Advanta Corp., Spring House, Pa., has reported net income of $9.5 million ($0.35 per share) for the second quarter, up $3.2 million from the previous quarter.The company's Advanta Mortgage unit originated $1.25 billion in new loans during the quarter, up 36.3% from a year ago, Advanta said. Prepayment rate assumptions used to value the company's interest-only strip were revised to 27% for fixed-rate loans, 33% for intermediate-rate loans, and 39% for adjustable-rate mortgages. The assumptions were 24%, 29%, and 34%, respectively, at the end of the first quarter, Advanta reported.
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