North American Mortgage Co. reported May loan originations of $840 million, 54% more than a year earlier.

Loan applications totaled $1.4 billion, up 27%.

North American, the No. 2 independent mortgage company, said refinancings represented 3l% of total fundings and 32% of total applications in May.

The servicing portfolio was $14.9 billion on May 31, 4% more than a year before. North American has a policy of selling most of its newly originated servicing to reduce interest rate risk.

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