SANTA ROSA, Calif. - North American Mortgage Co. reported an increase in second-quarter earnings, but a decline in total loan production.

Net income was $15.7 million, up 40% over the year-earlier period. Because of an accounting-rule change implemented in the second quarter this year, however, the two periods are not really comparable.

Total loan production was $1.7 billion, down 33% from the second quarter of 1994.

Home loan originations were up 51% at North American from the first quarter of this year, and refinance activity picked up. Refis made up 31% of applications in the second quarter.

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