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The company credits its production growth to the expansion it underwent at the end of last year
Fleet Mortgage Group Inc. has moved up from being the eighth-largest loan originator in the country, to No. 5. Company of ficials said the new designation is a result of Fleet's third-quarter loan volume doubling over last year's production. "Our business is setting record levels of production," said A. William Schenck, chairman and chief executive officer of Fleet Mortgage, Columbia, S.C. "This has been a good year for us. Not only are we doubling our volume, but the bottom line is that we're making more profit per loan." According to company statistics, Fleet produced $19.5 billion in loan originations in 1977's third quarter. This year's total so far is $35.3 billion. Company officials predict that they'll do even better next year.
"If interest rates continue to be low, we will do $42.5 billion in 1999," said Thomas Palmer, executive vice president of loan production.
Fleet management attributes the growth in company originations partly to the refinancing boom. But they credit most of the...