North American Mortgage Co., one of the nation's largest independent home lenders, announced its February loan fundings were $823 million, a 158% increase from the level in February 1995, when it funded $323 million.

Of last month's fundings, 55% were refinancings.

The company has been selling servicing regularly, and as a result, its portfolio shrank slightly. In February 1996, North American serviced $13.5 billion of loans, down from $14.1 billion a year earlier. The portfolio's weighted average coupon was 7.7%.

Of the loans North American serviced last month, 2.72% were delinquent by 30 days or more. The average delinquency ratio of all loans is 4.24%, according to the Mortgage Bankers Association of America.

Loan applications last month totaled $1.6 billion. In February 1995, applications were $702 million.

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