Doral Reports Volume, Restatement Delay

Mortgage lender Doral Financial Corp., San Juan, Puerto Rico, has reported total loan production of $1.40 billion for the third quarter, up from $1.35 billion a year earlier, and reiterated that it does not expect to meet its previous target of Nov. 10 for filing restated annual and quarterly reports.The delay in filing its amended 2004 annual report and quarterly reports for the first two quarters of this year is "primarily attributable" to new information on Doral's mortgage loan sales to local financial institutions that could affect the accounting treatment of the transactions as sales under Statement of Financial Accounting Standards 140, the company said. Doral also reported that it has been notified by The Nasdaq Stock Market that its three series of preferred stock will be delisted as of Nov. 3. The company said it plans to seek a relisting or alternative listing of the shares. Doral is the largest residential mortgage lender in Puerto Rico.