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Speculates by the end of 1998, the $100 billion mortgage servicing club may close its doors to members. Identification of mortgage lenders that dropped out of the club in 1997; Indication that Citicorp and Golden State would become club members; Comments from Douglas Duncan, senior economist for the Mortgage Bankers Association; Financial information on mortgage lenders.

Focuses on the efforts of lenders to redefine their businesses in order to cope with the continuing profit squeeze in the mortgage industry in the United States. Includes offering loans with smaller downpayments to build volume; Diversification of businesses to lessen dependence on conventional lending; Offer of broader range of products to correspondents; Launching of new servicing platforms.

Cites Countrywide Credit Industries Inc. as the biggest originator of single-family home loans in 1993. Total value of originations; Declines in business volume; Business trend in mortgage banking industry; Rankings of portfolio lenders' originations; Forecast on decline in originations for 1994.

Reports on the increase of US Federal National Mortgage Association's (Fannie Mae) earnings in the first quarter with $734.1 million, a gain of 12.2 percent. Improvement in credit quality; Projected growth rate for 1997.

Reports on the financial performance of North American Mortgage Co. for the fourth quarter of 1996. Loan originations; Annual gains; Loan volume.

Reports on stock market developments in the United States as of September 3, 1996. Paine Webber's recommendation for selling high-yield securities; Release of $157 million worth of home equity loans-backed securities by First Union Corp. under a filed shelf registration; Acquisition of a Financial Publishing Co. division by Thompson Financial Services.

Reports on an increase in the earnings of the US Federal National Mortgage Association (Fannie Mae) in the second quarter of 1996.

Reports that Patrick G. Culhane, executive vice president of Fair, Isaac & Company questioned whether his company could pool loans with high credit scores into securities that would be inviting to investors. Comments from Culhane; Information on securitizations.

Presents statistics from the Mortgage Bankers Association (MBA), on mortgage originations. Projections trimmed by the association; Impact of this upon small lenders; Predictions from the MBA for 1997; Expectation from Staurt G. Hoffman, chief economist of PNC Bank, Pittsburgh; View from David Lereah, chief economist at the mortgage trade; First quarter earnings for Standard Federal Barcorporation from Troy, Michigan.

Offers a look at the portfolios of home loan lenders in the United States, demonstrating how these lenders will be affected by the industry's refinancing boom. Which banks are more vulnerable; Indication of low replacement rates; Why some of these lenders will be less vulnerable to accounting writedowns of their servicing portfolios.

Reports on the performance of mortgage stocks in September 1993. American Residential Holdings Corp.; Countrywide Credit Industries Inc.; Lomas Financial; North American Mortgage Corp.; More.

Reports on the performance of United Companies Financial Corp. for the three months ended September 30, 1993. Net income; Share equivalent of earnings; United Companies' effort to sell Foster Mortgage; Production of home equity loans; Title insurance premiums.

Reports on the buy ratings given by analysts on the stock of Federal Home Loan Mortgage Corp. despite the expected end to the refinancing boom. Retained mortgages as driving force of earnings; Expected growth of the portfolio of retained mortgages; Source of profits; Reduction of fee income due to ebb of refinancings.

Reports on the performance of mortgage originations of the thrift industry in the first quarter of 1993. Decline in volume; Borrowers preference for fixed-rate loans; Ranking of thrifts; Comparison with performance in 1992.

Reports on H.F. Ahmanson & Co.'s decision to take pretax charge in the third quarter of 1995 for planned personnel reductions and other costs associated with streamlining its mortgage origination.

Reports on Salomon Brothers analyst Bruce Harting's belief that the Federal National Mortgage Association and the mortgage finance stocks will continue to perform strongly for the rest of 1995.

Reports on the performance of the mortgage banking companies for the first half of 1994, as presented by the industrywide figures compiled by the Mortgage Bankers Association. Profit margin; Return on equity; Profit of the average company; Comparison with 1993 revenue levels; Availability of the association's data on a year-to-date basis.

Reports on the performance of the banking industry during the first quarter of 1994 according to the Mortgage Bankers Association. Profit margins; Onset of slump in mortgage originations; Revenues from loan originations and marketing.

Reports on the decline in the cost of buying a home in the United States in 1994. Average share of income needed to meet monthly payments; Factors behind enhanced affordability of homes; States with the most affordable housing.

Focuses on the gains in Countrywide Credit Industries' mortgage originations in July 1995. Pipeline of approved loans waiting to be closed; Projected originations; Countrywide's production of government loans.

Reports on Tweedy Browne Co.'s sale of its shares at Lomas Financial Corp. on June 29, 1995. 13D filing with the Securities and Exchange Commission.

Focuses on a new treatment of home loan servicing rights included in amendments to Financial Accounting Standard and its effect on the financial performance of mortgage companies. Hedging strategies; Earnings volatility; Countrywide Credit Industries; Fleet Mortgage group; Prudential Home Mortgage; GE Capital Mortgage Corp.; North American Mortgage Co.; Standard Federal Bank.

Reports on Countrywide Credit Industries' adoption of a hedging strategy to offset an accounting writedown of servicing rights portfolio in the first quarter of 1995. Profits; Earnings per share.

Reports on Rodman & Renshaw Inc. securities analyst Gareth Plank's change of his recommendation on the shares of North American Mortgage Co. and Countrywide Credit Industries Inc.

Reports on the decline in thrifts' fundings, despite their gains in mortgage originations in 1994. Percentage gain of World Savings and Loan Association; Percentage gain of American Savings Bank without the benefit of acquisitions; Internal growth of Downey Savings and Loan.

Suggests that Federal Home Loan Mortgage Corp.'s (Freddie Mac) low profile reflects the improvement of its earnings. Analyst Thomas O'Donnel's rating for Freddie Mac; Growth in the company's retained portfolio of mortgages.

Reports on analyst Jonathan Gray of Sanford C. Bernstein Co.'s view that California's thrifts are about to emerge from a lackluster performance last winter. Return on assets at Ahmanson and Great Western; Level of demand for loans pegged to the COFI rate; Equity investment rate of Golden West.

Reports on the decline in Capstead Mortgage Corp.'s net income in the first quarter. Factors attributed to the decline; Distinction of Capstead from other mortgage banking companies; Earnings of the company from mortgage servicing in the first quarter as compared to the same period in 1994.

Reports on the financial difficulties encountered by mortgage banking companies in 1994. Percentage decline in Capstead Mortgage Corp.'s earnings; 1995 financial positioning of North American; Accounting change at Source One.

Reports on the widening of Capital Credit Industries' pretax profit margin in mortgage servicing. Reduction in amortization of servicing asset; Bulk acquisitions; Increase in fundings.

Reports that CWM Holdings has completed its third offering of seven million shares made on the New York Stock Exchange in the last week of January 1995. Offering price; Necessity of the offering; Expansion of the company into some new line of business; Growth of Countrywide Credit Industries Inc.'s servicing portfolio.

Reports on the financial performance of Standard Federal Bank for 1994. Growth for 1994; Worries by stock analysts over the shrinking of interest-rate margins; Comment by Thomas J. Ricketts, chairman and president of the thrift.

Presents statistics on Countrywide Credit Industries' lending business and staffing levels. Loan originations; Staffs of lending divisions; Servicing portfolio; Servicing staff; Analysts' earnings outlook.

Reports on securities analysts' reduction of their earnings estimates for most thrifts as a result of their third-quarter 1994 performance. Declines in major thrifts' earnings due to the slump in mortgage originations; Shift of consumer preference to adjustable-rate loans.

Reports on the financial performance of Redwood Empire Bancorp for the third quarter of 1994. Net loss; Corporate restructuring; Decline in net interest income due to low rates on adjustable-rate mortgages.

Reports on the results of a financial literacy test conducted by Merrill Lynch & Co., Inc. among Americans. Number of respondents who passed the test; Topics where Americans have a lot of knowledge; Limited knowledge on topics of debate.

Forecasts developments in the finances of mortgage banks. Improvement of profits; Prices of adjustable rate mortgages; Forecasts on total originations and home loans.

Reports on the financial performance of Countrywide Credit Industries Inc., Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) for the first quarter of 1994. Countrywide's drop in stock-market earnings; Declining stocks of Freddie Mac and Fannie Mae; Servicing incomes.

Presents an interview with Mortgage Bankers Association of America chief economist David Lereah on the decline of mortgage delinquencies. Status of delinquencies; Developments affecting the situation; Business trends in mortgage loans; Changes in the Federal Housing Administration loans.

Speculates on the potentially healthy performance of the mortgage banking industry in 1994. Mortgage originations volume; Increase in interest rates; Staff cutbacks; Projection by Federal National Mortgage Association (Fannie Mae); Housing market; Banner year in originations for thrifts; Earnings from servicing.

Discusses the impact of the decline in loan originations on mortgage stocks. Effect of swift turnaround in interest rates; Waning of takeover speculation; Theory on mortgage banking companies' natural hedge; Investor disappointment over 1993 to 1994 quarterly earnings; Servicing gains; Expected outperformance of Fleet Mortgage Group's shares; Companies' sale of servicing.

Reports on the decreased earnings of Countrywide Credit Industries in its first fiscal quarter. Costs hedging its servicing portfolio as cause; Earnings in 1993; Comments from chairman David S. Loeb; Focus in expansion of share of the home purchase mortgage market; Drop in loan production.

Reports on gains posted by stocks of mortgage companies after the acquisition of Margaretten Financial Corp. by Chemical Banking Corporation. Impact of article in `Business Week' magazine on the stock of Countrywide Credit Industries; Display of strength of other companies.

Reports on the pressure exerted by competitive pricing on mortgage companies's profits. Sale of bank servicing rights in order to increase profits; Financial situation of Plaza Home Mortgage Corp.; Loan sales lost by North American Mortgage Corp.; Servicing of portfolios as a source of earnings.

Reports on the financial performance of North American Mortgage Co. in the first quarter of 1994. Price cuts on loan sales; Hedging gains; Earnings.

Reports on the first-quarter financial performance of the Federal National Mortgage Association (Fannie Mae) for fiscal 1994. Net income; Earnings per share; Net interest income; Guarantee fees for mortgage-backed securities; Reduction of the after-tax loss from early debt retirement; Miscellaneous income.

Reports on the performance of Plaza Home Mortgage Corp. for the months of February and March 1994. Loan originations; Loan servicing portfolio; Reflection of efforts to boost purchase-loan activity; Year-to-date originations; Comparison with 1993 results.

Reports on the performance of Margaretten Financial Corp. for the month of February 1994. Total loan production and servicing portfolio; Comparison with February 1993 results; Year-to-date loan production.

Reports on the financial performance of Arbor National Holdings Inc. for the fiscal year ended February 28, 1994. Increase in net income, servicing portfolio and originations. Expansion of retail and wholesale lines of business; Slowdown in refinances; Fourth-quarter results.

Reports on the decline in the earnings of Plaza Mortgage Corporation in 1993. Likelihood of weak profits in the first half of 1994; Focus on streamlining operations and reducing costs; Sensitivity of mortgage operations to prepayments; Effect of the negative environment among mortgage banks.