CWM Mortgage Holdings Inc. earned $16.4 million in the second quarter, 36.6% more than in the year-earlier period.

Per-share earnings rose to 37 cents, from 30 cents.

The company declared a cash dividend of 37 cents a share for the quarter, payable Sept. 3 to shareholders of record July 29.

CWM said it bought $903 million in jumbo and nonconforming loans during the quarter through its conduit operations, which are primarily conducted through Independent National Mortgage Corp. It sold loans in the form of real estate mortgage investment conduit securities and whole loans totaling $917 million.

Indy Mac recognized gains of $11.5 million on sales of its mortgage loans and securities during the quarter, up from $9.4 million in the first quarter and $5.1 million in the second quarter of 1995.

It attributed the improvement partially to a narrowing of spreads during the quarter between the securities of government-sponsored enterprises - which the company uses as its primary hedging vehicle - and the securities of private-label issuers like Indy Mac.

CWM, which is traded on the New York Stock Exchange, is managed under contract by Countrywide Credit Industries.

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