SANTA ROSA, Calif. - North American Mortgage Co. reported that its June 1995 loan applications were $1.31 billion, a 27% increase from a year earlier. Loan fundings were $721 million, a 9% increase.
John F. Farrell Jr., chairman and chief executive, said, "June was a breakthrough month. Fundings increased to a 13-month high, and we enjoyed continued growth in new applications. I am further encouraged that only 25% of our fundings were refinance loans, and that many of these came from our retail branches.
"The majority of our refinance loans have historically come from loan brokers. Since loan fundings through brokers typically lag retail fundings, we look forward to additional refinance opportunities as brokers complete the processing of loans in their pipelines."
Terrance G. Hodel, president and chief operating officer, noted, "Fixed- rate loans represented 89% of our fundings in June. This is further support for our belief that the flattening yield curve will favor fixed-rate lending and give fixed-rate loans offered by mortgage bankers some competitive advantages over the adjustable-rate loans favored by depository institutions."
North American also reported that its 347-page broker support guide is now available electronically through the AllRegs data base. The format will permit monthly updates. Paper copies will continue to be available.