Mortgage originations last year dramatically outpaced most projections, according to the Department of Housing and Urban Development.

HUD's compilation puts originations of loans on homes for one to four families at a record $894 billion, 59% more than in 1991. Industry estimates had ranged between $825 billion and $850 million.

Originations were driven by the wave of refinancings and a steady rise in purchase loans.

Changes in HUD procedures may be partly responsible for the rise. The agency said originations by institutions controlled by the Resolution Trust Corp. were included for the first time and estimates for missing data had been improved.

Market Share Unclear

As expected, mortgage companies continued to increase their market share in 1992, accounting for 49% of originations, against 47% a year earlier. Commercial banks slipped a bit, to 26% from 27.2%, as did S&Ls, to 20.6% from 21.7%.

HUD's figures for mortgage banks, however, include those owned by commercial banks and thrifts, so the market-share figures are less than clear-cut.

Commercial banks, however, dominated the market for new homes, according to the HUD figures, accounting for half of such originations. Mortgage companies had about 34% of that market, while S&Ls had just 11%.

Looking at California, Dataquick Information Systems reported that refinancings there set a record again in May.

A total of 108,406 homes were refinanced in California last month, up from 105,498 in April and slightly ahead of the previous record of 107,799 set in October last year, the service said.

California refinancings so far in June indicate another record is in the making, Dataquick said. It added that Countrywide Credit Industries Inc. of Pasadena, North American Mortgage Corp. in Santa Rosa, and Great Western Bank, Chatsworth, were the leaders in refinancings.

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