ANN ARBOR, Mich., Jan. 23 /PRNewswire/ -- ABN AMRO Mortgage Group, Inc.
(AAMG), the nation's fifth largest lender, reported its 2002 production
totaled a record-breaking $119 billion. This represents a 44 percent
increase, or $36 billion, from 2001's total. AAMG fourth quarter production
totaled $40.95 billion.
"Innovative and industry-leading products and services as well as a strong
refinance market contributed to AAMG's tremendous production gains this past
year," said William A. Newman, executive vice president and chief
administrative officer. "AAMG's OneFee(SM) offering generated significant
consumer interest, driving its consumer-lending divisions to unprecedented
production gains. However, as in any successful endeavor, it is actually the
people that make the difference, and AAMG is certainly a shining example of
that principle.
"AAMG's National Lending Center, including its mortgage.com lending
portal, closed 2002 with production at $7.4 billion, making this unit the
fastest growing channel for AAMG," Newman added. "Since OneFee was introduced
through mortgage.com , production through the site has increased more than
7000 percent. mortgage.com has become a very significant source of business
for AAMG.
"InterFirst Wholesale Mortgage Lending, with production totaling $99.5
billion, was AAMG's top producing division in 2002. InterFirst's record-
breaking 2002 serves to affirm the strength of mortgage brokers as well as
AAMG's ongoing commitment to the wholesale lending channel," Newman continued.
"Additionally, in 2002, InterFirst launched interfirstlink.com , a free,
Internet-powered product that enables financial institutions to offer mortgage
loans to customers with minimal overhead.
"At AAMG, the strategy in 2003 is to continue to focus on unique value
propositions for both consumers and business partners," Newman explained.
"AAMG will continue to pursue technological innovations, such as
interfirstlink.com and voice recognition-powered customer service. However,
the plan is not to succeed through technology alone. Deploying advanced
technologies gives AAMG the ability to enhance the 'human touch' elements of
its various businesses and further leverage the tremendous talents of its work
force.
"In 2003, particular emphasis will be given to AAMG's new OneFee Services
(OFS) division, charged with supporting OneFee's viability through the
management of vendor services," Newman added. "OFS is yet another step in
AAMG's mission to improve the lending process for both business partners and
consumers."
InterFirst Wholesale Mortgage Lending reported 2002 production of $99.5
billion, with 623,045 units funded. This figure represents a 45 percent
increase over 2001 totals. InterFirst reported fourth quarter 2002 production
of $33.4 billion.
AAMG National Lending Center, a retention and e-commerce lending
operation, reported 2002 production totaling $7.4 billion, with 48,222 units
funded. AAMG National Lender Center's 2002 production topped 2001's total by
90 percent, or $3.5 billion. AAMG National Lending Center's fourth quarter
production totaled $2.8 billion.
LaSalle Home Mortgage and its Minnesota based operation, ABN AMRO
Mortgage, both consumer-direct mortgage lending operations, reported 2002
production totaling $2.5 billion, with 14,402 units funded. This total
represents an increase of 5 percent from 2001 year-end figures. LaSalle Home
Mortgage and ABN AMRO Mortgage reported fourth quarter production of $883
million.
Standard Federal Bank Retail Lending, servicing customers in Michigan,
Ohio and Indiana, reported 2002 production of $8.3 billion, with 60,278 units
funded. Standard Federal's 2002 production represents an increase of 28
percent from 2001 totals. Standard Federal's fourth quarter production
totaled $3.5 billion.
ABN AMRO Apartment Lending (AAAL) reported production in 2002 totaling
$1.8 billion, with 2,118 units funded. This represented an increase of 26
percent from 2001 totals. For the fourth quarter, AAAL reported production of
$402 million.
The final December 2002 funding information for ABN AMRO Mortgage Group,
Inc. is as follows:
... InterFirst Wholesale Mortgage Lending production totaled $9.99
billion, a 28 percent increase from December 2001 totals.
... AAMG National Lending Center funded $1 billion, up 43 percent from
December 2001.
... LaSalle Home Mortgage and ABN AMRO Mortgage funded $303 million, an
increase of 21 percent from December 2001.
... Standard Federal Bank Retail Lending reported production totaling
$1.25 billion, an increase of 49 percent from December 2001.
... ABN AMRO Apartment Lending production totaled $159 million, an
increase of 21 percent from December 2001.
About ABN AMRO Mortgage Group, Inc.
ABN AMRO Mortgage Group is the fifth largest loan originator and seventh
largest loan servicer in the United States. ABN AMRO Mortgage Group produces
mortgage loans and provides related services through its various divisions
including InterFirst Wholesale Mortgage Lending, LaSalle Home Mortgage, ABN
AMRO Mortgage, ABN AMRO National Lending Center, ABN AMRO Apartment Lending
and ABN AMRO Mortgage Capital Markets. ABN AMRO Mortgage Group has more than
2,800 employees located throughout the United States.
About ABN AMRO
ABN AMRO Mortgage Group, Inc. is an indirect subsidiary of Netherlands-
based ABN AMRO Bank N.V., one of the world's largest banks with total assets
of (EUR) 614.6 billion and a presence in more than 3,500 locations in over 70
countries and territories. ABN AMRO is organized into three autonomous
strategic business units responsible for managing wholesale clients, consumer
and commercial clients, and private clients and asset management.
SOURCE ABN AMRO Mortgage Group, Inc.
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Related links:
http://www.abnamro.com
CONTACT:
Jenn Cornell of Eiler Communications,
+1-734-761-3399, or Jenn@EilerPR.com , for ABN AMRO Mortgage
Group, Inc.
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