SANTA ANA, Calif. -- Plaza Home Mortgage Corp. reported October 1994 loan originations of $189 million, compared with originations of $1.1 billion in October 1993, for a drop of about 83%.
Total originations for the first 10 months of 1994 were $3.7 billion, compared with originations of $6.7 billion for the same period last year.
Plaza's pipeline of loans in process totaled $477 million, compared with $1.4 billion last year and $470 million on Sept. 30, 1994. Applications in October 1994 were $427 million, compared with $1.4 billion in October 1993.
Plaza's loan servicing portfolio was $8.9 billion on Oct. 31, 1994, compared with $7.5 billion last year. The inventory of warehouse loans held for sale totaled about $600 million; compared with $900 million on Oct. 31, 1993.
The originations for October appear to be unusually low, especially relative to the size of Plaza's pipeline. Plaza recently indicated that it may not be able to fulfill covenants of its planned sale to Fleet Financial Group.
Robert Cole, the president of Plaza, said closings on adjustable-rate mortgages had slowed because of rising interest rates.