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Article: Business is strongest in two years at North American, Countrywide.(North American Mortgage Co., Countrywide Credit Industries Inc., March 1996)(Brief Article)
- Article from:
- American Banker
- Article date:
- April 9, 1996
- Author:
CopyrightCOPYRIGHT 1996 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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Business at the two largest independent mortgage companies is the strongest it has been since the boom in refinancings ended two years ago.
No. 2 North American Mortgage Co. funded $853 million of loans in March, up 80% from the level in March 1995. It also reported $1.6 billion in purchase loan applications last month, a 77% increase over the year-earlier period and the largest in two years.
Mortgage economists are expecting originations nationwide to climb by about 20% this year, to about $775 billion, and the figures from the two mortgage companies make the estimates look conservative.
North American's gains were in part a result of the improving ...