of $6.5 billion, a 7% decrease from fundings in the 1993 period.
June 1994 applications totaled $1 billion, a 47% decrease from the June 1993 level. Year-to-date applications of $9.3 billion were 17% below applications a year earlier.
Purchase applications represented 77% of total June applications.
John F. Farrell Jr., chairman and chief executive, said: "The ...