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Sandia Mortgage Corp

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BUSINESS
June 29, 1993 | JOHN O'DELL, TIMES STAFF WRITER
Plaza Home Mortgage Corp. said it has completed its previously announced acquisition of Sandia Mortgage Corp., a privately owned mortgage loan servicing company in Albuquerque, N.M. The purchase nearly doubles the size of Plaza's loan servicing portfolio as well as its income from servicing fees, but will result in the loss of an undetermined number of jobs in Orange County as Plaza combines its 40-employee Santa Ana loan servicing office with Sandia's larger facility in New Mexico.
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BUSINESS
June 29, 1993 | JOHN O'DELL, TIMES STAFF WRITER
Plaza Home Mortgage Corp. said it has completed its previously announced acquisition of Sandia Mortgage Corp., a privately owned mortgage loan servicing company in Albuquerque, N.M. The purchase nearly doubles the size of Plaza's loan servicing portfolio as well as its income from servicing fees, but will result in the loss of an undetermined number of jobs in Orange County as Plaza combines its 40-employee Santa Ana loan servicing office with Sandia's larger facility in New Mexico.
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BUSINESS
July 22, 1993
Plaza Home Mortgage Corp., whose president resigned earlier this week, said its profit for the second quarter dropped 8%. Earnings fell to $3.3 million, or 30 cents a share, from $3.7 million, or 34 cents a share, for the same period a year earlier. The mortgage banking company's profit for the first half of the year fell 11% to $6.2 million, or 56 cents a share, from $7 million, or 63 cents a share. The company said loan production by Plaza offices outside of California hit record levels.
BUSINESS
July 21, 1993 | CHRIS WOODYARD, TIMES STAFF WRITER
Plaza Home Mortgage Corp. announced Tuesday that its president, James M. Weld, has resigned. The company gave no details about Weld's resignation except to say that it was effective Monday and that the executive believed it was time to move on. Weld, 40, said in a telephone interview that his departure was sudden because "It's hard to give 100% to a company when you are pursuing other things." He would not elaborate other than to say, "I would like to keep my options open."
BUSINESS
May 25, 1993 | JOHN O'DELL, TIMES STAFF WRITER
In a move that will more than double its loan-servicing portfolio but could cost Orange County as many as 40 jobs, Plaza Home Mortgage Corp. said Monday it plans to acquire a large loan-servicing operation in New Mexico. Plaza, holding company for Plaza Savings & Loan Assn., said it has agreed to pay $6.5 million in cash and as many as 600,000 shares of its stock to acquire Sandia Mortgage Corp. in Albuquerque. At Monday's closing price of $7.
BUSINESS
November 23, 1993 | ANNE MICHAUD, TIMES STAFF WRITER
Saying that it is losing money on low-interest-rate home-loan refinancing, Plaza Home Mortgage Corp. revised its third-quarter results on Monday to include a write-down of $15.9 million. The change means that the fast-expanding home loan company took a loss of $4.9 million, or 44 cents a share, for the quarter. Plaza is one of a handful of publicly traded mortgage lenders nationwide that have announced such write-downs during the past few months.
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