SPFC Reports Record Earnings

Southern Pacific Funding Corp., Lake Oswego, Ore., has announced record net earnings of $14.5 million ($0.60 per share) for the second quarter, compared with $13.4 million ($0.56 per share) a year ago.Total nonconforming loan origination and purchase volume increased to $800.2 million for the quarter, up 82% from $439.6 million a year ago, SPFC reported. Wholesale originations totaled $425.1 million, up from $269.9 million a year earlier, and nonconforming mortgage loans originated through SPFC's operations in the United Kingdom totaled $44.6 million, up from $27.9 million. Nonconforming home equity loans acquired through strategic alliances rose to $218.9 million from $46.9 million a year earlier. The company experienced net losses of $4.8 million on its servicing portfolio, compared with $2.6 million in the first quarter of 1998. SPFC's website address is http://www.sp-funding.com.