In Brief: N. American Mortgage Earnings Decline 8%

North American Mortgage Co. reported first- quarter net income of $6.9 million, an 8% decrease. Earnings per share fell 2%, to 49 cents.

Loan fundings for the quarter fell 18%, to $2.01 billion. The company attributed the decline in volume to lower refinance activity. The company originated $31 million in subprime loans in the quarter.

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