PERTH AMBOY, N.J. -- Margaretten Financial Corp. reported record loan applications of $1.6 billion for September, a 51% increase over the $1.1 billion received in September 1992, and up 35% since August 1993.
About two-thirds were retail applications. Refinancings accounted for 56% of total retail applications, compared with 49% in September 1992.
63% from Retail Closings
Total sources of production for this September equaled $969 million, against $956 million for the year-ago period.
Retail closings, at $606 million, comprised 63% of total production.
For the nine months ended Sept. 30, 1993, loan production totaled about $7.9 billion, an increase of more than 46% over the $5.4 billion produced in the 1992 period.
The total to date now exceeds the $7.8 billion produced in all of 1992.
Margaretten's servicing portfolio stood at $15.5 billion on Sept. 30, up from $13.1 billion a year ago.
