ARCS Mortgage Reports Rise in Loan Originations
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ARCS Mortgage Inc., the Calabasas-based mortgage-banking affiliate of Bank of New York, said its loan originations increased 11% in the first half of 1993, to $1.5 billion.
The company also said its delinquency ratio dropped to 2.87% from 3.09% in the first six months of 1992.
The current industrywide delinquency ratio is 4.29%, ARCS said.
Howard J. Levine, ARCS president and chief executive, said low interest rates were an important factor in the company’s first-half performance.
But he added that ARCS’ increased minority-lending programs and expanding wholesale division are also contributing to “what is shaping up as another record year for our company.”
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