North American Mortgage Co., Santa Rosa, Calif., reported that its September loan fundings rose 32% from a year earlier, to $724 million.

In a press release, North American said September loan applications rose 42%, to $1.17 billion, from $825 million a year earlier.

North American, the nation's second-largest mortgage banking company, said average daily loan application volume in September rose 4% compared with the average daily volume in August.

As of Sept. 30, the company's owned loan servicing portfolio was at $14.5 billion, down 5% from a year earlier.

The servicing portfolio had a weighted average coupon of 7.71% at Sept. 30, while the portfolio's delinquency rate, including foreclosures, was 2.76%, the company said.

Countrywide Credit Industries, the biggest mortgage company, reported last week a 45% increase in loan originations for September, along with a surge in applications of about 49% over the levels a year earlier.

North American, up for sale last year, has been making steady progress since taking itself off the block, winning support from analysts.

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