PERTH AMBOY, N.J. -- Margaretten Financial Corp. said it had closed or purchased $775 million in loans last month, twice the year-earlier total.
Retail closings amounted to $555 million, or 72% of the total, and wholesale production the rest. About 48% of the retail closings were mortgage refinancings, compared with 26% a year ago.
"The combination of strong retail and wholesale operations resulted in record loan production for the second consecutive month," said Felix M. Beck, chairman and chief executive. Loan production totaled more than $5.9 billion in the first 10 months of the year, he said.
"We would expect strong loan closings for the remainder of 1992," Mr. Beck said, noting that Margaretten's application volume had averaged about $1 billion in each of the past two months.
