In a sign of further industry consolidation, Accubanc Mortgage Corp. has agreed to buy Medallion Mortgage.

After the deal is completed, Dallas-based Accubanc Mortgage will have a servicing portfolio of more than $6 billion, according to chairman William R. Starkey Sr.

It is, in some respects, a case of a fish swallowing a whale. At midyear, Accubanc Mortgage had about $2 billion in servicing, compared with $5 billion for San Jose-based Medallion Mortgage.

"I am extremely excited about the future of our combined companies," said Mr. Starkey. "This doubles our size and brings to us the highest professional management and staff in our industry."

No price was disclosed.

The deal may also signal a new stage in the wave of consolidations now sweeping the mortgage industry.

Until now, most sizable mortgage companies to trade have been purchased by depository institutions such as Chemical Bank or Fleet Financial, which can make more effective use of mortgage banking assets. "A mortgage lender like Accubanc is just less able to pay a large amount than a bank," one industry observer said.

Thus the Medallion deal may imply that mortgage banks, especially those that concentrate on buying purchase mortgages, now command much smaller premiums than even three or four months ago.

The combined company will have a national production network with more than 75 offices across the country.

"This is a great opportunity for both companies," said Walter Muir, chairman and chief executive officer of privately held Medallion. "After 35 years in the mortgage industry I recognize the marketplace belongs to the strong and aggressive. We will be both."

Accubanc Mortgage is owned by Dallas-based Interamericas Investments, a diversified investment and financial services company.

Medallion Mortgage produced about $2.5 billion in home loans in the first half of 1994. Of that $625 million was retail with the remaining loans purchased from brokers and correspondents.

Accubanc originated $822 million in the corresponding period, with the majority produced by its retail network.

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