Standard Federal Bank said it originated $788.8 million in home loans in July, an increase of almost 11% from July 1995.
Through July, Standard Federal had originated $6.4 billion in home loans in 1996, up a whopping 88% from the same period a year before.
Of these loans, 20% carried adjustable rates in 1996, compared with 57% in 1995. But 10- and 15-year fixed-rate loans and balloon mortgages made up a bigger share of total originations in 1996 - 43%, versus 22% in 1995. Standard Federal holds each of these loan types in its mortgage portfolio.
Assets at Standard Federal rose to $15.3 billion by the end of July, compared with $13.1 billion at the same time last year.