Record-Breaking Production Bests 2002 Total by $6 Billion;
Boosted by Demand for AAMG's Guaranteed OneFee(SM) Mortgage
ANN ARBOR, Mich., Jan. 19 /PRNewswire/ -- ABN AMRO Mortgage Group, Inc.
(AAMG), the nation's sixth largest lender, reported that its 2003 production
totaled a record-breaking $125.4 billion, with more than 721,000 loans funded.
This represents a five-percent increase, or $6 billion, from 2002's total.
AAMG's December 2003 production totaled $5.5 billion.
"AAMG's focus on innovative lending practices as well as its dedication to
exceeding its customers' and business partners' expectations boosted its
production throughout 2003," said Mike Maher, group senior vice president.
"One of the distinguishing characteristics of AAMG is its ability to
successfully use technology to leverage the expertise of its talented
workforce."
"One example of AAMG's successful combination of technology and excellent
customer service is the recent launch of InterFirstlink, a program that, among
other capabilities, enables community banks to originate mortgages online
using mortgage.com technology. InterFirstlink's online capabilities are
supported by dedicated customer service representatives, creating a unique
value proposition where bank customers can receive support online or via
telephone."
"Additionally in 2003, demand for AAMG's guaranteed OneFee(SM) mortgage
increased, generating production not only through its retail lending channels,
but through its InterFirst Wholesale Mortgage Lending channel as well," Maher
continued. "To date, more than 1,650 OneFee mortgages, totaling over $350
million, have been closed by InterFirst's mortgage broker partners. An
additional 165,000 OneFee loans, totaling more than $25 billion, have been
closed through AAMG's retail lending channels."
Production derived from each of AAMG's business channels:
MONTH
Channel December 2003 December 2002 % Change
InterFirst Wholesale Lending $4.4 billion $10 billion -56%
National Lending Center $643 million $1 billion -36%
Standard Federal Bank $274 million $1.2 billion -77%
& LaSalle Bank Loan
Origination Channels
LaSalle Home Mortgage $80 million $303 million -74%
& ABN AMRO Mortgage
ABN AMRO/InterFirst $51 million $159 million -68%
Apartment Lending
Financial Institutions $23.1 million N/A N/A
Group
Bulk Acquisitions - 0 - - 0 - - 0 -
TOTAL $5.5 billion $12.7 billion -57%
2003 YEAR-END
Channel 2003 2002 % Change
InterFirst Wholesale Lending $98 billion $99.5 billion -1%
National Lending Center $11.7 billion $7.4 billion 58%
Standard Federal Bank $11.3 billion $8.3 billion 36%
& LaSalle Bank
LaSalle Home Mortgage $2.4 billion $2.5 billion -4%
& ABN AMRO Mortgage
ABN AMRO/InterFirst $1.6 billion $1.7 billion -6%
Apartment Lending
Financial Institutions $210 million N/A N/A
Group
Bulk Acquisitions $19 million N/A N/A
TOTAL $125.4 billion $119.4 billion 5%
About ABN AMRO Mortgage Group, Inc.
ABN AMRO Mortgage Group is the sixth largest loan originator and loan
servicer in the United States. ABN AMRO Mortgage Group produces mortgage
loans and provides related services through its various divisions. ABN AMRO
Mortgage Group has approximately 3,000 employees located throughout the United
States.
About ABN AMRO
Netherlands-based ABN AMRO is a leading international bank with total
assets of approx. EUR 556 billion. It has over 3,000 branches in 66 countries
and territories, and has a staff of about 105,000 full-time equivalents
worldwide.
SOURCE ABN AMRO Mortgage Group, Inc.
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Related links:
http://www.abnamro.com
CONTACT:
Jennifer Cornell of Eiler Communications,
+1-734-761-3399, Jenn@EilerPR.com , for ABN AMRO Mortgage Group,
Inc.
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