North American Mortgage Co. reported a bit of strength in its loan business in November and a principal reason was its arrangement to originate loans indexed to the cost of funds in California and Nevada for sale to Home Savings of America.

The Santa Ana, Calif.-based company had fundings of $459 million for the month, down sharply from the $2 billion in November 1993 as the refinancing boom peaked. But applications in the month rose slightly, reaching $830 million, and president Terrance G. Hodel said he was pleased.

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