Countrywide Credit Industries and Standard Federal Bank are among the few mortgage-related companies that issue monthly production figures. And their reports for April provide an interesting study in contrasts that is a microcosm of what's happening in the mortgage industry at large.

Standard, based in Troy, Mich., reported that adjustable-rate loans accounted for 63% of its loan closings in April, in sharp contrast to the 19% in April 1994.

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