SANTA ROSA, Calif. -- North American Mortgage Co. reported June 1994 loan fundings of $664 million, a 58% decrease from year-earlier fundings of $1.6 billion.
For the first six months of 1994, the company had loan fundings of $6.5 billion, a 7% decrease from fundings in the 1993 period.
June 1994 applications totaled $1 billion, a 47% decrease from the June 1993 level. Year-to-date applications of $9.3 billion were 17% below applications a year earlier.
Purchase applications represented 77% of total June applications.
John F. Farrell Jr., chairman and chief executive, said: "The disappointing results for June reflect the difficulty the entire mortgage banking industry is experiencing with the rise in interest rates and significant decline in loan originations volumes in general and loan refinance volumes in particular.
"We continue to focus on the purchase loan market and, for June, these loans represented 78% of our originations, up from 28% in June 1993."
As of June 30, 1994, the company's owned loan servicing portfolio was $15.7 billion, a 15% increase.
The servicing portfolio had a weighted average coupon of 7.08%, compared with 7.53% at the end of June 1993.