ARCS Mortgage Reports 6% Rise in Earnings
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ARCS Mortgage Inc., the Calabasas-based mortgage banking affiliate of Bank of New York, said its mortgage originations in the year ended Dec. 20 rose 20% over the previous year, and its profit increased 6%.
ARCS said it originated $3.69 billion in new mortgage loans in the latest year. Refinancings were a major contributor to the growth, it said, although new loan activity is also increasing.
The company said the share of delinquent loan payments fell slightly in 1993 to 3.21% from 3.27% in 1992.
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