First Mortgage Corp. has reported disappointing results for its 1995
First Mortgage, based in Diamond Bar, Calif., lost $548,000, or 9 cents
Revenue declined 55.5%, to $12.89 million, the company announced.
But it also said that loan production surged in March, April, and May;
Company officials cited higher interest rates and "difficult market
Clement Ziroli, the mortgage bank's chairman, president, and chief
As interest rates climbed last year, First Mortgage was hit hard.
The volume of its originations - the majority in FHA and VA loans -
The company has been steadily buying back stock - a practice generally
First Mortgage's stock has been hovering at $4. It has not been traded
In the last quarter, the number of loans yet to close at First Mortgage
It originated and purchased $175 million of loans for the year ended